One the face of it, buying a new house looks fairly simple. You just need to check out what kinds of properties are on the market and find one that suits your needs. Once you’ve found the perfect home, put an offer in and wait for it to be accepted. Once the offer has been accepted, you need to let the estate agents and attorneys do all their work so that the sale can be finalized
And that’s it, right? Well, not exactly. In fact, there are quite a few things that could go wrong and end up delaying the sale. In some cases, they may even cause it to fall through altogether. Here are some potential issues to watch out for.
You’re Denied A Mortgage
Unless you have hundreds of thousands of dollars saved up, there is no way you are going to be able to purchase a property without a mortgage. Unfortunately, though, it isn’t guaranteed that you will be offered one. If you are on a good wage, have a large enough deposit, and a good credit rating, then there’s a good chance you will get one. If not, though it’s probably best to approach a mortgage advisor to see what you need to do to put yourself in a better financial position so that you look more attractive to lenders.
Choosing The Wrong Attorney
There are lots of real estate attorneys out there, but not all of them will be best suited to your particular purchase. This real estate attorney, for instance, specializes in commercial property so will be the best choice if you are trying to buy a business premise. If you want a residential property, it’s best to find an attorney that specializes in those kinds of homes. Some attorneys will also only deal with properties within a certain price range, so it’s best to bear that in mind as well.
Being Gazumped
Gazumping occurs when you have an offer on a property accepted, only for a higher one to then be accepted before you have completed the transaction. As a result, you will lose out on the home. The only way you can prevent this from happening is ensuring that the estate agent takes the property off the market or marks it as “sold subject to contract” so that no one else goes to view it. Thankfully, most estate agents these days will cancel all viewings once an offer has been accepted to try and stop gazumping from occurring.
Issues With The Property Survey
You will need to get a survey carried out on the property that you are trying to buy. This is usually necessary in order to get a mortgage. This survey checks the building to make sure there are no potential maintenance issues. If there are, the mortgage company might request you to deal with them as soon as you move in – this will be a condition of being offered the mortgage. If some maintenance is going to be too expensive for you, it could cause the sale to fall through.
Good luck with your purchase!
