RED FLAGS: Diagnose Them Before the Deal Falls Through

February 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:

 

  1. 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.

 

  1. 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.

 

  1. Evasiveness

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.

 

  1. 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.

 

  1. 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!