The Biggest Home Moving Nightmares You Need To Avoid

Is there anything more stressful in life than moving house? Whether you are buying, selling, or both, there are so many things that can happen in even the simplest sales process. Hold ups are common, people try to get one over you, and there are an enormous array of disasters that can occur. In fact, according to research, almost one in four home sales fall through before they happen, leaving people disappointed, out of pocket, and under severe emotional stress. But what are these home selling nightmares? Knowing what could happen, can help you steel yourself for the worst, and head them off before they cause the maximum amount of damage and distress. Let’s take a closer look at some of the most common home selling issues that could happen to anyone.

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Home loan refusal

With so many online tools around these days, it’s easy to try and figure out what a bank or other home loan lender might be willing to stump up for you to buy a house. However, bear in mind that these results you get will only be a rough estimate – there are many different factors at play when it comes to banks making mortgage approval decisions. The trouble is, of course, that you can’t find out how much your mortgage could be until you actually find a house, and the game is in full swing. It can be incredibly distressing when you think you have found your dream home, only for the bank to refuse your mortgage. A good way of getting around this is to speak to a professional – and respected – independent home loan advisor. They will have a good working knowledge of how much banks are likely to approve for you, and will go through your financial history with a fine tooth comb. If you don’t want a spanner thrown in the works at the last minute, make sure you get the best possible advice you can beforehand.

 

Structural issues

Whichever side of the coin you are – a seller or a buyer – structural problems can be a veritable nightmare. For sellers, it’s important to ensure that all issues are properly fixed beforehand. These days, many clued-up buyers are making sure they are getting the property inspected thoroughly before even making an offer, and they will drive down the price if they uncover something. If you are a buyer, ensure you are doing the same – hire a surveyor who will go through the entire structure of the house with a fine tooth comb. Failure to do this could end up costing you a small fortune if you buy a house with severe foundational issues, for example.

 

Hidden fees

OK, so you find the perfect house and have a buyer waiting to purchase your current home. Everything is going well – until you reach closing day and your realtor gives you a massive bill for fees and expenses you had no idea existed. It’s a common occurrence, and in the vast majority of cases, it could be far too late in the process to do anything about. The fees and expenses you have to pay could be your savings that you were going to use for renovations or repairs at your new home – or even just a nice little buffer to help you get through the moving period financially unscathed. According to http://www.manausa.com/, it’s always advisable to choose a real estate agency that tells you all fees up front. You need to ask what to expect, too, to ensure that you have everything covered long in advance of the closing day.

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Surveyor values down the property

Even when you get an agreed valuation from your home loan provider, nothing is set in stone just yet. The bank will send a valuer to the house in question, and your mortgage will be subject to their decision. Ultimately, if the valuer decides the house is not as much as your offer, it can cause a huge array of issues. The bank are likely to be reticent about lending you the money, of course – why would they give you money that you will struggle to pay back when the time comes to sell? The entire process could end right there, so it’s important to be wary and not count your chickens before they hatch. If this does happen to you, don’t be afraid to challenge the decision, however, If you have compelling evidence that the valuer is incorrect – there are similar properties in the area going for the same price, for example – they might be willing to rethink things through.

 

Unauthorized work in the home

Some states have strict rules about what you can and cannot do to specific property types. This problem is particularly the case for old properties that have a lot of historical or cultural value to them. And if you decide to buy or sell a home that has had renovations or changes made to it that have been unauthorized, it can bite you in the rear. Sellers should always ensure that they have state permission to do any work in the home, or alternatively make changes, so they are compliant. And buyers should always ask to see the necessary documents that prove all work is above board. If you do end up buying a property with unauthorized works and your state finds out, you might be in for a nasty surprise if they ever find out. And this can date back for years, too, so if you are caught holding the hot potato, you are going to get burned.

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Other legal issues

The legal complexities of buying and selling a home are obvious to everyone – and the reason why property lawyers enjoy the first-class salary. It’s the lawyer’s job to uncover absolutely everything about a home – and whether you are buying or selling, there could be some uncomfortable truths revealed. For example, there could be old conditions dictating what you can do with the property, which will impact the selling price by a significant amount. You could uncover tricky right of way issues, too, which could impact your privacy. And given that some states will have their property laws enshrined by Old English Law, while others will have roots in Napoleonic Law, you can see how these issues can be hugely complex and variable depending on where you live.

 

Cold feet

It doesn’t matter how far down the line you get when moving house, the simple fact is that it is never over until all contracts have been signed. The chances are that you will be involved in a chain, and these buying chains can be huge. If one person gets cold feet, it can change everything for the worst, and the whole chain can break down. There are, of course, many different reasons for people to pull out at the last minute, and some can be sympathetic. But ultimately, the panic these last-minute decisions can cause will be extreme – and expensive. In some cases, you will already have paid good money – sometimes thousands of dollars. You might have organized schooling options in a new area for your kids, too, or have a start date already for your new job. Obviously, it’s a nightmare scenario, and there is little you can do in each particular case. It’s important not to get too downhearted, though, and just accept it as part of the story. A good realtor will be able to remarket your property very quickly indeed, and the faster you accept what’s happened, the quicker you can buy a home or sell yours.

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Insurance issues

Insurance isn’t something that many of us consider when we are looking for a home – but it should be. Some mortgage packages, for example, are only sold on the basis you have insurance, but the problem is that some homes are uninsurable. If you plan to live in an area that has a lot of natural dangers – flooding, for example – you might not find an affordable insurer for love nor money. And if the home in question has been built with unusual materials – pre-fabricated housing, as an example – it might be the same scenario. You will find an insurance package for anything, of course; the real question is – will you be able to afford it?

 

The last-ditch offer

Not every buyer or seller will play by ethical rules, unfortunately. For example, it’s not uncommon for a buyer to wait until the very last minute before reducing their offer. They are hoping you will crumble because you might be part of a chain or have already spent a fortune on fees and just want to get the deal done. Are they calling your bluff, testing your mettle, or have full confidence that you will fold? It’s difficult to tell. And you need to decide whether pulling out of the sale now will impact your ability to move on – it’s a huge risk either way.

 

OK, so there you have it – some of the biggest dangers of moving house, whether you are buying or selling. Hopefully, understanding these huge issues will help you be wary of what could happen!

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