Make sure the lender will accept your third party’s report before you hire them. Paying two different vendors for the same job will be very frustrating. This can be as simple as planning out who will be a third party when you go into to get preapproved for your loan. But if it’s not done, it can cost you time and money.
ASSUMING THE S G THE SELLER AND THEIR BROKER DISCLOSED ALL ISS ED ALL ISSUES
I’ve seen and heard about this too many times. The buyer takes the other broker’s word, and doesn’t get something checked out they were worried about, a leak or mold, or soemthing along those lines. Then, months later, when they are in the building, it turns out to be a major problem that costs thousands of dollars. Assume nothing. The seller may not be completely honest when it comes to different aspects. When you ask tough questions, get the answer in writing. Keeping a paper trail is a giant part of this. Make copies of inspection reports and other documents that you get during your due diligence.
EXPECTING CLOSING STATEMENTS TO GO SMOOTHLY
When you go to sign the final approval that the escrow agent has sent, make sure you have your list of items to take up along with the ones that have been solved. A lot of the time, the seller will add a bunch of items to the list that are easy, and forget other items that the buyer needed to get done. There are a few items that get overlooked a lot. Letters of credit, certificates of deposit vendor billing from previous owners, and other current tenant problems are overlooked from time to time. Your closing statements and signing after the escrow period will most likely not go quickly and easily.
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