Real Estate :These glitches can be deal-breakers for home buyers
Real Estate : These glitches can be deal-breakers for home buyers
Sunday, August 12, 2012 Last updated: Sunday August 12, 2012, 10:47 AM
BY MARY ANN D’URSO
SPECIAL TO THE RECORD
When asked if he feels a little like the “Man of La Mancha,” Ryan McGonigle almost sang as he laughed and replies, “Not yet.” Searching since 2010 for a house he can call home, McGonigle has had several quests become impossible deals.
“Ultimately, for one reason or another [they] just died on the vine,” McGonigle says. “Some were quick and merciless; others lingered for a few months while both sides kind of weighed their options.”
Buyers, sellers and agents agree that in today’s market, all sides need to be wary of the most common deal breakers: environmental concerns, the need for major repairs and conservative appraisals that can jeopardize a mortgage loan.
Underground oil tanks broke two of McGonigle’s house deals. Real estate lawyers, inspectors and agents say that tanks — even when drained and filled with virgin sand and soils, then certified by a lab — are common deal breakers.
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