Sometimes, house sales fall through. What gives?
Well, a couple of different reasons. It’s actually not very uncommon for a pending house to go back on the real estate listing in Lakeland, FL, but in some cases, it’s completely avoidable.
Here are some common reasons why your house could go back on the market and how to fix them.
1. Loans Falling Through
Most people don’t have the money on hand to buy a property, so they’ll most likely need to apply for a loan to finance their purchase. However, not everyone can access these loans. So, if the buyer has standing debt in place, their loans could be denied.
The only way to avoid this situation would be to talk openly with the buyer about their means of financing. You could also run a credit check on them to see if their finances are good enough for a loan.
2. Buyer’s Remorse
Sometimes, a buyer could show real interest in buying the property, start the process, and then get cold feet and pull out. Most contracts give them the option of backing out in two or three weeks anyway, without losing the deposit.
An experienced real estate agent in Lakeland Florida can usually see the signs of buyers remorse and warn you. Even so, you could keep an open communication line with the buyer at this time. In some cases, buyers just get scared, but if you’re willing to talk to them and answer their questions, it might be all it takes to complete the sale.
3. The Purchase Depends on Another Sale
Sometimes, people finance their new home by selling their previous properties, which means your sale directly depends on them completing this task. However, as you can probably tell, that’s not all too reassuring.
Just like your sale can fall through, so can the one meant to finance the new purchase. Given that, you should ask the potential buyer how they will finance their new home, and if it is contingent on another sale, ask if they have a back-up plan in place.
4. Home Inspections
After you shake hands and begin the selling process, the buyer has the legal right to bring in a professional for a home inspection. At this time, if the inspector sees any issues with the property (leaky pipes, mold, and other such things), buyers can panic and pull away.
It’s why you should resolve any issues with the property before putting it up for sale.
Back to You
If your property goes back on sale, there’s no reason to panic. It just means you have to start over the process. While it may be frustrating, a good real estate agent in Lakeland Florida can help.
Contact RE/MAX Experts and we’ll make sure the sell won’t fall through!