A home sale can derail in many different ways. Here are a few of the most common situations where it happens.
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No one wants a home sale or home purchase to fall apart, but failed deals can and do happen. A deal can fall apart in the middle of the closing process for several different reasons.
Some of the most common reasons are those related to a contract’s contingencies, like the inspection contingency. The buyer has an inspection to determine if there are any material defects in the property or other repairs that may need to be made or negotiated in order to move forward with the deal. This is also a place where an agent can bring solutions.
Financing contingencies are usually a factor, too. If it’s not a cash deal, a buyer has to be approved for a loan. If the buyer applies for credit or has to make a big purchase during closing, they might be denied by their lender because of a change in their debt-to-income ratio.
If it’s not a cash deal, financing contingencies will be a factor.
Another thing that can happen is buyer’s remorse. A buyer could be in the middle of a hotly contested property, get to the inspection contingency, then walk away. If that happens, there’s really not a lot you can do but move on and get the property back to the next buyer in line.
Finally, a transaction can always fall apart if you don’t resolve issues in time. However, an experienced agent who is working hard on your behalf and in concert with the other agent is able to see these solutions and get you to the finish line.
I hope this has helped you understand that most of the things that come up in a transaction can be handled with the right solution. We’ve seen it all so we have all the solutions. If you have any questions for us or need our assistance in buying or selling your next home, don’t hesitate to give us a call or send us a mail today.