Finally the seller accepted your offer! You’re just steps away from having your own Edmonton home. But before you plan any Edmonton house warming parties for your future Edmonton house be sure to watch out for hidden traps in the final stages of the buying process.
Here are some deal breakers to avoid.
Don’t make an offer that you can’t deliver. Know the highest monthly housing cost you can afford, that accounts for the mortgage, taxes, fees and insurance.
Before closing the deal, the lender will examine your credit report. If they find out that you’ve run out of charges because of excessive spending then it can affect your mortgage fee and rate.
Noting a Rising Market
If the appraiser winds up with the decision that you paid too much for an Edmonton property then there will be two choices to be made so that the deal will not fall through. First, see if the seller will lower the price or you renegotiate with the price.
Inspections are done so that it can warn you about possible problems in the future. If a seller is refusing to fix or compensate you for the issues that you have seen at a certain Edmonton property then it’s better to cancel the deal.
One day a person is selling the Edmonton house that you had your eye on, the next day that person has suddenly vanished without a trace. So before you sign any documents, try to investigate first if the seller really is the owner of the Edmonton house.
It’s easy to get lost in the excitement of buying that Edmonton house that you have always dreamed of. Always remember that some people will take advantage of you when you are in a vulnerable state. Always be careful.
Come and follow the team on Twitter at @teamleadingedge. Make sure to subscribe to Team Leading Edge to get newsletters on the Edmonton Real Estate market.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
Subscribe and get the daily news, updates and latest trends in Edmonton real estate.