Having a home sale called off in the final stages can be disappointing for both the buyer and the seller. Having a detailed knowledge of the common deal breakers during a home sale can help buyers and sellers avoid having their deals called off. Have you had several home sale deals called off? If yes, you may want to speak to Brad MacLaren, the best realtor in Victoria BC. Brad can educate you on the common reasons your home sale may fall through.
A home sale falling through is often due to inspection failures, title-insurance surprises, lowball appraisals, and buyer financing rejections.
The most common reasons include the following:
- Buyer Financing Woes
- Low Appraisals
- Home Inspection And Plan For Title Insurance Surprises
- Signs Of Buyer’s Remorse
- A Hinging Home Sale Deal
Buyer Financing Woes
Buyer financing troubles are a common reason many home sale deals have fallen through. When striking a home sale deal, the seller must brace themselves for this setback. An excellent way to prevent this is to approach buyers with preapproved loans. This guarantees that the buyer has the funds to finalize the deal. However, the seller must also know that the loan can still be rejected during the mortgage approval process. But the chances of rejection are slim.
Low Appraisals
Another common reason for home sale deals falling through is low appraisals. The deal may fall through if the appraisal is lower than the contract price. That’s because the buyer’s lender may pull out of the loan deal due to low appraisals. If this happens, the buyer may not have the funds to finance the deal.
Home Inspection And Title Insurance Surprises
Home inspections are carried out to ensure that the house is in good condition as advertised by the seller. On the other hand, title insurance checks ensure that the property is indeed the homeowner’s to sell. Most lenders request these checks before granting loans. If there are any surprises during the home inspection and title insurance check, the lender may pull out of the deal.
Signs Of Buyer’s Remorse
Purchasing a new house can be emotional for many buyers because they’re investing a considerable amount of money in getting their dream home. It’s a long-term investment for them, as they may live in the house and the community for years. Buyers know the impact of such a massive decision, so sometimes, they may get cold feet. Sadly, the seller can only do little to eliminate buyer’s remorse. The best way to prevent this is to avoid buyers who seem hesitant or anxious about negotiating a deal.
A Hinging Home Sale Deal
Some home buyers put their current homes on sale to fund their new dream home. They can acquire the new house without financial constraints if they get a buyer. But if the buyer’s home sale falls through, the deal for a new place may also fall through. To avoid this pitfall, homeowners should target buyers who already have funds for the purchase. If the buyer has a house to sell, they must have already sold it before making the deal.
Do you wish to buy a new home with a reduced risk of the deal falling through? You should Contact Brad MacLaren, the top realtor in Victoria BC. Brad can help you find the best home deals in the city, and have those deals finalized in no time. Interested in knowing more? If so, visit our featured listings page for a selection of stunning real estate listings in and around Victoria.
