RED FLAGS: Diagnose Them Before the Deal Falls ThroughFebruary 4, 2020
The home buying or selling process is often a very stressful time. Your home is arguably the biggest asset you will ever purchase or sell, so you want to make sure everything is done right. When a deal falls through, it will not only add more stress but can often also discourage people. To best shield yourself from this unfortunate circumstance, take a look at some of the most common red flags that could indicate a deal may fall through:
- Financial Trouble
If you are selling a home you should always ask for proof of finances. Though a potential buyer may seem trustworthy and sincere, they need to provide evidence for your safety. Otherwise, you could end up with a buyer that will not be able to meet the required payments and will thus drop out of the deal.
So, if a buyer or seller is hesitating to provide a recent bank statement or other proof of their funds, you should be skeptical of them following through with the deal.
- The Buyer or Seller Is Taking Too Long
If the buyer or seller is taking a long time to provide certain information it could be a bad sign. For example, a seller might be slow in providing homeowners association information to a potential buyer because they are actually waiting for something to clear legally, or otherwise hiding something. It could turn out that they aren’t actually at liberty to sell or buy a property.
A buyer or seller who is reluctant to provide all requested information for a home is another substantial red flag. To illustrate, a buyer may ask questions about the roofing or plumbing and the seller may avoid answering it because they do not want to fix it before making the sale.
- Poor Communication
While the communication between a buyer and seller may be steady at the beginning, if it abruptly begins to slow down it could be a bad sign. While it may seem like a case of paranoia, there is a good chance it could mean that people on either side of the transaction changed their mind about the sale.
- Split Interest
Probably the most obvious sign that a sale is not going to follow through is when one partner in a couple seems to love a property, while the other seems less interested. When there is more than one buyer, it is best to ensure that everyone is on the same page prior to moving forward with a sale.
Consider Lakeside Title for Title Services when Home Buying or Working with Home Buyers.
When you select Lakeside Title, you’ll work with a title agency offering cutting-edge tools to streamline your closing so it takes place on time.
If you’re a home buyer, lender or real estate agent who would like more information, please contact us today!