Hoping for a smooth home sale? Be on your guard, because whether you’re the buyer or the seller, some of the biggest deal-breakers can hit right before a sale closes. Here are five home sale pitfalls to avoid.
1. Surprise home inspection results: Once the contract has been signed, the buyer’s home inspection usually happens quickly. Depending on the severity of the findings, there could either be a new round of price negotiations to accommodate repairs, or an abrupt halt to the proceedings due to costly and dangerous problems. If you’re the seller, one way to prevent this kind of deal-breaking surprise is to arrange an inspection before even listing your home.
2. Stubborn sellers: It’s no surprise that a seller should want to get the best price possible for their home. But being unwilling to budge, especially after a home inspection reveals negotiable fixes, can result in a much bigger cost: no sale at all.
3. Unexpected appraisal results: The post-inspection home appraisal is another bump in the road. An appraised value that’s different from the contracted price will send a buyer back to the negotiating table, which can be a deal-ender with a stubborn seller.
4. Financial fumbles: Sudden changes in financial status can also derail a home deal—anything from losing a job to poor planning for the extra day-to-day costs of ownership.
5. Legal loopholes: Finally, there are lots of legal loopholes can leap up before a sale closes, such as a survey that reveals a change in property line or an easement that puts the new owner in an uncomfortable relationship with city or state government. So, make sure you have an attorney’s representation during the contract period to ensure that every “i” is dotted and every “t” is crossed.