There’s no guarantee, nor any way to estimate when your home will sell. We’ll go over what you can do if your buyer falls through. It’s always a disappointment when you believe you’ve sold your home, only to find out it’s not happening. While it doesn’t happen often, it’s wise to be aware as you enter the real estate market, of the many reasons a buyer falls through and what you can do to avoid it.
Buyer’s remorse is a huge letdown. Sadly, there’s nothing you can do to save the deal for this reason. If you’re selling your house for urgent reasoning, the stress of the sale going down the drain can be overwhelming. Not only is it time-consuming, but it’s also expensive when you’re forced to make last-minute arrangements due to your buyer backing out. At the same time, if you want to maintain the arrangements you’ve made for moving, you’ll need to act swiftly if your buyer falls through.
While there may be serious buyers who haven’t been pre-approved for a mortgage loan, sorting them out can be time-consuming, intensely trying to one’s patience, and quite costly. One thing you can do to avoid the issue of qualifying for the mortgage is to only work with pre-approved buyers to increase your chances of a successful deal. This means the lender is ready to work with them, having verified their credit and ability to afford the down payment and all of the costs associated with the transaction. This will limit the number of buyers passing through your door, but it’s for the better.
It’s advisable to have an independent inspection done by a professional when you’ve decided it’s time to sell your house. When you’ve found a buyer using conventional financing, you can be certain there will be an inspection. Depending on the age and condition of your home, failing the inspection is a deal-breaker. Be aware that you’ll need to invest in the property in time, money, and all of the commotion repairs bring.