Why do some home purchases fall through?
So you are considering listing your home for sale this summer and wondering what could go wrong. Buying and selling real estate can be complicated. Many factors go into a successful sale. Today we will look at possible things that can go wrong once your home is under contract. As always, feel free to download the full report at the end of this article.
Yes, it is true; some home sales don't close. One of the worst calls an agent makes is informing a seller that a deal is falling apart. The positive news is about 91% of deals make it to the closing table. Those are good odds.
Common Reasons Deals Fail
- Inspection Results - This is the most common reason deals fall apart. Inspections are to protect the buyer, and the results do not pass or fail. The results have to be satisfactory to the buyer. Satisfactory to one buyer might be an absolute not for another buyer. As a seller, be prepared to remedy some of the items found in the home inspection. This is the best way to keep a deal alive.
- Appraisal Issues - The appraiser might determine the value of your home is lower than the contract price. When this happens, a seller has two choices. Go back on the market or renegotiate the price of the contract.
- Buyer Financing Falls Through - The buyer occasionally gets turned down for their loan. This one hurts when it happens because, most times, it occurs late in the process. Loan officers do their best to pre-approve buyers, but the underwriter ultimately has the final say.
If you are ready to sell, we are the Highland County Real Estate Agents you can trust to help you choose the right offer.