Top Reasons Contracts Fall Through

Selling your home can be an emotional roller coaster. You may be jumping for joy one day from receiving an offer to tears the next if the buyer the backs out.  Losing a sale can be a stressful experience, so here are some tips to avoid your contract from falling through.

Buyer’s Remorse - Buyer’s remorse occurs when a buyer develops psychological backlash from choosing to make a major purchase. The first sign of this tends to be seen by the buyer beginning to pick the home apart, and scrutinizing the report from the home inspection.  To help alleviate this from happening, continue with the selling process throughout the escrow period.  An experienced real estate professional should remind the buyer of what a good value the home is, and focus on the many benefits and features that the home offers.  A substantial amount of earnest money also helps demonstrate the buyer’s commitment to the purchase of the property.

Appraisal Value-  During the real estate meltdown some appraisers took some heat, and some have begun being more conservative when it comes to determining the fair market value of a home, which at times may result in a low appraisal.  To avoid this from happening you want an experienced Realtor in your corner that can defend the price by showing comparable sales, and can work with the appraiser to justify the pricing.

Contingencies-   In today’s real estate market it is common that there is some form of conditions or contingencies in the real estate contract. In order to successfully close the transactions these must first be resolved.  A poorly written contract with contingencies that are not easily resolved is a disaster waiting to happen. Avoid this by being sure that all involved in the transaction have a clear understanding of each contingency. There should also be a clear deadline in place as to when the conditions will be resolved or removed.

Inspections- An undesirable home inspection report can quickly become a deal killer.  To avoid any surprises that may come up at the time of inspection, choose as a seller to have a pre-inspection done prior to putting your home on the market.  This provides you with time to address any issues that may be on the report. However, any item that is on this report will also need to be disclosed to a buyer no matter if it is fixed or not.

Poor Communication- When it comes to closing on a real estate transaction the biggest challenge tends to be communicating with all parties involved.  Poor communication among and missed deadlines can create problems which result in a contract falling through. An experienced Realtor should be on top of any deadlines so that they are met, and in communication with all involved to prevent the contract from falling through.

The Silva Group is experienced in transaction management, and we will be with you throughout the whole process. We will do everything in our power to prevent the contract on your property from falling through.  Want to know more about how we are different? Learn more here.

Contact us at any time with any questions or concerns you may have. Curious as to what your current home is worth? Find out here.