Common Hiccups During the Home Buying Process
Wouldn’t it be great if the home buying process always went smoothly with no issues? The reality is, sometimes there are common hiccups that can stall a sale. From getting cold feet to your home inspection revealing unwanted issues, there are ways you can navigate these bumps in the road. We spoke with REALTORS® to get some insight into these issues and their advice on how to manage.
Your offer is rejected
John Mark Wilderspin, a REALTOR® with Century 21 Carrie Realty in Manitoba, says you want to put your best foot forward during the process.
But sometimes the perfect home is almost at your fingertips, and soon after putting in an offer you get the news it’s been rejected. Now you have two options—make another offer or walk away.
If you’re making a second offer, if it is right for you, consider eliminating one or two conditions, says Wilderspin—though it’s never advised to remove the home inspection condition. There’s also the option of moving up the closing date or increasing your offer. In some circumstances, it’s just best to move on and find another dream place you can call home. Your REALTOR® can assess the situation and provide the best course of action, keeping your goals in mind.
The closing date doesn’t align with your current home’s sale
Let’s say you’ve sold your home to buyers with a closing date of Aug. 1, but the home you’ve purchased doesn’t have a closing date until Aug. 15. In this case, you may need to find a place to stay while you wait for the keys to your new home.
You can consider putting your possessions in storage and staying with friends and family, or staying at an Airbnb. It will be an added expense. Yet it could be the difference between getting the best offer for your home, or having to settle for less.
Chris Craik, a REALTOR® with Boyes Group Realty Inc. in Saskatoon, Saskatchewan, says “seeing the bigger picture is important. A week or two may be an inconvenience but it may be worth it to purchase your dream home.”
Your REALTOR® can help find a short-term rental, and will also help negotiate with the other REALTORS® involved in the sales to get your closing dates as close as possible.
Home inspection reveals issues
Always include home inspections as part of your conditional offer on a home. They help identify Common Hiccups that could cost you money once you take possession.
If a home inspection reveals issues that don’t warrant ending the entire sale, your REALTOR® will negotiate terms with the seller’s agent for both parties. Usually, repair costs are split between the buyer and seller, contingent on how the condition was outlined in your offer.
However, if major structural, electrical, or mold issues arise, your REALTOR® may recommend…