So, your offer was accepted on your dream home! While many people think that this is the end to their home search, the truth is, a lot of the process is only beginning.
The home buying process can be a tedious one to navigate, and many times the details that happen after the offer is accepted can lead to more hiccups than the process of making the offer in the first place.
While at times the hiccups may be unavoidable, it is important to be aware of where many run into problems so that you can adequately prepare and know what to look for as you move forward with the transaction.
Ironically, one of the most common reasons a home purchase may get caught up is due to an unrealistic timeline. While in most transactions, the seller is anxious to get out from under the home, and the buyer is anxious to get into the home, the process can end up taking longer if either side tries to rush it too much.
It typically takes anywhere from 45-60 days after the offer is accepted for the home to officially close. This allows time for all of the loose ends, from inspection to securing the loan, to be wrapped up. There are many issues that can arise in this time, and the timeline needs to account for any of these. If the buyer or the seller are too pushy with this timeline, then the sale can fall through entirely.
A real estate attorney can work with you to help you navigate this process.
Inspection and Final Walk Through
The inspection is another point in which the sale may get tied up. A lot of times, buyers have no clear idea of what they will actually need to put into a home beyond the surface until a professional inspector goes through and identifies the hidden aspects of the home’s overall integrity. In many cases, the buyer may wish to pull out at this point, or they may request more from the seller than the seller is willing to offer. This is a common reason for a sale to fall through even after an offer is accepted.
Unfortunately, at times, the sale of homes with inspection issues don’t even fall through until final walk-through. In these cases, the buyer will often find that something the seller was supposed to fix that was not fixed before the closing date, and therefore the buyer will pull out of the transaction.
An experienced real estate attorney can play a role in lessening the chance that this type of issue occurs, as they can march forward in the negotiating process on your behalf to help ensure that your needs are met before closing day.
Lender Due Diligence
A house is no small purchase, and if you need to borrow money in order to do this, it is always going to be a bit of a gamble for the lender. Because of this, there is a lot of due diligence in place that a lender will do in order to ensure that you have the means to make the necessary payments on the loan. While this protects both you and the lender, it can potentially lead to last minute hiccups as your closing day approaches. At times, if not handled properly, these hiccups can cause the entire sale to fall through. Therefore, it is important to be diligent in responding to any emails or phone calls from your lender to ensure that you get them all of the documentation that their processes require, and that you do it in a timely manner to avoid any critical delays.
Purchasing a home is a tedious process, and nothing is guaranteed-- yes, even after an offer is accepted. Hiccups will always occur, but hiring an experienced real estate attorney to fight on your behalf can help guide you through these issues with as much ease as possible. If you are looking to sell or purchase a home in the Chicagoland area, and you are looking for a team to assist you through the many hiccups that could occur, contact Gurney Law Group today. Our team is happy to fight on your behalf to take some of the stress off of your shoulders.