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Potential issues that may arise when buying a home

On Behalf of | May 27, 2021 | Real estate transactions |

There is much more involved with purchasing a house than finding one Tennessee buyer likes and making an offer. This is a complex legal and financial process, and there are many issues that could arise that may stand in between a buyer and his or her desired goals. If there are problems when buying a home, it could expose the potential buyer to the possibility of financial loss, additional stress and much more. It is important to know what to do and how to protect one’s interests.  

Between accepting the offer and closing 

Making an offer accepted by the buyer is only the first step. There must be an appraisal of the house, but if the appraised value is less than the accepted offer, it is an issue. At this point, the buyer could decide to walk away from the offer completely, or he or she could decide to renegotiate the offer. 

A second common problem encountered by many buyers is the presence of unseen issues found during the inspection. Depending on the nature of the specific problems, the buyer may ask the seller to fix them or negotiate a lower price for the home. If the issues will be too costly or affect the structural value of the home, the buyer may not want to proceed. 

Experienced guidance is key 

Experienced guidance is crucial when buying a home. If there is a problem, a knowledgeable attorney can provide insight regarding the best way forward, whether it is additional negotiations or something else. When buying a home in Tennessee, it is prudent to secure help for every step of the process.