What will you do when your home purchase gets derailed?

Marty Kramer | Consumer columnist

Aug. 5, 2011

Something will go wrong when you try to buy a home. There are too many pieces … too many people … to expect a real estate deal to glide to a successful result without a single hitch.

I have only participated in three real estate transactions … and while they all closed, there were plenty of hiccups along the way. Here’s a partial list:

Math errors on closing documents
A phantom sprinkler system listed on an appraisal
An unexplained easement on a survey
A downpayment cashier’s check our bank sent to the wrong person
Renegotiations due to items revealed during inspections
Contradictory opinions by inspectors
Junk left behind by previous owners
A rejected loan application

It was a huge relief to have a Texas REALTOR® to help sort out these and other problems. She had seen it all before. As I said, we got all three deals done.

So what steps will you take when the appraisal comes in lower than the sales price? How will you proceed if the title search turns up a lien on the home? What if another buyer pops up claiming she had a deal with the seller first?

It’s something to think about before you run into a snag.

More by Marty Kramer Even past the deadline, homebuyer assistance
is available Get moving to qualify for the federal homebuyer tax credit How to know if estimated loan fees will stick Forget the forecast; look out the window