Common Issues That Can Lead Cause Your Dream Home To Dissapear

Don’t let one of these issues ruin your chances of your dream home.

Making it to the closing process on your new home can be very exciting. However, you shouldn’t start celebrating until all documents are signed and you have the keys in your hand. There are many issues that can cause your home sale to fall through, including:

  • Extensive termite damage – if your inspection reveals that termites have caused serious damage to your home, the problem will have to be fixed before the escrow is able to close. If the problem is too severe to fix or the seller will not agree to pay for the repairs, you may want to consider walking away, as long as you have the right contingencies in place.
  • The appraisal price it too low – your lender will require that you get the home appraised to ensure that it is worth as much as they are letting you borrow. If the appraisal price is not high enough, the seller may have to lower the price or you will have to come up with the difference in price on your own.
  • Major defects are revealed in the home inspection – typical purchase contracts will contain an inspection contingency that will allow you to back out of the sale if any serious issues come up. If you forgot to add in the contingency, you may lose your earnest money if you decide not to move forward with the sale.
  • Your financing falls through – you should always get preapproved before you even start looking at homes. If you lied on your application or your job situation changes, your financing may fall through, leaving you without the money needed to close on the deal.

For all of your escrow needs to ensure that you are able to move into the Southern California home of your dreams without any issues, contact Eastland Escrows in Covina.

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