You might have found the perfect house in California, but the process doesn’t end once you make your offer. Several factors could interfere with the closing process and possibly make you retract your offer. Fortunately, an attorney may help you deal with the challenges of the housing market.
What are some common closing issues?
Before you sign a real estate contract, you might pay for an inspection to make sure that the house is safe and livable. If everything goes well, you’ll complete the closing process and move in as soon as possible. Unfortunately, an inspection could reveal various issues like termite infestations, leaky plumbing, roof damage and more. You might back out of the sale or ask the seller to make repairs before you move in.
On another note, you might have to back out if your loan falls through. Your real estate attorney might advise you not to make an offer until the bank approves your loan. Otherwise, you might have to withdraw if you lose your job or the bank rejects your application. You might want to talk to your attorney if you suspect that the bank denied your application for discriminatory reasons.
It’s possible that you’ll need to withdraw your offer if the house is in a high-risk area or has major issues that make it uninsurable. Most lenders won’t give you a home loan unless you carry insurance on the house. If you can buy home insurance, you might find that it’s too expensive for your budget. Some areas require extra insurance if there’s a high risk of natural disasters like floods or volcanic eruptions.
How can you avoid home-buying challenges?
If you run into obstacles during the home-buying process, you might have to delay your move-in date by weeks or even months. This is a problem if you’ve already sold your other property or have to start a new job by a certain date. An attorney may be able to help you avoid issues and close on your house as soon as possible. If you’re a new buyer, an attorney may walk you through the entire process.
