Untold Issues When Buying A Home

When you finally get round to buying your first home as an adult it can be a really wonderful and stressful time. There’s so much you have to think about and the process of buying a home can take a long while if you face any issues or hurdles along the way. Speaking of issues, today we are going to take a look at just some of the things which can and probably will go wrong during the process of buying your home.

This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.

The home buyer’s report and valuation

When you have seen a home you love and you’ve made an offer which has been accepted, the next stage of the journey is to apply for a mortgage and make sure that you find a plan good enough for you. What you might not realize is that the lender will have a home buyers report done on the home and they will evaluate it for you. This means if they don’t see it as worth what the price states, they can refuse your mortgage. This is a big issue to look out for so be aware before you begin your search.

Probate

You may have heard the term probate before, but if not, this is essentially what happens when someone passes away and the house needs to be sold. So if you were to put an offer on a house where someone has recently passed away, probate attorneys will have to make you wait as they finalize the paperwork with next of kin and this can take weeks or even months to complete. It can really slow down your home buying process and it can be a bit of a pain to say the least.

Seller disputes

Sometimes on a contract you will see things which have either been added without your agreement or taken off, and obviously this can cause a dispute. For example let’s say you stipulated in your offer that you wanted all fixtures and fittings as well as the sofa and lamp in the living room. The seller must then add these items to the contract for sale and follow through with the deal. If this doesn’t happen you can have the moving time slowed down by a few weeks.

The dreaded chain

Ahh, the vendor chain. The magic three words you always want to see on a listing is ‘no vendor chain’ but this often doesn’t come to pass. When you are in a chain of vendors for a house it means that there are sellers in front of you who are waiting to buy their own home and the more people who are in your chain, the longer and more complex it can be for you to find a home. If you ever see a ‘no vendor chain’ option, it would be advisable to take a look because it will be much less stressful. You will likely be in your new home much quicker because you aren’t relying on many other sales to go through first.