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Real Estate Deal Breakers

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					Real Estate Deal Breakers
Buying a home is both fun and stressful. Once price and terms are met
between buyer and seller comes the time to take care of a little
business. Get that loan finalized, have the home inspection and tests
done, and then once the appraisal comes in, it is smooth sailing.
Usually.
Once the paperwork is all signed and all conditions have been met it is
mostly just a matter of waiting for the money and the "clear to close"
from the lender. We like to be excited at this time and start planning
the move and imagining life in the new house. We go about this with a
smile, but keeping in the back of our minds the five most common things
that go wrong when nobody is looking.
1. Closing figures are often not available until a day or two before the
closing and if any discrepancy in the money is stressful to all parties.
Often times the seller's pay off or closing fees comes in higher than
quoted. If the seller cannot come up with the additional money, the deal
is potentially off unless the buyer agrees to bump up the sale price.
2. Sometimes a buyer is qualified to buy the property at the time of
writing the offer, but conditions change before closing. Either the buyer
makes foolish purchases before the loan is approved or more likely, the
property taxes, maintenance fees, interest rate, etc. increases if the
loan is not closed by a certain date, bumping the payment out of the
buyer's price range.
3. Property use... More common in a situation like an owned apartment, if
the co-op board or some other ruling entity decides that they don't want
you running your catering business out of your home, they can deny your
application at the last minute.
4. Lien on property discovered. Sellers sometimes forget that they
borrowed against the house to pay off a student loan or some other
expense and the title company uncovers a lien against the house just
before closing.
5. Personal problems. Cold feet issues, marital problems, or death in the
family are extreme conditions that cause buyers to back out of the deal.
Sometimes these deal breakers can be handled or avoided. The point isn't
to worry and expect the worst all through your transaction. But be aware
of their possibility and be proactive in making sure everything on YOUR
end is covered.
Julia Vakulenko is a licensed broker associate with Tampa4U.com Realty.
She has one of the hardest working Tampa Real Estate team in Florida
specializing in Westchase Real Estate and also in2Va Team for Northern
Virginia Real Estate

				
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posted:10/11/2010
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