Common issues encountered during a home purchase

Georgia residents who are about to close on a home purchase shouldn't feel comfortable until the transaction is official. This is because there are many issues that could arise before that happens. For instance, the bank might only agree to lend up to the home's appraised value. In some cases, this can be less than what the seller wants for the property. The bank may also refuse to pay for a home if there are problems with a mortgage application.

For example, a lender may think that a buyer has attempted to commit fraud or has made other significant errors. Even if the lender is willing to fund a home purchase, there may be other problems that can prevent a closing from taking place. If an inspection reveals major issues, the sale may be canceled. Pest infestations, cracks in the foundation and electrical problems are common problems an inspection may reveal.

The seller may agree to a reduced price or agree to fix any major issues discovered in an inspection. It is also possible that a seller may continue to solicit other offers if he or she feels like better ones will be made. In some cases, sellers simply change their minds and take their homes off of the market. In such a scenario, it may be possible to take legal action.

Prior to submitting an offer on a home, it may be worthwhile to meet with a real estate law professional. He or she may review an offer or strive to resolve any issues that crop up prior to closing. In some cases, legal counsel may help clear up issues that arise after a sale is completed. This may be true if a seller failed to make a disclosure that was required by state or local law.

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Boling Rice LLC
207 Pirkle Ferry Road
Cumming, GA 30040

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