As a Principal Broker and someone who is trained to teach real estate in Tennessee, I am in an excellent position to review a large number of real estate contracts. I doubt seriously if Buyers and in many cases, even their Agents, have a clue as to how many things can actually go wrong in the process; things that could cause that dream home to be a “money pit” or, at the very least, a source of unhappiness and disappointment for years to come.
For example, how would a new Home Buyer feel when he/she turns in a property damage claim (for roof leak, etc) two months following closing only to learn that their Homeowners Insurance was denying the claim because it was discovered that the previous Owner had pocketed the monies intended for a new roof (but failed to have it replaced).
Other considerations often times overlooked by many Buyers include… how would a Buyer feel when one week before closing a flood certification required by the Lender revealed that flood insurance would be required? They Buyer has the financial ability to still get the loan but is unhappy with the additional $50-$100/month required for flood insurance and has no ability to terminate their real estate contract because a flood zone contingency was not even considered during the offer negotiation process.
How about this scenario… a Buyer closes on their “dream home” only to learn from a neighbor down the street that they are living next door to a convicted child molester… one who spent seven years in jail for sexually violating a child similar in age to the Buyer’s own children!
Or, how about this… a Buyer just bought a house in the perfect neighborhood but learned three months after closing that a neighbor complained that the subdivisions covenants and restrictions are being violated because the Buyer’s hair salon home business is prohibited!
These and other “unpleasant discoveries” could have been avoided with an experienced Broker who was truly acting in their Buyer client’s best interest by discussing contingencies that could be included in an Offer to Purchase and subsequent Negotiations.
Contact me so that I can help you avoid many of the “problems” described in the foregoing.