Why Do Some Home Sales Fall Through?
“I want to sell my house, but I’m afraid that the sale will fall through multiple times”
This is a common fear among many homesellers. After all, with how many horror stories there are of home sales falling through at the very last minute, it’s only natural to feel afraid. But, before you scare yourself into NOT selling your house, it’s important to understand first why some home sales fall through and why some are successful.
Below, we rounded up some of the most common mistakes home sellers make that lead to problems down the line and cause a home sale to fall through.
1. Financial woes
This is mostly a problem on the side of the buyers.
Given the current state of the real estate market, it’s not that easy to get a housing loan. Even if you have good credit, have a well-paying job, and put up a sizable amount of down payment for the property, getting a loan is never guaranteed.
If the buyer is taking out a loan to buy your property, always make sure to follow up on the status every now and then. The same goes if the home purchase depends on the sale of the prospective buyer’s home closing first as well.
If possible, prioritize working with pre-approved buyers. This way, the deal goes much more smoothly and the chances of the deal falling through is minimal.
2. Home inspection surprises
A buyer can (and most do) cancel a deal last-minute following the findings of a final home inspection.
Legally, in most states, home sellers are required to state any and all problems regarding the house that they have fixed before or were not able to fix. This way, prospective buyers know exactly what they are getting into.
Unfortunately, a home inspection can sometimes make or break a deal.
One way to prevent this is to make sure that everything is settled early on your end, get your house inspected, and price it accordingly to what needs to be fixed (or doesn’t need fixing) prior to listing.
3. Buyer’s Remorse
There’s really nothing you can do about this. Sometimes, home buyers just back out for personal reasons.
This is why, until the dotted line has been signed, your home sale is not a done deal yet.
If you don’t want to deal with the trouble of a failed home sale, you can always contact a cash buyer and sell your house to them.
Reputable “we buy houses NJ” companies pride themselves in hassle-free and stress-free transactions. They don’t even ask you to repair or renovate your house. The most they’ll ask for is to do a home inspection, on their own money.
So, what are you waiting for? Contact a cash buyer today and ask for an offer.
Remember, there is no obligation to accept the cash buyer’s offer. So, basically, the only thing that you’ll be “wasting” is your time and that of the cash buyer. This is time well-spent when you consider that you could very well end up closing the deal with the cash buyer in a few day’s time if you think that the offer that you received from them is