New York remains one of the most popular places in the United States. If you can find available property in this state, it’s understandable to feel excited. During the closing process, the last thing you want to deal with is bad news. To help you out, here’s a closer look at some of the most common issues that can happen when closing on a new home.
You’re unhappy with the home inspection
Most real estate contracts contact a home inspection contingency. This real estate law protects a potential property buyer. If the inspection shows more defects than were originally known, the buyer has the right to back out of purchasing this home. Without this contingency, you could lose thousands of dollars by backing out of your contract.
You lose your financing
Most people don’t have the money on hand to pay in full when buying a home. Therefore, many individuals need to finance this purchase through a lender. If you presented false information on your loan application or a major life change happens, you may no longer have financing to buy a home.
Someone changes their mind
Many home purchases take time to get the final contract signing. Unfortunately, this waiting period can prevent a closing when buyers or sellers change their minds. If you’re a buyer that changes their mind about buying a home, you’ll most likely have to pay damages to the seller. These damages recoup any potential losses a seller suffered while removing their home from the market.
To summarize, several possible hurdles can present themselves before you officially close on a home. By watching out for the previously mentioned issues, you can have a safer journey towards finding the home of your dreams.