Selling a home can be a daunting task. But with a professional, experienced real estate agent on your side, the process can be smoother and easier.
But real estate agents aren’t perfect, and often deals they line up fall through at the last minute. In short, home sellers need to understand this and other relevant risks before hiring real estate agents.
Throughout the sections below, we discuss the problems that often cause realtor-assisted sales to fall through at the last minute.
Buyer Fails To Secure A Mortgage
For a lot of home sellers, an agent-assisted sale is the best way to go. But even if you have an experienced real estate agent on your team, they can’t ensure the buyer you’ve got lined up gets approved for a mortgage.
Banks and other lenders deny mortgage applications for the following reasons:
- The buyer failed to meet the bank’s requirements.
- The buyer’s income is not enough to meet debt repayment obligations.
This is why all parties involved in a home sale need to understand the criteria for mortgage approval. With this info, parties can ensure all necessary steps are taken before attempting to close.
Buyer Backs Out After The Inspection
Home buyers are usually eager to make a purchase. But the excitement can quickly turn into disappointment if a home inspection reveals issues that buyers weren’t aware of before.
Unfortunately, the buyer backing out after the inspection is the main reason many home sales fall through. To avoid this, both the buyer and the seller need to be aware of the issues an inspection can turn up, and they need to have a plan for resolving these issues.
If the buyer isn’t blind-sided by bad news after the inspection is complete, chances are the deal won’t fall through. And as a seller, you need to be transparent from the get-go.
Often, buyers get cold feet while the closing process is underway, and they back out without just cause. Cold feet can be caused by a range of factors, like emotions, financial issues, unexpected problems with the property, or changes in personal circumstances.
Buyers to research homes thoroughly and take into account all possible costs associated with purchasing before making any decisions.
Negotiations Go Nowhere
Negotiations are a crucial part of the process. This is when the buyer and seller go back and forth with offers and counteroffers in the hopes that a deal can be struck.
Unfortunately, negotiations can fall apart for a variety of reasons, and when they do it’s likely the buyer and seller will disengage for good.
Several factors can lead to this, like lack of knowledge on either side or miscommunication between parties.
If you’re aware of the issues that could arise during negotiations, you can work with the other party to come up with a mutually beneficial solution and avoid the hassles associated with a sale falling through at the last minute.
Home sales can be quite complicated, and title complications can make an already long and grueling process even worse. If a buyer runs a title check on your property and it turns up a bunch of issues, chances are the buyer will back out right then.
To avoid this, the seller must get all legal documents in order and make sure their title is clean.
In the end, selling a house with a real estate agent is not always the best option. If you don’t want to invest in repairs, staging, or marketing, then avoid the real estate agents altogether and choose to sell your house as is to the most popular cash home buyer in Camden County.