Hi Pinnacle, Your HomeActions News for Monday, July 23, 2018
Is this email not displaying correctly?
View it in your browser .
Pinnacle Residential Properties
Pinnacle Residential Properties
(781) 237-5000
info@pinnaclehouses.com
555 Washington St.
Wellesley, MA 02482
Friend Me on Facebook Follow Me on Twitter
Our Website
Featured Listings
Our Agents
Property Search
Pinnacle Mobile App
What is my Home worth
Share Save

5 Common Reasons Home Sales Fall Through

 

You've got your buyer, you've entered into a contract and you're well on your way to selling your home. Then, all of a sudden, things take a turn. The momentum is broken and it all begins to unravel. Before you know it, the deal is off and you're back at square one. Why does this happen?

Here are five common reasons:

Financial qualifications
Lenders no longer give out loans freely like they did before the housing crisis. Oftentimes, buyers who are prequalified or preapproved later find out that they aren't qualified to obtain the loan they need to fulfill the contract. Remember that even a preapproval letter is only a statement of intent and anticipation, not an actual loan.

Closing costs and fees
Buyers may become so enamored with your home and focused on general financing that they will underestimate the miscellaneous costs associated with actually closing on it, such as inspections, appraisals, commissions and seller's fees. Even a single unexpected fee of a few hundred dollars can be enough to tear the seams of a deal. Be sure that all costs and fees are clearly outlined early in the transaction.

Low appraisal
If there is an appraisal contingency and the subsequent appraisal comes in significantly lower than the sales price, this can be a major roadblock. Low appraisals are lethal to real estate deals, as neither party likes to budge in this type of situation. Even if you are willing to lower your sales price, it may no longer be a smart deal for you at that point.

Disclosures
A home inspection can uncover notable flaws that the seller either did not know of or purposely withheld from the buyer. In either case, undisclosed items can plant a seed of distrust in a buyer's mind. Always be sure that you've done your part to inspect and repair any possible issues. Never try to hide anything; it's simply not worth it to invest your time in a deal knowing that an undisclosed issue could become a sticking point in the end.

Personal circumstances
Let's face it: life happens. We all change jobs, go through financial downswings and deal with new challenges each day. Your buyer may decide to relocate to a new state or get laid off. Any one of a thousand things could happen at any given moment. You can't protect yourself from unforeseen circumstances, but you can have a better chance of predicting them by communicating and building a personal relationship with the buyer.

These are just a few of the common reasons deals fall through. Contact me today and I'll be happy to offer my advice for selling your home and avoiding potential deal-breakers.
 

 
Share Save

Your Comments

Saved Articles
Comments and Feedback
Refer A Friend
Your Privacy
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
Powered by
Copyright © HomeActions, LLC All rights reserved.

This email was sent to: info@pinnaclehouses.com

Mailing address: Pinnacle Residential Properties, 555 Washington St., Wellesley, MA 02482