You\u2019ve spent hours researching homes online and\nviewing properties, and you\u2019ve finally found the perfect home, or you\u2019ve spent\nthousands of dollars fixing up your house to get it ready to sell and held\nmultiple open houses. Finally, an offer has been made and accepted. Time to\ncelebrate, right? Not so fast. Several things can and do go wrong between the\ntime the offer is accepted and closing.  <\/p>\n\n\n\n\n\n\n\n

Why Do Pending Home Sales Go Bad?<\/h2>\n\n\n

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• Mortgage\nloan falls through \u2013 While you may have been pre-approved for a loan, any\nchange in your status, such as job loss or an increase in debt-to-income ratio,\ncould keep you from getting the loan.<\/li>\n\n\n\n
• Liens\/title\nissues \u2013 There may be liens on the property like unpaid property taxes. There\nalso may be another party on the deed, such as an ex-spouse or heir who isn\u2019t\nwilling to sign off on the title transfer.<\/li>\n\n\n\n
• Buyer\u2019s\nremorse\/inexperienced buyer \u2013 Some new home buyers get cold feet and use\ncontingencies in the contract to back out. Also, home buyers with a short\ncredit history have a harder time getting a mortgage.<\/li>\n\n\n\n
• Home\ninspections \u2013 A smart buyer will require a home inspection prior to closing,\nand many times major issues with the home, such as mold, foundational issues,\nroof damage or malfunctioning HVAC system can arise and cause the buyer to back\nout.<\/li>\n\n\n\n
• Low\nappraisals \u2013 Appraisals are necessary to make sure the home value is consistent\nwith its sale price. If the home appraised lower than expected, the buyer may\nnot be able to get a mortgage. If the buyer cannot come up with the difference\nin cash, they may likely use the financing contingency to back out of the\ncontract. <\/li>\n\n\n\n
• Contingent\noffers\/buyer can\u2019t sell their current home \u2013 If a home sale contingency is in\nplace and the buyer\u2019s home does not sell within a certain time, then they can\nback out of a contract, leaving the seller in a lurch.<\/li>\n<\/ul>\n\n\n\n

  Tips to Get You to Closing<\/h2>\n\n\n

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  • While\nyou\u2019re waiting for your loan to close, don\u2019t do things such as finance a car or\nfurniture, or make any other major purchases that could change your\ndebt-to-income ratio.<\/li>\n\n\n\n
  • If\nyou are a first-time home buyer, consider using the services of an experienced\nreal estate agent who can advise and counsel you through the home-buying\nprocess.<\/li>\n\n\n\n
  • Provide\na fact sheet to the appraiser with details such as square footage, any\nimprovements you\u2019ve made, comparable home values in your neighborhood and any\nattractive features of your neighborhood. <\/li>\n\n\n\n
  • Consider\ngetting a pre-inspection and fixing any problems before you put your home on\nthe market.<\/li>\n\n\n\n
  • It\u2019s\nokay to say no to home sale contingencies. You could also accept the offer with\na \u201ckick out\u201d clause that allows you to continue to market your home and accept\noffers from other buyers.<\/li>\n<\/ul>\n\n\n\n

    At Ratified Title Group, we perform a title search\nafter your contract is ratified. This shows us the ownership history and any\ntitle issues. We review this report and then deal with any issues that arise\nprior to closing. We also provide closing prep. If you have questions, reach\nout to us at 571-234-5589 or by email at info@ratifiedtitle.com. We can\u2019t wait\nto hear from you!<\/p>\n","protected":false},"excerpt":{"rendered":"

    You\u2019ve spent hours researching homes online and viewing properties, and you\u2019ve finally found the perfect home, or you\u2019ve spent thousands of dollars fixing up your …<\/p>\n","protected":false},"author":3,"featured_media":879,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ratified-title-group"],"yoast_head":"\n