Purchasing A Home For The First Time Essay

718 Words May 18th, 2016 3 Pages
Purchasing a home for the first time can be a daunting experience, and the closing day is perhaps the most daunting part of the buying process. Dealing with unexpected issues that may arise can be difficult. While some problems can easily solved, others can derail a deal at the final hurdle.
Disheartening walk-through surprises
The final walkthrough of the property is the number one cause of unexpected issues on closing day. The final inspection takes place the day before, or during the morning of, closing day, leaving the buyer with not much time to prepare and react to potential problems.
A heavy storm may reveal downstairs flooding, or the furniture that you thought was included has vanished, cracks in the ceiling or walls may be revealed.
If the issue is a serious problem you should take careful steps in proceeding with the deal. To avoid any unfortunate revelations, you should have very thorough inspections of the property before the final walkthrough on closing day.
Feel free to ask the current owner to view the property after a large storm to inspect for any damp or potential flooding. Discovering a last minute problem does not necessarily mean the deal should be compromised. Negotiate to have the cost of repairs covered by the seller, and have the money put in escrow. Get estimates from professionals to verify how much the repairs will cost.
What the seller takes with them
A common issue on closing day is confusion between the buyer and seller over which items are…

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