Buying and selling a home can be one of the most exciting times in your life, but it can also be one of the most nerve-racking and stressful times in your life as well. The thing to understand is that just because a buyer and a seller reach an agreement in the terms of their contract, that doesn’t mean that the deal is complete. In fact, it’s far from that… There is a lot that needs to happen and a lot of things that can go wrong between the date of the contract and the actual closing date. These things are ultimate, which leads to the downfall of the real estate deal.
Now, the reasons a deal falls through can be due to a number of things resulting in the fault being yours, your real estate agent, the seller, inspection issues, and many other reasons. During your home buying process, you most definitely can get excited because it’s an exciting moment, but you want to also approach the process realistically in knowing that things can change in an instant and cause the deal to fall through.
Take a look at some of the biggest reasons your home buying deal can go completely left.
Top Reasons Your Real Estate Deal Could Potentially Fall Through
Home Inspection Issues
Home inspection issues can come to a dime a dozen, and as the home buyer, it’s at your discretion to buy the home despite what shows up on that report. If you’ve ever bought a house before, then you know that the home inspection report is probably the worst part about the whole home buying process.
The thing to understand about home inspections is that they’re more than likely going to be long simply because inspectors have to report every tiny thing that’s wrong about a house; if they don’t, they’ll be the ones looking incompetent or unreliable.
What if electrical and roof issues were on the report and you decided to buy the house anyway thinking you could fix them? The next thing you know, your electric bill is through the roof. Sure you always have the option to sign up for a community solar program to lower your bills, but you need to get to the root of the issue which is fixing the roof and the electrical repairs… If you don’t, you’ll just continue to have problems. That is a repair that the seller would need to fix before selling, and if they choose not to fix it, you can continue your search, thus, causing the deal to fall through.
You Can’t Sell Your Own Home
Typically, when you’re in the market to buy a home, you’re also in the market to sell yours too. But in order for this process to go as smoothly as possible, you’ve already found a buyer for your home and you’re using that money to buy your new home… Unfortunately, things don’t always work out that way, leading to a home you’re ready to buy but don’t have a downpayment from selling your current home… This is one of the biggest reasons why house sales fall through.
Mortgage Loan Denied
Getting approved for your mortgage loan is the tell-all in your home buying process. You may have found the home of your dreams and have your heart set on moving in it, but then it comes back that your application for a mortgage loan was denied. This can be heartbreaking not only to the buyer but to the seller too because that means that both parties are back on the drawing board.
It’s going to be a little easier for the seller to bounce back because all they have to do is keep showing their home to interested potential buyers. But the buyer who was denied now needs to find out why they were denied and determine what they can do to fix it. And it could be a number of things… It just all depends on what the lender deems as a trustworthy borrower.
Buyer’s remorse is a feeling of guilt after making a major purchase, such as a car or a house. This can be quite devastating to the seller, especially if the buyer decides to pull out of the deal a week or so before the closing date. Maybe the buyer just couldn’t face the fact of leaving the home she grew up in or simply decided that their money needed to go to more important things… This is not an uncommon instance in real estate but it’s indeed painful for both parties.
There are many reasons deals fall through in real estate but you have to be prepared to take the good with the bad here. Consult with an experienced real estate agent to help you avoid the troublesome mishaps of buying a home.