You’ve found the home of your dreams, it’s under contract and you’re working toward closing day. But then something goes wrong and you soon realize that your dream may not come true.
Rather than think the worst, there are steps you can take to solve your real estate dispute and stay on track to close on your new home.
Here are the steps you should take:
- Learn more about the dispute: For example, if you run into problems with the home inspection, speak with your inspector about exactly what they’re seeing. You can then call in a professional to better understand your options. Once you have all this information, it’s easier to devise a plan.
- Let your real estate agent help: Your agent may be able to work with the other agent to resolve the dispute, thus leaving you out of the direct line of communication. Not only does this save you stress, but it’s also a step in the right direction.
- Negotiate and compromise: Depending on the dispute, you may be open to negotiating and compromising to ensure that the transaction moves forward. Just make sure you get what you want, or you may regret it in the future.
If the above doesn’t work, it’s time to take things to the next level. You can either walk away from the deal, go through mediation or opt for litigation.
Mediation is the way to go if you’ve yet to close on the home. This gives both the buyer and seller the opportunity to talk through the dispute, share their views and reach common ground.
Although you can go through mediation on your own, it’s best to do so with the assistance of an experienced real estate attorney.
You hope your closing goes as planned, but it’s possible that you’ll come face to face with a real estate dispute. It’s a challenge you don’t want to face, but it doesn’t necessarily mean you have to walk away from the deal.
When it comes to solving a real estate dispute, don’t do anything you’ll regret. Protect your legal rights to ensure that you’re happy with the end result.