Top 15 mistakes or issues happening in the Real Estate Business!
- The first mistake: not to have a tolerance for mistakes. … and therefore not start buying real estate. Making a mistake is common for us humans. However, repairing, recovering and overcoming your mistakes is the real entrepreneurial spirit you need if you start in this business!
- They buyer didn’t do a proper inspection yourself or trust a person that was not capable enough. After purchase issues come up, such as problems with the foundation, roof, chimney, wiring, plumbing, positive tests for lead-based paint, asbestos or another major component of the real estate.
- During the final walkthrough, the buyer finds new defects or unfinished repairs or after the inspection is performed, and the inspector finds a significant problem which requires an expert for a second opinion. And no expert could be arranged before the buyer’s termination-option deadline.
- The buyer has difficulty qualifying for a loan.
- The seller tries to stop the progress of the deal and do not want to enter into an agreement anymore with the buyer because another buyer offered a higher price.
- The buyer cancels the purchase because he gets cold feet or he/she may have found a nicer real estate to purchase.
- A major personal issue between the real estate owner and the buyer or the real estate owner(s) are quarreling (divorce) and not really want to sell at all.
- There could be a problem in the ownership title creating an issue to close the purchase in a timely manner or according to the agreement.
- A deposit may not have come in on time.
- The real estate sustains damage caused by fire or flood before the closing happens.
- The loan commitment could be very bad and the question could come up that the commitment is not sufficient.
- Issues with the purchase contract, for example, if the wrong location is mentioned.
- The buyer moves in (on a temporary lease) prior to closing and causes damage to the real estate.
- The seller stays in the real estate after closing (on a temporary lease agreement before he/she finds another place) and causes damage to the real estate (consider this issue when making a purchase contract: Proposal to Purchase Real Estate
- The real estate may not rise in value or the real estate appraisal comes in lower than the paid purchase price.
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