Unexpected Aspects of Buying a Home

There are many unexpected things that can crop up when buying a home.  There is an abundance of rules, contracts and paperwork that sets out how things are supposed to go, but we all know that many times, in all aspects of our lives, things rarely go as planned or how they are ‘supposed to go’.  It’s best to enter into Buying a Home with a little bit of patience, and a positive attitude, because there are so many details that fall outside of the hands of your Real Estate Agent.  Sometimes these unexpected things that crop up can cause major frustration for Buyers- I understand completely.  Believe it or not though, things can still crop up that are so far out of our hands and so unexpected that they are completely impossible to prepare in advance for.

So you’ve found the perfect home and you’ve submitted an offer to the Sellers with a time constraint (irrevocable) of 8:00 PM.  We all know that deadlines are to be respected and adhered to, however, sometimes they need to be adjusted to accommodate special circumstances.  While not ideal, and definitely stressful- there isn’t much that can be done if the Sellers are late getting back into town to meet and review the offer, the Sellers simply can’t make a decision and wish to sleep on it over night, a family emergency has cropped up that demands the Sellers immediate attention.  While we can demand that our offer be dealt with by the deadline, if the Sellers just can’t do it, they just can’t do it.  We can either accommodate and adjust our expectations, or move on to the next property.

Lenders will work as quickly as possible to ensure that mortgage financing is in place prior to our conditions being due.  There are many people involved in this process.  You are responsible for getting paperwork to the bank as well as meeting with your bank for any required signatures etc, your contact also relies on a manager, and underwriter, as well as CMHC if involved- there are so many points of contact leading to a final approval that are well beyond our control.  It is possible that an extension may be required, subject of course to Seller approval.

Another thing to remember is that Home Inspections are not a matter of a home ‘passing’ or failing’.  Generally every home is going to have its little ‘nuances’ that make it special.  Resale residential homes are not new, and we need to remember that little things will be found.  We might wish for a perfect home inspection, but know that being realistic goes a long way towards keeping peace of mind throughout the process.

A small note on closing dates; Closing dates are at times shared between the Seller and the Buyer.  Often times, the Seller is still finishing up with their move after the property has closed and the Buyers have keys.  Buyers should be prepared on closing day that the Seller may still have a few loads to go.  Sellers do need to be fully moved out by days end.  Patience is key in this scenario.  Many things can affect closing day.  The most common might be that the mortgage documents haven’t arrived from the underwriter.  Other things that might happen could be the death of the Seller prior to closing, water in the basement due to a major catastrophic storm, and so on- all major things that just take time to sort out, and usually delay closing.

If you are a home renter, overlapping your last month with your closing date by a couple of weeks can bring huge peace of mind and will help your moving process flow a lot more smoothly.  Better to be proactive than reactive- and this way you will be prepared if for some unforeseen reason you can’t get into your new home as planned on the exact date of closing.

Home Buyers that approach and move through the home buying process with a healthy dose of flexibility combined with a positive attitude will be setting themselves up for a much better process than those who anticipate a perfect process that is set in stone.

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