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Kathy S. Koops GRI

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Plan “B” in Real Estate

filed under: Real Estate posted on January 11th, 2016

Buyer Beware

Out house hunting and finding the perfect property..what’s your real estate plan “B” or fallback plan?

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Plan “B”, the backup or contingency plan you have in place if things don’t work out as planned.  Most of today’s buyers don’t want to sit down with their agent to discuss the ins-and-outs of the home buying process. The actual house hunting is just 1 step in a multi step process which has the potential for land mines and disaster lurking everywhere.  Your agent isn’t a negative Nellie or Neal if they discuss the potential pitfalls and requirements required to navigate the buying process.  So what’s your plan if anything or something goes wrong for:

  • Lender wants higher down payment?
  • Multiply buyers bidding on same property?
  • Seller won’t lower the price to your target price?
  • Inspections reveal more problems than expected?
  • Home owner’s insurance has higher than expected premium?
  • Seller unwilling or unable to repair all the items you requested?
  • Property appraised for slightly less than your offer?
  • Your lender messes up paperwork which delays the closing and you have given notice at your apartment and need to move out?

Shaking your head wondering where I come up with this nonsense?  It hits buyers everyday – hopefully not every issue – but some of the items listed above are likely to rear their ugly heads and if you’ve taken the time to sit down to discuss with your agent and mapped out answers to many of the “what if” questions that often scare buyers away from making good buying decisions.

And heads up sellers you’re not immune to any of the potential problems.  What are you contingency plans if “bumps” derail the sale of your home or condo?  Most likely you spent time prepping your home prior to putting it up for sale but inspections, appraisals, title issues and more can impact whether you close on time…or at all.  Take the time prior to getting an offer to discuss all the “what ifs” with your agent.

As a buyer and/or seller knowing and preparing for some of the problems probably won’t lower your blood pressure but knowing your options may smooth the way to securing a contract and ultimately making it to the closing.

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