According to the NAR (National Association of Realtors), nearly 10% of all home sales in 2020 were terminated, 76% of which had contingencies. While the risk of a delayed contract is higher than one that fails completely, there are 3 specific factors that make home sale offers less stable as the closing date approaches. The cash home buying specialists at Homeinc recommend you watch out for the following, so you don’t have to re-start the home selling process all over again.
Financing
One of the primary factors that failed home sales are attributed to is financing. Whether the buyer fails the approval process or they can’t come up with enough for a down payment, there are a number of reasons why a prospective buyer can’t get approved for financing. While there aren’t any symptoms or telltale signs of this to watch for, getting in touch with the lender to find out where they are financially in the equation is always a good idea. Remember, there’s nothing unethical about gauging or vetting the buyer. We understand that you need to be sure of the buyer before you start the process.
Home Inspections
One of the key components of real estate sales is the home inspection. In an ideal world, home inspections wouldn’t reveal any problems and would only be mere formality. Unfortunately, many home buyers will walk away from a deal when the home inspection reveals problems. Naturally, we’re talking about serious issues such as foundation or roof damage. Even if the potential buyer doesn’t walk away, they might try negotiating a lower price.
First-time or Inexperienced Home Buyers
In many cases, the first-time home buyer lacks the experience to see the buying process through while in other cases, they don’t have enough of an established credit history for lender approval. In some cases, they’re unrealistic and think they can afford more than what their budget will really allow. Additionally, there may be problems with their mortgage application due to an insufficient credit history. If you’re trying to sell your Florida home, be aware of the first-time home buyer. And if you need additional assistance in selling your home, we are here to assist you with a quick sale.
Why not sell your home to Homeinc and avoid these risks? When you work with us, we take your home selling risks out of the equation. There are no closing costs or real estate agent commissions to contend with and you can sell your home for cash quickly and effortlessly regardless of its condition. For more information about selling your home for cash, call or text us today at (888) 850-2636.
