Many future homebuyers are skeptical of houses that have been taken off and put back on the market. Most of the time, there isn’t anything to be skeptical about as there can be many reasons this could happen. Here are the top FIVE reasons deals fall through:
1- Buyer Remorse: Buyer remorse is inevitable. Buying a home is a huge purchase. With any large purchase, you bet there will be some remorse. This just comes with the territory and something sellers can’t control.
2- Financing Falls Through: Sometimes, for various reasons, the buyers are not approved for a loan. Rule of thumb- Sellers should always consider this a possibility until they are sitting at the closing table signing paperwork.
3- House Didn’t Appraise as Expected: If the bank appraises the home for significantly less than the sale price, then the sale has a much greater chance to fall through if the buyer and seller can’t come to terms.
4- Buyers Can’t Sell Their Home: Buyers and their agents can’t see the future. They have no idea if and when the buyers’ home will sell. Because of this, buyers may back out of deal due to the unknown.
5- The Home was a Short Sale or Foreclosure: A short sale is exactly what you think it would be, a short sale. Many times, lenders will give a closing time that is impossible to make for the buyers.