be worse than the deal falling apart at the last moment — but it does happen. This can be due to a variety of reasons including home inspection, low appraisal, or failure to obtain appropriate financing. It is easy for buyers to ensure the deal goes through, though, if they know these potential pitfalls beforehand. First is the most straightforward kind of issue: if physical damage is noticed during the home inspection, the deal could be called off. If the house isn’t sound, isn’t safe to live in, it should come as no surprise that its purchase might not go through. It is better to have a pre-approved loan to make sure finance is not a problem. Many applications get rejected during the mortgage approval process. As you are finalizing the deal with the seller, it is a good idea to be in contact with all the agents involved to make sure you know the status of your finances. Finalizing the deal with the seller, but faltering when getting loans will stall or even sink the deal in almost every case. Low appraisals are another cause for deals to fall through. If the appraisal is too low, the lender may offer to loan less, meaning you may need to come up with additional out of pocket funds to proceed. Or, you can renegotiate the purchase price with the seller, to the appraised value. Or anywhere in between...again, this is where your agent proves to be invaluable.
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