Purchasing a house can be stressful. There are a lot moving parts of the transaction that are managed by the realtor, lender, and the buyer. If any of these puzzle pieces isn’t done properly or is done poorly it can significantly impact the ability for the loan and thus the transaction to close. Having a deal fall through is a nightmare for all parties involved. There are several things that can cause a deal to die. I have outlined below 3 common causes of a home purchasing falling flat on its face and a key to success to prevent it from happening. These are certainly not the only things that could go wrong and my brief list below is not in any particular ranking or order. Here we go:
Lack of Communication
Poor communication across all parties is severely detrimental to the success of a purchase transaction. If the realtor and lender are not on the same page or communicate with each other regarding expectations for one another, the transaction can sour quickly. If the lender and buyer are not communicating effectively documents needed and timeline for closing the buyer may begin to look negatively upon the enter homebuying experience.
Key to Success: Communicate with all parties. Whether you are the lender, realtor, or buyer, you need to truthfully express your expectations for how the deal should go.
Things can go wrong during the home buying process. The goal is for this not to happen which is why it’s vital that we all communicate and stay connected throughout the transaction to make sure we work as a team all the way to the end.