The process of buying or selling a home can be a roller coaster ride of emotions. Even when you think a contract is signed and you’re on the path to owning a new home or selling an old one, problems arise which can cause the entire deal to fall through. What Can Go Wrong During A Real Estate Sale? Here are just a few:
The Buyer Backs Out
Sellers, do you think you’re in the clear now that you’ve found a buyer and agreed upon the offer? Wrong! In many real estate transactions, the buyer decides to back out and the sale falls through, much to the seller’s dismay. One of the main reasons this occurs is financial. Often, buyers have every intention to move forward with the sale, but the source of financing falls through, and they are forced to back out because they can’t pay. Financing can fall through because the buyer can’t get the full loan amount or is unable to pay the initial deposit. Either way, the seller must move on and find a new buyer to work with.
If a home is in need of minor repairs, the buyer can request in the contract that the seller complete the repairs before closing. Even if the seller agrees to do so, often times, they fail to complete what was agreed upon, and the buyer backs out of the sale. Sellers may be hesitant to invest more money into a home that they’re getting rid of, or might not want to spend time working on repairs. Regardless, if the conditions were agreed upon in the contract and not fulfilled, the sale will not go through and both parties have to go back to square one.
The Seller Backs Out
Even if the seller of a home has accepted the buyer’s offer, that doesn’t mean that the sale is a sure thing. Many sellers end up backing out of contracts for a variety of reasons. Sellers can change their mind about selling their home altogether, come to a realization that the accepted offer is too low, or decide they don’t agree to the terms of the contract, such as the move-out date. All of these issues can be incredibly frustrating as they are completely out of the buyer’s control, but a skilled real estate agent should step in and try to figure out a solution to help the deal move forward.
The Home Fails Inspection
The majority of buyers wisely choose to have a home inspected right before the closing. In fact, almost every lender requires that the home is professionally inspected before issuing a loan. However, these inspections may uncover damage or other serious issues within the home that could delay or cancel the closing. Common issues that are not found until the final home inspection could include mold, water damage to the home’s structure, leaky roof, or plumbing problems. To repair any of these issues would require a lot of both time and money, so buyers will most likely not want to proceed with the sale. Plus, if a buyer is attempting to secure a loan, the lender may not allow them to go forward if these problems arise.
Navigate through the home buying and selling process with ease when you work with one of our team members. Contact Coast 2 Coast Realty today to get started!