Have you ever wondered why some real estate deals don’t make it to the finish line? It all depends on unforeseen circumstances.
This may come as a surprise, but the biggest reason is funding. Even if the buyer gets pre-approval, problems may arise down the road.
Here’s a quick breakdown:
- Evaluation issues: If the home doesn’t appraise at the agreed price, the bank may not be able to loan you the full amount. In our local market, our standard contract allows for a five-day negotiation period to determine the purchase price, depending on the contract terms. If either party cannot reach an agreement, the buyer or seller can walk away.
- Loan underwriting: Even after pre-approval, the underwriter may find reasons to deny the final loan. There are many possible reasons for this, such as a lack of income or a change of job.
- Last minute credit check: Lenders often make final checks before closing the deal. New debt or credit issues can make trading difficult.
- Changes in financial condition: In some cases, buyers may make large purchases prior to closing, which may affect loan eligibility. Wait until after the store closes to buy new furniture!
It’s important to understand the background of these items and keep them in mind during your next real estate transaction. With proper guidance and preparation, many of these problems can be avoided. Please contact us for more information.
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Less than 5 years old – Step into a stunning home with all the essentials for modern living. This stunning property features an open floor plan on the main level, creating a seamless flow between the living spaces. Here is a video of my latest listing at 9206 Grand Avenue, Kansas City, Missouri: https://www.youtube.com/shorts/YEx-w7I9Eiw
More details here: https://maggief.reecenichols.com/ListingDetails/9206-Grand-Avenue-Kansas-City-MO-64114/2462407
Johnson County Market Latest Information
This week, Johnson County had 1,260 active listings and 1,002 listings went under contract (Source: Heartland MLS, November 25, 2023).
About Maggie
Maggie is a Reese Nichols real estate agent and is a third generation real estate agent. Her passion is providing her clients with a professional and positive buying and selling experience. Maggie appeared in realtor.compublished in Apartment Therapy and other publications. https://maggief.reeconichols.com/
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