- Problems with Your Financing
- Difficulty Finding a Home
- Getting Outbid
- Issues Uncovered at Your Home Inspection
Here is a transcript for your convenience
Hi My Name is Jeff Kropp and we’re the Home Buyer Agents. I’m going to tell you about four different things that can typically go wrong in your home buying purchase.
Number one…there’s issues with your financing. Typically after you go under contract you’ll apply for a loan. It may be that the appraised value comes in lower than what the sales price is. You’ll have to deal with those issues. You could have a job loss, you could have some issues proving your income or a lot of other miscellaneous issues where the lender could reject your loan. Hopefully that doesn’t happen to you.
Number two…you might not be able to find a home at all. In this market, the supply is really tight and this applies to the city and the suburbs. There’s lots of competition out there. You’ll have to work with your agent to really get a jump on a property if it has that wow factor.
The third thing that can go wrong is you can get outbid by the competition. This happens typically when you find that property with the wow factor and there one, two, or three other bids. You’ll need to apply some tricks to make sure that you’re the winning bid. You may strike out a couple of times. That’s just the reality.
Number four…your home inspection. When you’re under contract, you’re really happy, and you visit the home with your home inspector and there’s some problems. Some of them are serious or structural and you may just back out of the deal. For other more minor problems you may be able to negotiate some repair credit with the seller.
So those are the four things that can go wrong in a home purchase. I’m Jeff Kropp. We’re the Home Buyer Agents.