Buying a home? Click here to perform a full home search
Real estate deals can fall apart for many different reasons. Here are a few of the most common:
1. The deal falls apart pre-contract. If a buyer likes a home a lot but lowballs their first offer, a lot of sellers will decide right then and there that they won’t accept the offer. However, keep in mind that a real estate professional should be able to guide you in making a fair offer.
2. The deal falls apart post-contract. The offer has been accepted at this point, but then maybe the buyer decides they don’t want to buy it anymore. It could be because of something found in the home inspection that you can’t come to an agreement on.
3. Contingencies get in the way. Maybe the buyer is dead-set on selling their current home before buying the new home. A contingent offer isn’t always acceptable to sellers, because a lot of the time, it’s out of our control. If the buyer does have a good chance of closing on their home, you can feel better about it.
4. The buyer is denied financing. This is another automatic deal-killer. Maybe the buyer loses their job, has health issues, or made a large purchase before the loan was finalized. This could all lead to them not being able to get the financing they need.
5. The final inspection. I’ve seen this happen plenty of times before. A buyer will come in to look at a home on the final day before closing and find out that certain repairs were not completed properly or there is a structural issue that is uncovered.
These are just some of the reasons a deal may fall apart. If you have any questions for me about buying or selling a home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon. www.KevinSmithSells.com