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Top Two Reasons a Sale Falls Apart

The home buying and selling process is not easy. The seller has to stage the home, have pictures taken of the house, have open houses for people to see the home, and then negotiate the final deal. The buyer has to save money for a home, go through the loan process, find a house, and bid for it. Because of the time and effort that goes into both selling and buying a home, having one fall through at the end is hard. Here are the top two reasons a sale falls apart:

  1. Remorse. This is the most common reason a sale ends. It is due to either the buyer or the seller backing out of the deal. The buyer typically will back out if he or she has second thoughts about the home. This may be due to uneasiness with the price, closing costs, monthly payments, or actual home. The seller will typically back out if he or she is not pleased with the final amount they will receive for the home or if the closing costs are higher than anticipated. If it is the buyer who backs out, the seller can attempt to save the sale by coming up with a counteroffer. Similarly, if the seller backs out, the buyer can present a counteroffer, renegotiating some of the terms.
  2. A bank rejection. Sellers and realtors prefer working with buyers who have gone through the pre-qualification process for a loan in order to prevent a bank rejection. If a bank rejection does occur, the homebuyer needs to check their credit report. If there is an error, the problem can be fixed fairly easily. When a buyer is rejected, one way to continue through with the sale is to have the buyer provide a larger down payment. This will decrease the amount on the mortgage, helping the lender feel more comfortable working with the buyer.

A home falling through at the very end is not an event that frequently occurs. However, if it does occur, there are ways to attempt to save it. By knowing the top two reasons for a sale to fall apart, you will be more prepared if you find yourself in this predicament.

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