3 Home Buying Disasters You Should Avoid

The home buying process seems like an exciting task. It mostly is but it can also be a source of stress. If you don’t know what you are doing and you are not guided properly, your home buying process can end up in a disaster. 

 

Here are some common home buying disasters you would want to avoid:

1. The seller getting away with your earnest money.

 

This can happen when the sale does not push through such as when you don’t get your desired loan or when you were not able to sell your current house prior to the deadline provided by the seller of the new house you are buying. The earnest money is something buyers use to assure sellers that they are serious in buying. This is a large amount of money that the seller might keep if the sale does not go through. This is why you need to consult a Real Estate Lawyer in North Vancouver before agreeing to a contract that will involve the use of earnest money.

2. Mortgage loan being cancelled at the last minute

 

The mortgage company can cancel your loan when they do one last check and they found out you incurred a big debt. Avoid using your credit card to acquire a big debt right before you have finalized your house deal.

3. Buying a house only to realize it has a lot of undisclosed problems.

 

Here is another problem that a real estate lawyer in North Vancouver can help you with. The seller should make full disclosure or legal actions will be taken in case a bad housing issue pops up during inspection.

Real estate law firms such as Lakes, Whyte LLP can help you avoid these disastrous situations in the home buying process.