What Can Go Wrong During A Sale?
You may be wondering what could possibly go wrong with the sale that you are in the middle of right this very moment. While you will likely not encounter big problems that your sales representative cannot easily remedy, you may encounter small problems along your journey that are worthy of noting or notifying you of.
Here are just a few problems that can go wrong during the sale of a house in Canada:
Sellers Didn’t Complete the Repairs They Said That They Would
During the negotiation process, potential buyers may decide that they can only offer the requested amount of money for the house if the house undergoes a few necessary repairs. The seller will often agree to these repairs just to make the sale. Unfortunately, many closing dates come around and the seller has not completed the repairs that they had agreed to.
The Seller Backs Out Of a Sale
The seller may decide that they no longer want to sell the house. They may also find a new buyer that is willing to purchase the house for a greater amount of money than the previous buyer is offering. The seller has a right to back out of the sale at the last minute, even if it does cause confusion and chaos.
The Buyer Backs Out Of a Sale
The buyer has little obligation to a house if they find that there is something wrong with it. The buyer may also find a home that better suits their needs before they have officially committed to the first house. In any case, a buyer can back out of a sale just as easily as a seller can.
The House Fails Inspection Just Before Closing
Most home buyers will have the house inspected before the sign the contract with the seller and the sales representative. This routine process will typically go smoothly, but for a few the failure of an inspection can abruptly cancel a sale.
The Buyer Wasn’t Pre-Approved For the Mortgage
Many new buyers think that they do not have to go through the process of getting pre-approved for a mortgage before they have figured out which house they would like to purchase. Unfortunately, the time that it takes to get approved for a mortgage is often lengthy and can significantly delay the closing of the home. Obviously, delaying this closing can cause a lot of problems for both the sellers and the buyers.
The Buyer Didn’t Bring Enough Money for the Closing
Stranger things have happened than a buyer that doesn’t bring enough money for a down payment to the closing of the house. This still does not mean that it is not a problem that could very easily go wrong during any sale. Keep in mind that if you are the seller, you should always ask your sales representative what the down payment will be.
The Seller Cannot Move Out By the Agreed Deadline
There are times when a seller just cannot make the necessary arrangements to move out by the time that they have given. In many instances this really isn’t an issue because the length of stay past the determined date ends up being just a few days. In other cases it can cause a true inconvenience for the family that has made plans to move into the new home.
Pests Appear Just Before Closing
This may sound silly at first, but there have been countless tales of skunks discovered under the front porch, coyotes in the ditch, and bear breaking into homes. This obviously doesn’t happen to everyone, but it is certainly one scenario to be aware of when working through the process of buying a home or selling your home.