Making a home purchase is a big decision and can take some time. Obstacles that can get in the way are a bidding war, maintenance issues, and appraisals. Knowing what can get in the way of your purchase can help you plan.

A Bidding War

Bidding wars can lead to you losing out on a home or increase the final sale price of the home. This can be a major roadblock for you to get your dream home. Mr. Cooper suggests that getting pre-approved for a loan can help in this process. Providing a pre-approval letter can show how much a lender may approve you for a mortgage. This shows the seller that your offer will go through, and they will likely accept yours over someone who hasn’t had a pre-approval. Having a 100% cash offer can also help you in a bidding war, as cash makes the process go faster and is guaranteed.

Maintenance Issues

Most buyers want a move-in ready home. There are some issues that can be easily taken care of, but some will take more time. When you are looking at purchasing a home, you should make sure to get an inspection to make sure there are no major issues. According to J Bixler Inspections , some things like mold or lead paint aren’t covered by a normal home inspection. This may require an extra qualified inspector to make sure the home doesn’t have any of these issues.

Appraisals

If you are financing your home, you will need to have it appraised , a process that allows the bank to make sure that the property is worth what you are going to pay for it. If the appraisal determines the home is valued lower, either you will need to make up the difference or will need to see if the seller will accept a lower price. You can do some research on similar properties in your area and have your real estate agent run comps before you make an offer. If the appraisal does come in lower, you can always back out and get your money back.

When you are looking to purchase a home, you should plan time and for obstacles. Obstacles that get in the way of your purchase are bidding wars, maintenance issues, and appraisals, among many others. Knowing this can help you plan and stay calm when there are roadblocks to your home purchase.

Check out this article on how to improve your home’s durability !