Top 3 Things That Can go wrong in a real estate transaction

Top 3 Things That Can go wrong in a real estate transaction

 You’ve probably heard more than one story about how a buyer or seller were a day away from removing subjects on the sale of their home and out of no where there was one unexpected delay after another.

Here are the top 3 things that can go wrong with a real estate transaction, and what you can do to avoid them.

1.  Financing

Next to having a good real estate agent, having an experienced and trusted lender – and one who is not too busy to handle your loan – is the most important aspect in having your real estate transaction go smoothly.

 2.  Disclosure

As a realtor often times a seller will ask me a question along the lines of, “Should I disclose this . . . “.

Here’s one practical disclosure tip to follow:  Pretend that you are the buyer.  If you think that the disclosure item in question is something that you would want to know about if you were buying your house in Nanaimo, then disclose the fact.  It’s always better to disclose too much than too little, and the last thing you want to have happen is to have a buyer accuse you of not telling the truth – especially after the real estate transaction has completed.

3.  Inspections

Almost all buyers are going to want to do an inspection.  If you’re selling your home it’s always a good idea for you to do a pre-listing home inspection, so that you know if there are repair items that need to be addressed.  That way, you can take care of them before you put your home in Nanaimo on the market for sale.

When a buyer does an inspection during your real estate transaction and finds a lot of things wrong, or even a couple of big things, even though they might be easy to fix, this could still put doubt in the buyer’s mind and give them an excuse to not go through with the deal.