Buying or selling a home is an all-around stressful time, particularly when things go wrong or the sale falls through. You may understand the possibilities of the sale falling through, but when it happens to you it can be a heartbreaking shock. Below are a few common reasons sales fall apart:
The buyer gets ‘cold feet’ – Whether it is fear of commitment or flaws found in the house, buyer’s remorse happens quite often. Sometimes backing out of a sale is the correct call, but all too often buyers back out due to the overall stress of the process. To prevent yourself from getting in this situation as a buyer, be practical about your budget and needs. Don’t fall for a home that doesn’t feel right or has several red flags. See my blog on staying in budget Here {make hyperlink}
Mortgage loans fall apart – Last minute heartbreak happens all the time due to finances not coming through. Manage your overall finances, keep your budget in check, and maintain good credit. Be careful during the loan process, and make sure to get Pre-Approved (not just prequalified) for a loan to avoid your house sale falling apart. Don’t know the difference? Listen here {insert link to my radio segment on this}. Most important of all, pick a lender you can trust. Don’t go with the lowest rate. Most complaints and horror stories you hear come from the person that chose the lowest bidder. It just makes sense. You get what you pay for in everything in life. This is no different. Get your fix for finding the cheapest price on something you can find on Amazon, not on the biggest purchase you’re going to make in your life. Would you get heart surgery from the cheapest surgeon in town? Read my article on how to shop for best rate here {insert link here}
Failed home inspection – Sales can fail due to major issues like plumbing and electrical issues, roofing problems or faulty heating systems found in the home inspection. Repairs can be agreed on in the contract, but sometimes major repairs can put a halt to the sale altogether.
Previous home doesn’t sell – Unless the buyers are first-time home buyers, odds are they have to sell their previous home. A sale can be stopped because the previous home doesn’t sell, and sometimes this complication is unforeseen and unexpected. If their previous home’s sale falls through, a domino effect can happen and the buying process of their new home can also fall through.
When buying or selling your home, work closely with a professional real estate agent. They can walk you through each step of the process, and see you to the finish line of the home sale.
All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation
