title to the property, the seller receives the payment, the agents receive their commissions, the lenders’ loans are fully documented in the public records, and the state government collects the taxes generated by the transaction. Everyone wins! Step 12: Finish the Closing Process But what if not everyone wins? Remember, it’s not over until it’s over —meaning the home isn’t yours until you close, and until the closing process is fully complete. When you fin ally get to the end of the closing process, and you start picturing yourself moving into and settling into your new home, nothing feels worse than the deal suddenly falling apart at the last moment. While this isn’t common, it still happens. How and why? Some of the reasons include a last-minute home inspection gone awry, a low home appraisal, or failure on the buyer’s end to obta in fin ancing. However, it’s easy for buyers to avoid these potential pitfalls and ensure the deal goes through if they are aware and prepared, and if they’ve secured the services of a good agent to make sure all the bases are covered so you’re not le ft in such a disappointing and heartbreaking situation. First, the home inspection. If major physical damage is revealed during the home inspection, the deal could be called o ff . Th is shouldn’t be all that surprising, however. If a home is considered structurally unsound or unsafe to live in, then there’s a good chance the deal won’t move forward, and the purchase will fall through. Low home appraisals also occur, and can be deal breakers, just like a poor home inspection report or damage noticed. If your target home’s appraisal is low, the lender will not give you a home loan to purchase it. 89
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