Top 6 Reasons Why Pending Home Sales Fall Through

Top 6 Reasons Why Pending Home Sales Fall ThroughSegment 1Top 6 Reasons Why Pending Home Sales Fall Through!Barb, I know that not every contract sale goes through, what are the top reasons why Pending Sales Fail?The good news is that it does not happen very often.When it does typically it happens early in the process.But the issue is the seller’s agent then often finds they have to explain to subsequent buyers why the deal fell out.#1 – Buyer’s Remorsea. Caught up in a multiple bidb. Happens during buyer due diligence phasea. After reconsidering thought they paid too muchb. Waived a contingency they did not want to waive#2 – Home Inspectionsa. Buyers home inspection reveals too many issues for buyersa. This is why getting a pre inspection is helpful for Home Sellersb. Typically will offer to fix or offer a financial credit, or use a home warrantyc. Most of the issues can be resolvedd. It is another point after the initial contract negotiation#3 – Low Appraisalsa. Appraisers job is to assign a value for the lender and substantiate it meets loan guidelinesa. Window Well storyb. Solutions:a. Seller drop priceb. Buyer come up with diff in cashc. Most offer is a negotiation in betweenRichard….c. You are listening to the Real Estate Voice with myself Barb Schlinker of Your Home Sold Guaranteed Realty, you can reach me at 719 301 3900 d. We are talking about Why Pending Sales Fall Through…Barb how often do home buyers get their loans denied??#4 – Buyer Financing Gets Denied by Lender* How Does this happen if they already had a pre-approval?* Counts for 1/3 of all contract failures* Pre Approval vs Pre Qualificationo Pre-Approval* Lender has verified documentation that the buyer can get loan approved.o Pre-Qualification* Lender has pulled credit and gives pre qual based on what buyer saysa. Fails over Income not being acceptedb. Fails over job not localc. Fail over undisclosed tax debtd. Fail over undisclosed child support obligationse. Fail over job loss during processLender did not vet: Need a great lender that can really properly vet the buyera) Fail for other reasons…job loss, medical, fear of commitment#5 – Buyer Purchases Things on Credit to Cause Loan to Get Denieda. Closer to closing go buy a carb. Go to AFW, buying furniturec. Go buy a refrigerator on Credit#6 – Contract was contingent on the Buyer Selling Their Homea. These can be very tricky but we have ways to negotiate these for a win wina. Eg: Give seller a kick out clauseb. Inform Seller about ability of Buyer to Sell Their Homec. 937K Storyb. Right of Refusal explainedWe have Solutions for Home Buyers with a House to Sell!* Its NOT an ‘investor offer’ on their current home* Lender that can qualify you for both!* Call is at 719 301 3900 or* www.BarbHasTheBuyers.coma. Sellers want a sure closingb. If they have to wait for another home to sell it puts the potential closing at riskc. Some are ok, House under Contract, past inspection and appraisal not in doubtd. House not even on the market, more risk to sellera. Recently got an offer on one of my listings where buyer was selling a House North Denverb. According to Zillow it was overpriced by at least $80,000c. Seller would not take that offerd. But we were able to leverage that high offer against another one a get top dollar for the seller.f. You are listening to the Real Estate Voice with Barb Schlinker of Your Home Sold Guaranteed Realty, if you are thinking of making a move Barb at 719 301 3900 or visit BarbHasTheBuyers.com g. When we come back…. we will be discussing: Should a Home Seller be Worried About Buyers with Low Down Payment Financing?