4 Things that Can Stop You from Closing on a New Pittsburgh Home!

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4 Things that Can Stop You from Closing on a New Pittsburgh Home!

Purchasing a Pittsburgh home for sale, especially as a first-time home buyer, is incredibly exciting! However, just because your offer is accepted doesn’t mean the deal is done. Lots of things can still cause the deal to fall through. Here are just a few things that might slow or stop your purchase:

 

  1. House Defects – Make sure that you have a home inspection contingency as part of your purchase offer. If the inspection reveals big issues, you can back out during your contingency period without any penalties. If you don’t want to back out, you’ll have the right to negotiate the cost of the repairs with the seller.

 

  1. Wood Boring Insects – Your lender may insist on having a pest inspection to make sure termites or carpenter ants haven’t seriously damaged the home. Even if your particular lender doesn’t require an inspection, it is best that you get one done anyway. If the pest inspection shows there is a severe problem, you can either ask the seller to pay to have the problem fixed or terminate based on your contingency. At less than $100, a pest inspection is definitely worth the cost.

 

  1. Title Defects – During the closing process, a title search will be done by the title/closing company. The search makes sure that there isn’t a lien or claim against the property. Most issues can be resolved prior to closing. You will also want to purchase title insurance to protect you from any issues that may have been missed on the original title search.

 

  1. Uninsurable Home – Sometimes the previous homeowner will have made a major insurance claim, which shows up on the insurance records. In this case, insurance companies may claim the house to be uninsurable, which means you won’t be able to get a loan for the home.

 

Before looking a Pittsburgh home for sale, make sure you’re acquainted with the closing process. Be prepared for any problems that may arise. The more equipped you are for any eventuality, the better your chances of moving into the home you want.

 

If you are in the market to buy a home, let us help you negotiate a contract that protects you from potential problems. Call Julie at 412-352-8941 or Nancy at 412-480-6423 for more information. You can also email us at julie@thesnidergrp.com or nancy@thesnidergrp.com. Visit our website at www.TheSniderGrp.com

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