The sale of a home can fall through for a number of reasons, including financial difficulties, buyer’s remorse and inspection problems. By being aware of these common pitfalls and working with an experienced attorney, you can help ensure that the transaction goes smoothly.
Financial difficulties
Buyer financial woes ranks high on the list of reasons the sale of a home can fall through. Sellers can prepare for and avoid this setback by seeking to work with buyers who have been preapproved for a loan. Buyers who have been preapproved will find it easier to get a loan compared to those who have not had an initial credit screening. In addition, you should touch base with agents during the approvals process to make sure that the loan is moving along. By doing this, you can learn about financial difficulties prior to settlement.
Buyer’s remorse
It is not uncommon for the home purchase process to become emotional for buyers. Buying a home is one of the most important investments and arguably the most expensive financial decision for the majority of people. Not only does this decision involve a significant amount of money, it also involves a commitment to a particular home and community for many years to come. In some cases, individuals develop buyer’s remorse or cold feet. Sellers can try to limit the risk of this problem by vetting buyers prior to signing the contract, and choosing, when possible, to work with more committed buyers, rather than those who seem anxious about the transaction.
Inspection problems
Another reason home sales fall through are if there are significant problems, for example serious physical faults, discovered during the buyer’s home inspection. If the buyer’s inspection reveals problems, yet both the seller and buyer remain committed to the sale, they may decide to reach a compromise, as based on the specific issues discovered and their impact on the property’s value. Still, it is best for sellers to know about any physical defects prior to putting the home on the market. Having an inspection done allows you to be aware of problems that might interfere with a closing.
If you are considering buying or selling a home, it is important that you work with an experienced Pennsylvania real estate attorney to ensure that the transaction goes through. The skilled team of real estate attorneys at Wolf, Baldwin & Associates can offer you knowledgeable advice and guidance during each stage of your transaction.