Worried about the sale of your home falling through? Make sure that you are on the lookout for these potential gaffes.
You are excited to finally sign the contract giving away your home to a seemingly honest buyer. Then, as the final stages of the escrow process arrive, the entire deal crumbles apart and back to the real estate market you go. If you want to give your home sale the best chance it has to complete the entire process and hand your keys over to the prospective buyer, here are a few things for which you should look out.
- Buyer’s Remorse
Buying a home is an incredibly stressful process. After all, the new buyer is about to invest hundreds of thousands into a new home, and they will live in that home every day and interact with that community. Sometimes, all of this can overwhelm the buyer and they back out in the last minute. There’s not much you can do, as you can’t force someone into a deal, which is why you should always choose confident buyers to lessen this chance.
- Low Appraisal
A buyer’s lender will typically only lend the amount of money at which the property is valued. So if the appraisal value is less than the agreed amount, the buyer won’t be able to secure the full loan. If this happens to you, you must be ready to negotiate a lower deal in order for the sale to continue.
- Buyer Financial Troubles
Before the housing market crash, just about anyone with a first and last name could get a loan. Thankfully for the economy, those days are over. For sellers, this means they must be ready for setbacks at any moment. Look for buyers who are preapproved, as this signals they have the funds available.
Contact Scott Ange at RE/MAX Infinity Westlake Village, California, specializing in the Conejo Valley. My team will fulfill all your real estate needs.