You’ve read all the books and watched all the HGTV shows, and you think you’re prepared for every variable and eventuality that can accompany the home-buying process. After months of looking at properties, going to Open Houses, dealing with realtors, you think you’ve finally found your home. You make an offer, the seller accepts and you think it’s only a matter of time before you’re pulling up the moving truck. Somewhere in between making an offer and changing the wallpaper, the deal falls apart. Here are some of the reasons that may happen.
Generally, if the buyer and seller are willing to come to terms, this doesn’t have to be an issue. However, the more expensive the repairs and the more money that’s at stake, the more pre-sale repairs tend to be a sticking point. Many deals fall apart because neither party is willing to be on the hook to either get the property up to code. This is one of the main reasons you need an experienced real estate attorney to represent your interests and make sure you’re not paying a bill you truly shouldn’t have to pay.
Credit issues, lack of liquidity and appraisal problems can easily gum up the lender-approval process and force buyers to walk away. This is why preparation is paramount to understanding lender expectations and how you can protect yourself from any unforeseen complications. Make sure you understand your bank’s lending requirements before applying for a mortgage loan.
Buyers and sellers are human and subject to changes of heart and personal struggles like divorce and sudden job loss. There’s really no way to protect yourself from these variables; you just have to hope that the other party acts responsibly and honors their contractual obligations. If they don’t, an experienced attorney can intervene on your behalf.
It’s also not unheard of for real estate agreements to fall apart right at the closing table. Many buyers walk away just as they’re getting ready to sign the papers. The point is, you never know what’s going to happen until the papers are signed and the keys are in your hand. The American Dream is much more easily attained with the help of an effective real estate lawyer.
When it comes time to buy or sell your home, contact the Law Office of Joel R. Spivack to ensure the process goes smoothly and according to the law.