Things that can go wrong on your home purchase:
Market Changes
• Sudden interest rate increase
• Market changes lead to higher home prices or fewer options
Personal & Emotional Factors
• Second thoughts or other’s advice can deter a purchase.
• You sign a contract but find another house you prefer, risking losing both.
• Changes in the buyer’s personal circumstances, such as job loss or health issues, can impact their ability to proceed with the purchase.
Financial
• Seller doesn’t cover all commission, requiring you to pay the difference.
Final Walkthrough
• The final walkthrough has identified that some inspection repair items remain unresolved, and the seller’s personal belongings have not yet been removed.
• Post-purchase discovery of issues not identified by the Inspector.
• Seller doesn’t have all keys
Financing Issues
• The buyer’s mortgage application might be denied, or there could be delays in securing financing. Changes in mortgage interest rates can also affect the buyer’s ability to afford the home.
Inspection
• The home inspection might reveal significant issues such as structural damage, mold, or pest infestations, leading to renegotiations or even cancellation of the purchase.
Appraisal
• The property might appraise for less than the purchase price, which can lead to financing issues or require the buyer to pay the difference out of pocket.
Title Issues
• Title issues like liens or legal claims can delay the transaction.
Contingency Failures
• Failure to meet contingencies like selling another property or obtaining financing can cause the purchase to fall through.
Insurance
• Difficulty in obtaining homeowners insurance due to the property’s location or condition can affect the buyer’s ability to purchase.
Earnest Money Deposit
• Losing earnest money deposit due to not meeting contingencies deadlines.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
