Things that Go Wrong with Real Estate Transactions

Things that Go Wrong with Real Estate Transactions

Many people might think that buying or selling a real estate property is just easy. But there can be many things that go wrong with real estate transactions. Sometimes, there are things that will not go as smoothly as expected. Before getting into a real estate contract, whether you are selling or buying, you must be aware of the things that can go wrong during the transaction; many of which are out of anyone’s control.  Here are some possibilities that may arise from the buyer, seller, third party or the property.

Buyer Problems

One important piece in the real estate transaction is the buyer. There are several things that are out of everyone’s control because of the buyer. Sometimes, the seller and buyer may have a verbal agreement on all the terms and conditions, including the transaction costs. After talking with the buyer, the seller may feel that everything is satisfactory. However, the seller must not forget that unless the deal is closed and the fees are paid, the transaction is not complete. There are several reasons the deal may not occur. The buyer may be unable to produce all the needed paper work or may suddenly realize that they can’t afford the transaction costs. A lot of unexpected things seem to happen to buyers.  For example, job loss or illness. It is also possible that the buyer found a better property that they want to buy instead.  These items seem to occur daily.

Seller Problems

Another possible source of the problem that may interrupt the transaction is the seller. The seller may not comply with the demands of the repair list and/or intentionally fail to disclose the specific information about the house, such as the defects. The transaction may be setback once the seller breaches the terms and conditions that were agreed upon. It can also be a problem if the seller has taken some of the appliances or fixtures that supposedly were included in the sale.  Lastly the deal would not close if the seller didn’t show up during the signing of the agreements and other necessary documents. This is all too common.

Property Problems

The real estate sale transaction can go wrong if there are problems with the property. The property can have incurable defects which will definitely cause cancellation of the deal. The property may have issues like pests, structural problems, or it can be improperly zoned. The property should never be purchased if it does not pass any inspection or qualify for homeowners insurance.

Third Party Problems

If a reliable realtor was not chosen, the real estate transaction can encounter problems.  The realtor can be uncooperative and unhelpful for any of the transaction. It is also possible that the realtor is having illegal, unethical, and unprofessional practices that can halt the transaction. These are all small and easy items that should always be addressed.

RCD Home Solutions is a real estate SOLUTIONS company based out of Jacksonville/St. Augustine. We’re a family owned business and we focus on helping homeowners find SOLUTIONS for problems whether going through a foreclosure, unable to sell the property, or just need to sell the house fast for all kinds of reasons. We would love to hear from you and would be happy to find a SOLUTION for you today. 904-337-9395

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