The
Purchase
Offer
Low offers
Seller asked to pay buyer's closing costs
Seller asked to leave non-realty items with property
Seller asked to repair items seller disclosed as not to be
repaired
Seller asked to repair items when he sold the property
"AS-IS"
Seller unaware that FHA and VA costs seller more money than
conventional
or cash
Buyer wants to use Seller's survey
Buyer offers seller more money for house to pay for carpet,
paint,
flooring, roof, etc.
Buyer wants to move in prior to closing
Buyer wants seller to make a loan to buyer |
|
Negotiation
Buyer doesn't
respond as expected
Buyer doesn't respond
Buyer lowers offer
Buyer changes what he wants |
|
Renegotiation
during option
period
Buyer requires
seller to make more repairs than seller
expected
Buyer asks for a credit in lieu of repairs
Buyer changes financing
Buyer changes terms of contract
Buyer asks for longer option period |
|
Inspection
results
Toilet loose
on floor
Various leaks and other plumbing issues
Water heater not vented properly
Need for GFCI devices or other electrical issues
More fogged windows than seller thought
Rotted wood
Termites or carpenter ants
Disintegrating AC ductwork
A/C needs servicing
Roof needs repair or replacing
Foundation worse than seller thought |
|
Buyer's
loan problems
Buyer can't
get contract interest rate at closing
Buyer can't qualify for loan, even with approval letter
Property appraises for less than sales price
Contract has to be renegotiated for any of the above three
problems,
or buyer gets earnest money back |
|
Seller's
loan problems
Seller forgot
to include current month's interest when
estimating payoff
Seller forgot that interest and taxes are paid in arrears
Escrow shortage
FHA requires extra month's interest paid |
|
Title
defects
Last title
company did incomplete research
Mechanic's liens
Released liens not recorded
Seller has name similar to someone who has a judgment
against them
Seller's marital status changed |
|
Survey
problems
Last survey
was inaccurate
Fence not on property line
Undisclosed easements |
|
Buyer
changes mind
|
Acts
of
God
Fire
(spontaneous or otherwise)
Lightning, hail
Flooding
Tornado
Accident, sickness or worse |
I hope you
found this list to be of value. My appreciation goes to Mrs.
Carter,
who gave me the idea.
Not all the surprises listed above
are problems. Of those that are problems, most have
solutions.
Some surprises are situations that just need to be viewed in proper
perspective.
In either case, an experienced Realtor can be helpful.
The main thing to remember here is
that in real estate, everything is
negotiable. That doesn't
mean that everything is achievable or that either party always gets his
way. It simply means there are a thousand roads to the same
destination.
I hope your trip is safe and pleasurable! |
