It’s no secret that the traditional home sale process can be a long and arduous one. Between finding a buyer, negotiating prices, going through inspections, and more, there are many potential roadblocks that can prevent a sale from going through. Here is a look at three of the most common reasons why traditional sales fall through. If you’re currently in the market for a new home or are thinking about putting your house up for sale, it’s important to be aware of these potential problems!
Damaged Homes
One common reason why traditional home sales fall through is a damaged home. Unfortunately, many times buyers don’t have the option to have a professional home inspector check for issues with the property until after their offer has been accepted. If the inspection report comes back with serious problems, the buyer can usually back out of the sale without penalty. In some cases, the seller may be willing to make repairs to the home before going through with the sale. However, if the damage is too extensive, it’s likely that the sale will ultimately fall through. Selling to a cash buyer, however, the damage is usually not going to be a dealbreaker. Whether you’re buying or selling a home, it’s important to be aware of the potential for damage and how it can impact the sale of the property.
Poor Credit
One common reason why traditional home sales fall through is poor credit. Mortgage companies carefully review a potential borrower’s credit report in order to assess the risk of loan default. If a borrower has a history of late payments, high balances, or other negative credit items, it can be difficult to obtain financing. To make sure that the buyer you choose will not fall through on the sale because they can’t obtain financing, consider choosing a cash buyer. A cash buyer doesn’t need a credit check since there is no loan.
Cold Feet
One common reason that traditional home sales fall through is what’s colloquially known as “cold feet.” Buyers may have 2nd thoughts for any number of reasons- they may not be ready to move, they may have progressed in their career and no longer need to be in a particular location, or the house itself may have some unforeseen problems that crop up during the inspection. No matter the reason, when a buyer backs out because of cold feet it can be damaging to the seller. Relisting your home after a seller falls through often decreases the value of a home, even if the home was not at fault for the deal falling through.
Traditional home sales involve jumping through quite a few hoops. From credit checks and showings to damage issues and even negotiation hitches, nearly anything can get in the way of a sale. Be sure that you are wary of these three pitfalls when selling your home.
Looking to avoid these issues and sell your home quickly and easily? Head to Sell My Bama House Fast and get a no-obligation cash offer for your home today!