So you have an accepted offer. Either on the home you’re selling, or the home you’re buying. You’re almost done, but don’t be surprised with a few surprises.
Although the hardest part is over, here are a few things that may come up. It’s better to be ready for them than it is to be surprised by them:
Problems SELLER may have with BUYER:
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Loan falls through
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Changes in credit report from time of application to time of closing
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Buyer loses their job
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Gift donor for down-payment changes their mind
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Interest rates increase and buyer hasn’t locked-in yet
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Buyer switches jobs while in escrow
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Family members influence change of mind/heart of the buyer’s decision
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Buyer spends their down-payment before closing (dumb I know, but it’s happened)
Problems BUYER may have with the SELLER:
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Sellers lose motivation to sell (no longer transferring, reconciles marriage)
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Cannot find a suitable replacement property
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Will not allow inspectors or appraisers in home (usually due to grumpy-ness)
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Removes items from the property that the buyer thought was staying
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Unable to clear liens or tax assessments on the property
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Did not complete repairs asked for during the negotiations
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Sellers home goes into foreclosure during escrow
- Final inspection on home does not meet buyer’s satisfaction
- Seller does not show up to closing
*Keep in mind that most of these will not happen to you. Also keep in mind that they are on this list because they have happened before.
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