Buying a new home is an exciting step for a prospective New Jersey homeowner. However, there can be certain challenges you may first have to overcome before you can get the key and start moving in. In fact, some of the most significant hurdles you might have to deal with can arise between when the seller accepts the offer on your home and the closing.
When you are aware of the things you might have to address between now and the closing, you will be able to more effectively address these concerns quickly and effectively. It may also be in your interests to work with an experienced real estate attorney at every step of the home-buying process. This is a major legal and financial step, and you would be wise to make sure you are protecting your long-term interests above all else.
What could go wrong?
You found the perfect house that will work well for your family, and you made an offer on it. The seller accepted the offer, and now all you have to do is wait about a month for the closing, and after you sign all of the appropriate paperwork, the house is yours. Everything has been smooth and problem-free up until this point, so what could go wrong? Some of the potential things you might have to address before you can close include:
- The inspection revealed there were problems that the homeowner will have to fix or address in some acceptable way. If the issues are serious, you may decide not to proceed with the purchase.
- There is evidence of termite damage or an active infestation. There needs to be treatment or remediation of some kind before moving forward.
- The appraisal came back too low, or there were problems getting the financing you need to complete the transaction.
These are complex things that can cost you time and money, and it may compromise your ability to complete the closing at all. While these are frustrating, it is possible to address some of these things in a way that is satisfactory to all parties involved.
Fight for your interests
There are many reasons why you will find it beneficial to work with an experienced attorney from the very beginning of the process of buying a home. Your financial and legal interests are at stake, and an attorney can make sure that every choice you make is smart and does not expose you to unnecessary risks.