5 Reasons Home Sales Fall Through
Whether you are personally trying to sell your home or you are trying to buy a home, there are many reasons why the sale may fail. It is a good idea to know a few of these reasons why home sales my fail so that you are less likely to fall victim to them. A few of the reasons why home sales fall through have been listed below. Take a look at them and do your best to not let any of these scenarios happen to you.
- One reason why a home sale might fail is due to a low appraisal. Sometimes the home doesn't appraise for enough and therefore the sale will not happen. A good rule of thumb concerning this type of issue is to meet with the appraiser and do your best to point out things that have been updated or fixed throughout the house. Another thing you may want to point out to an appraiser is if you have extra expensive appliances or other amenities that will possibly boost the price up where you need it to be.
- Yet another reason that homes may fail to sell are contingencies that don't get taken care of in a timely manner. Contingencies have deadlines and if you fail to meet those deadlines chances are your home sale isn't going to take place. Make sure that everyone involved is kept abreast of what needs to happen and when and this shouldn't be a deal breaker for anyone.
- Sometimes home sales fall through simply because you ran out of money. Anyone who has ever tried to purchase a house knows that there are costs that pop up everywhere even up to the last minute of the sale. Do your best to be prepared to have more than enough money needed to close the deal to avoid this pitfall.
- One of the most unlikely of reasons that a home sale may fall through is that the buyers get cold feet so to speak. Most of the time when someone is looking to buy a house they go through with the deal and are very excited about homeownership, however there have been folks that just decide not to go through with the deal and back out at the last minute. This is called Buyers' Remorse.
- Of course things going wrong at a home inspection may put a damper on a home sale, but if you are willing to wait for things to be fixed or pay to have them fixed yourself there won't be any problem with this.
These are just a few reasons why home sales may fail whether you are selling or buying. Hopefully none of these will happen to you, but at least you are aware that these things do exist in case you ever have to deal with them.
Courtesy of Huntsville Real Estate Broker Mike Manosky.