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First, a warning: Anyone who tells you that selling a home isn’t stressful is lying to you.
Even if you manage to sell your home in a matter of hours and forgo the anxiety that comes with waiting, checking in with your agent and more waiting, it can be hard to get everything ready and say goodbye to the home you lived in and loved.
For many, receiving and accepting an offer on their home can be like a cold glass of water after crossing the desert.
If something happens, and, for whatever reason, that deal falls through, the results can be emotionally devastating.
Because this is one of the last things you want to have happened to you, take a few minutes to review the following top reasons home deals fall through.
The buyer is selling on their own
Many people believe that the internet has made it possible to sell a home without a real estate agent. Even if someone manages to sell their house on their own, that’s only half of the story. A real estate transaction involves managing inspections, bank appraisals, loan approvals, closing documents and more. Managing all of this takes experience and a mistake can end a deal quickly.
Common inspection issues
If you don’t know about all the issues in your home, it’s highly recommended that you have an inspection ahead of time and fully disclose everything. If you don’t and the buyer discovers issues that were not previously disclosed, it’s a recipe for the deal to fall apart. Some of the biggest issues are mold, pest infestation, roof damage and structural issues.
Buyers get turned down for their loan
Even in a world where pre-approval letters are required to make an offer, nothing is certain until they sign with a lender. From a seller’s perspective, there’s little you can do in these situations.
Bank appraisal is too low
To protect themselves, most lenders require an appraisal on the property they are issuing a loan for. If the appraisal is less than the sale price, the bank may refuse the loan, causing the deal to fall apart. If this happens, there are a few actions both parties can take to ensure the deal can be salvaged.
To learn more about the best tactics for selling your home, talk to a Coldwell Banker Hedges Realtor® today. They know the industry and can tell you everything you need to know about the Cedar Rapids housing market.