You're all set to buy your first home. All of a sudden, the sale is off and your deal falls through. Our real estate agents have seen this happen and may be able to help sort things out. Knowing why sales fail is the best way to prevent issues the second time around. If you can figure out what went wrong, you can prepare for the future to ensure that it doesn't happen again.

• Can't compete with cash offers – One of the biggest problems is trying to compete with another buyer who is willing to pay cash for a property. If you only have a down payment to offer, it may put you out of the running fairly quickly.

• Your employment changes – When you apply for your mortgage, your employment history is a big factor when it comes to proving your stability. If your employment changes at any time during the buying process, your lender may withdraw their mortgage offer and refuse to lend you the money.

• You lose your income – Losing your income means that you have no way to pay for the loan, Your employment history and earning potential are closely related. If you are looking for Crookston homes for sale, both will have to be stable if you expect to get a mortgage approved by any reputable lender.

• Your old home doesn't sell – It's hard to pay for two homes at the same time. If your old home doesn't sell by the time that your first home closes, you may not have the funds you need for the down payment or the closing costs. It can be tricky trying to get both sales to coincide with one another. If your old home doesn't sell in time, you may have to give up on buying your new home.

• The appraisal isn't high enough – If your new home's appraisal isn't high enough to support the sale price, a lender won't offer you a loan. An appraisal may come in low due to repairs that need to be made or because of where the home is located. Realtors will often work with a seller to ensure that minor issues are taken care of and the property looks its best before an appraiser is called to evaluate the home.

• Home inspection issues – During a home inspection, all of the home's systems are looked at very closely. The structure of the home is also examined in great detail. Even small issues like a water leak or electrical problem can halt the sale of a home until repairs can be made. Most sellers will make minor repairs that they know will slow down the sale of their home. They may not catch everything, however.

• Paperwork isn't accurate – The contract between buyer and seller, as well as your mortgage application, must be accurate and truthful in every way. If not, the sale will be stopped until corrections are made and your mortgage has been approved. It is essential that you are always 10% truthful when filling out a mortgage or insurance application.

Don't let minor inconveniences stop you from buying your new home. Before you start looking, contact us so that we can help you get everything in order. This will ensure that the process goes smoothly, and you will be able to buy your home as quickly and efficiently as possible.