Purchasing your new Pittsburgh home is exciting, especially if you are a first-time homebuyer. You can picture living there and know exactly where you want to place your furniture!
However, just because your offer has been accepted doesn’t mean that the deal is done.
There are a few more hurdles you need to maneuver before you close on the home.
Here are four hurdles that may become an issue for you:
- House Defects – A home inspection contingency is an important option that you should not overlook in your offer. From a buyer’s perspective, the home inspection will reveal any safety issues or large ticket items that need to be addressed. Once your inspection is complete, you will have the opportunity to negotiate repairs with the seller, accept the property in its current condition, or terminate your offer. You can see why this is a necessary contingency that you should not waive.
- Wood Boring Insect – If you are obtaining a mortgage, your lender may require a pest inspection, depending on the type of mortgage you obtain. Wood-boring insects such as termites, carpenter ants, or carpenter bees can do structural damage to a home. This inspection will determine if there is any evidence of these pests and any suspected damage. A further evaluation by an engineer may be necessary if the damage is significant. Again, this is a contingency that will allow you to negotiate with the seller for repairs, accept the property in its current condition, or terminate the agreement.
- Title Defects – During the closing process, a title search will be done by the title/closing company. The search makes sure that there are no liens or other claims against the property. The title company can resolve most issues before closing. You will also want to purchase title insurance to protect you from any problems that the title search may have missed on the original title search.
- Uninsurable Home – Sometimes, the previous homeowner will have made a significant insurance claim, which shows up on the insurance records. In this case, insurance companies may claim the house to be uninsurable. This will cause the lender to deny the mortgage loan for the home. It is advisable to select the Property and Flood Insurance contingency so that your insurance agent can confirm there will be no problems with the issuance of an insurance policy for the property.
We advise our buyers to become familiar with the components of the sales agreement and the buying process before they are ready to present an offer. Be prepared for any potential problems that may arise. The more equipped you are to handle any possible issue, the better chance you will have of moving into your dream home.
The SAYHAY Team is ready to help homebuyers purchase their new Pittsburgh home. Continuing education and training is a priority for our buyer’s agents to help buyers jump the homebuying hurdles! Contact us at 412-755-3600