Tuesday, March 22, 2016 / by Jason Huerkamp
Here are some of the reasons a house sale can fall through
The Home Inspection
Sometimes a home inspection can literally scare a buyer off. The buyer for your home orders a home inspection. The home inspector needs to find all the "problem" areas associated with the house and compiles a report detailing each item. At first glance, a buyer will be very afraid by the number of items needing repair, however, a good buyers agent will be able to look through the list with the buyer and the home inspector and allay many of those fears. Of course the Selling agent may be able to negotiate some repairs and/or a price adjustment and the sale can go ahead comfortably.
If however, the buyer decides not to proceed with the sale, then you the seller may need to consider the repairs and get them done in order to get your home sold.
The House Appraisal
When the home is under appraisal and the valuator comes back with a lower than expected figure, the Selling Agent may be able to peruse the appraisal, pull the comps for the home sales in the area and feed the information back to the buyer's agent and valuator in support of the selling price. Sometimes this can save the sale, if not, it may be time to look at how best to proceed and sometimes it may mean a price adjustment.
A good buyer / selling agent will insist that a buyer be pre-qualified for a mortgage before they will even allow a buyer into your home. That way most buyer finance issues can be avoided. Generally a lender and the buyer's agent will warn the buyer not to do anything to blot their credit prior to closing on the sale however some may run up some debt or miss a payment on something which can cause havoc at the last minute before closing. If its not something that can be remedied easily, get the house back onto the market as quickly as possible and get it sold again.
Before a buyer goes ahead with the purchase of a home he will ask an attorney to check the Title to the house and be sure that there is not some blemish that will cause him financial loss on the property. If there is a claim on the Title of the property, this can often be remedied and the sale can continue. If it is not something that can be sorted straight away, you the seller may have to take some time to sort the issues and then we can get the house back on the market as quickly as possible.
Sometimes the buyer literally gets cold feet about the purchase. It is not that there is a problem with your home, it is just his personal situation. The buyer's agent before hand may have warned the buyer that he could feel nervous and that it is perfectly normal, sometimes the buyer will recognize that and move forward with the sale, sometimes it's just not to be.
Whatever the reason for the sale falling through on your house, the best thing you can do is get the house prepared and re-launched onto the market as quickly as possible and get it sold. It is a good idea to adjust the price, even a few hundred dollars, get the house staged properly and add some new photos and finishing touches to present it perfectly and the agent can get the marketing renewed and revived.
A good Selling Agent will have the situation under control and the house presented perfectly. Lean on your agent, it can be a situation they have had to deal with before and they will have the expertise to allay your fears and get the property sold as quickly as possible.
When it comes to buying or selling a home, the Huerkamp Team have the experience and the know how. We want to sell your home for you. Partner with us today to get your home sold.