Here we will count down the top 5 things than can go wrong with closing.
5. Walkthrough – you go to do your walkthrough before closing to make sure that everything is as it was when you signed the purchase agreement and any items that you asked to be repaired have been repaired. You get there and find out the stove doesn’t work, the seller took the refrigerator that they agreed to sell and none of the repairs we done. This will definitely hold up closing trying to get all of this sorted out. Money will need to be placed in escrow to cover any issues that still need to be fixed and deadlines will have to be extended.
4. Title Search – make sure that the title search has been completed with plenty of time to fix any issues that may arise. This is where your closing attorney has someone go through and make sure there are no defects on the title that would hold up the property from being sold. If the title search was done at the last minute and there are issues, these sometimes take a while to fix and will hold up closing.
3. Wire – the wire needs to arrive within a certain window of time for closing. If for some reason your lender has an issue with the wire, this can hold up closing or cause both parties to re-close. Double check with your lender and closing attorney to make sure all parties have the correct wire information and timelines.
2. Fees – make sure you get a copy of your HUD in advance so you can look over all fees and ask questions before closing. Your lender and closing attorney will have fees that will be charged on the HUD. Also, there will be charges from the city, insurance, surveys, and transaction fees, among other things that are charged on the HUD. You don’t want to go to the closing table and have a surprise fee on there that may hold up closing.
1. Lender Package not ready – one of the most common things that can bump a closing is the lender package not being ready. When the loan process comes to an end, there are a lot of loose ends that have to be met and this can sometimes cause delay. You may be scheduled to close at 11am, but your package isn’t ready until 3pm from the lender and the closing attorney already has closings booked for the rest of the day. This may bump you to the next day.
Our agents can help point you in the right direction to make sure that you have a lender and closing attorney that are working for you!
Here we will count down the top 5 problems with new construction.
5. Leaky Windows – If windows are not hung properly, it can lead to leaks, fogging and drafts. Installing windows is a multistep process and should be done correctly without cutting corners. They have to have proper flashing and insulation installed to make them function correctly and be energy efficient. The last thing you want with a new home, are windows that are improperly installed and costing you a high energy bill.
4. Roof Leaks – One of the most common problems in homes that are built too fast is a leaky roof. There are several things that can cause problems with poorly installed roofs. The pitch of the roof, waterproofing materials and flashing are a few of the items that have to be done just right to provide proper drainage and weather resistance to keep you from having buckets placed all over your new home.
3. Cracking foundations – Another problem in homes that are constructed too quickly is cracking foundations. When building a house, the ground and soil have to have tests done to make sure they will be able to hold the home that is going to be built. If proper soil and ground tests are not completed, a home could be built on a foundation that is not able to support it. Make sure the proper tests are completed so that you won’t have to deal with this costly problem.
2. Plumbing – plumbing issues are a major concern in new construction. There are a ton of issues that can arise if plumbing is not done correctly. The hot and cold water lines can be crossed, toilets can overflow due to incorrect installation, tile leaks into the walls where tiles are not sealed properly and water gets behind them. Some of these problems are not seen for some time because they are hidden and when you find them, they are a mess (as well as expensive) to fix. These are just a few of the problems that can arise when plumbing is done incorrectly.
1. Misconception of what you are ACTUALLY getting – You walk into the model home after seeing a sign that says, homes starting in the low $200K. Great, you think! That is in my budget AND I can get a brand new home. You walk in the model and fall in LOVE! You’ve signed your contract and you start to pick out your floors – Wait, the floors in the model were an upgrade and they are going to cost HOW MUCH?? The counters that you saw were an upgrade too and they cost MORE!!! The next thing you know, your $200K house is not $275K! Make sure you know what is standard in the model and what is an upgrade BEFORE you agree to the price.
Our buyer’s agents are well trained and very knowledgeable and will be able to help walk you through this process seamlessly.
You’ve been looking for homes and all need repairs, when all of the sudden, you find one that has been rehabbed! You are so excited – it looks move in ready! Hold on just one second – there may be a few things to consider. Often rehabbed homes are being sold by investors that buy the house at a low price, fix it up, and then sell it at a higher price. There are a few downsides to this to consider.
You don’t know who the contractor is that rehabbed the house. Did they do a good job on the repairs or did they just do the bare minimum to make the place “look” new using cheap materials and labor. Was only cosmetic work done or were the major systems repaired too? The other disadvantage is that you don’t have any control over the repairs. They have already been done for you. If you buy a fixer upper, then you can make sure the work is done properly and to your liking.
There are a lot of great contractors out there that rehab properties – so don’t be turned away by one. Just make sure you do your due diligence to make sure it was done to the standards that you would expect. Our buyer’s agents will help you through the process and make sure that your interests are being protected.
New Construction can be a huge blessing. You get to create the home of your dreams. You can pick out what floors you want, move rooms around to become more functional for your family and select countertops to match your taste – just to name a few of the advantages and perks. But new construction can also be a huge headache. We will touch on a few of the problems that you can try and recognize ahead of time and try to avoid.
One of the main problems with new construction is not knowing what you are getting. You drive up to a new homes site and you see a sign that says homes in the low $200,000. You think, great! Just the price I was looking for. You walk in and the house knocks you off your feet. You LOVE the hardwood floors and granite countertops, and those stainless steel appliances are just AMAZING!!! You think, I can get all of this for $200,000, where do I sign?!?! You sign your contract and get to start picking out floors, countertops, and appliances. Now you find out that those floors are an upgrade as are those counters you just had to have. And the appliances, will that will be additional as well. The next thing you know, you have added $30,000 in upgrades.
Make sure, before you sign the contract and fall in love with the house, you understand what are standard features and what are upgrades. Many of the models have been upgraded for buyer’s appeal. What you see is awesome and truly beautiful, but often it is an upgrade that will cost you more. Make sure you take an agent with you on your first visit to the home site so they can help you understand this process. We have to remember, every home started as a new construction home and existing homes suffer from many of these same issues as well. This can lead to expensive maintenance and/or repair issues. Even though new construction homes do have some of these issues, they are often more efficient than resale homes. Homes are only as good as the builder, and there are a lot of great custom home builders out there!
Our buyer’s agents will be able to walk you through the process and help you get a great deal!
When buying a home, you do not have to pay for your real estate agent. The seller pays commission both to the listing agent for selling their home and to the buyer’s agent for bringing a buyer to buy their home. The buyer is not responsible for their agent’s commission.
It is very important that you have proper representation when buying a home. This is one of the most important decisions you will make in your life. Make sure you have an agent that is looking out for your best interest and will find you the best deal! We have a team of agents ready to help you! Just call 757-717-1003 or email firstname.lastname@example.org!