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What could cause an attempted home purchase to break down?

On Behalf of | Aug 8, 2016 | Real Estate Transactions

The challenges that can go along with buying a new home are numerous. For one, finding a home that is the right fit can be quite difficult.

Of course, a prospective homebuyer’s work isn’t done when they find the right home. The next big step is reaching a real estate sale deal with the seller.

So, a buyer might be quite excited when an offer they made on a house gets accepted by the seller. However, the deal is not done yet. There are still things that could potentially cause the deal to go off the rails and the buyer to ultimately not be able to get the house they had their heart set on.

One is if there are mistakes or issues with legal matters or documents related to the planned real estate purchase. So, ensuring legal issues and document matters are dealt with in a proper manner can be critical when a homebuyer is working to finalize a home purchase.

Another thing that could endanger a home purchase is if a buyer isn’t able to get the financing they thought they would for the real estate transaction. There are certain things that could shift what kind of financing a homebuyer would be able to get, including:

  • Missing paying bills.
  • Large account transfers.
  • A job change.
  • New debt or new lines of credit.
  • Closing a line of credit.

So, when a person is pursuing the purchase of a home, they may want to be mindful about how various changes might affect their ability to complete a given home purchase and exercise care when it comes to what changes they do make over this critical time period.

When issues arise in relation to a planned home purchase that a buyer is worried might scuttle the deal, they may want to go to a skilled real estate lawyer for guidance on what measures can be taken to try to preserve the deal.

Source: San Antonio Express-News, “5 Ways To Derail A Home Purchase,” Aug. 5, 2016