subject: Four Homes For Sale Nightmare You Must Avoid And How To Avoid Them [print this page] 1. Closing day surprises
You just made an offer to the home for sale you plan on buying; now youre just waiting to close then surprise! Your lender tells you that your interest rate has increased while during escrow. Worse yet, unexpected closing costs surfaces and you dont have enough cash to cover the expenses.
The first thing you must remember is not to panic. Ask help from your broker and agent to determine the authenticity of the increases costs. Sometimes, these surprises are the results of typos, errors and even dodgy business. If the costs are legit, have your agent help you review your closing papers and come up with the right maneuver.
2. Lackluster Agents
Aside from the tight competition of between sellers of real estate homes for sale, you are faced with the risk of hiring the wrong agent. While there are certainly agents professional enough to work with, with the current economic crunch, its hard to find agents that will work with your best interest at heart; instead, they work with their best interest at heart.
The only remedy is diligent research. Get referrals from friends, check online and look for those with good reputation located in your area. Dont forget to do background checks, business history and interview.
3. Even more surprises
With the number of foreclosures in the country, its natural to see a lot of neglected, vacant homes. What may seemingly look good in the outside may hide wicked secrets inside, or out back. Squatters, animals, foreclosure pets, overgrowths and pests are just some of the surprises in store with foreclosures. These, though, can be easily treated with your dedication to maintain the investment.
4. Financing obstacles
Finally, with the economy currently in distress, its getting harder to get mortgage-approved when buying a home for sale. Expect major hoops just to get your application approved. What you can do is to get several GFEs and get the best terms and interests. In addition, make sure you have your financial documents handy and have a good credit score and overall financial health.
