Selling Your House in Greenville? What To Do If Your Buyer Falls Through

couple shrugging their shoulders after a home buyer falls through when purchasing their property

When you’re selling your house in Greenville, there’s no guarantee, and no way, you can estimate when your home will sell. We’ll review what you can do if your buyer falls through. Getting to the closing table is a big deal because it means you can get the deal done and move on with your life. While it doesn’t happen often, it’s wise to make yourself aware, as you enter the Greenville NC real estate market, of the many reasons a buyer falls through and what, if anything you can do to avoid it. 

Backing Out

Remember the last time you called the toll free number to purchase something that you saw on TV and decided to send it back? Buyers remorse is a real thing and unfortunately there’s nothing you can do to save the deal when a buyer hits that point. If you’re selling your house in Greenville due to an urgent reason or you need to relocate because of a job or family matter, the stress of the sale grinding to a halt can be overwhelming. It’s also time-consuming and expensive when you’re suddenly forced to make last-minute arrangements due to your buyer’s vanishing act. At the same time, if you want to maintain the arrangements you’ve made for moving, you’ll need to act swiftly if your buyer falls through

Unqualified

While there may be serious buyers who haven’t been pre-approved for a mortgage loan, sorting them out can be time-consuming, intensely trying to one’s patience, and quite costly. One thing you can do to avoid wasting your time with “tire kickers” or people who wouldn’t be able to get a loan for the house is to only work with buyers that are pre-approved for the loan. This skyrockets your chances of selling your Greenville NC house. Look at it this when. When you work with a pre-approved buyer, the bank has already verified their credit and ability to afford the down payment and all of the costs associated with the transaction, which means that they’re ready to work with them. Keep in mind that this will limit the number of buyers who pass through your the door when you are selling your house in Greenville,  but it is in your best interest to focus on these buyers. Another way you can close the deal is by seller financing to them, but that requires that you own the house free and clear.

Inspection

It’s advisable to have an independent inspection done by a professional when you’ve decided it’s time to sell your Greenville house. We’re not talking about the inspector that comes through when the buyer is working on getting a loan. Fork out the additional $500 to have an inspector walk through and give you a punch list of all of the things you’ll need to consider fixing/updating before you find a buyer. You can be certain that the buyer’s lender is going to do their job and get an appropriate inspection done prior to closing, so this can only help you. Depending on the age and condition of your home, failing the inspection is a deal-breaker. Be aware whether you hire professionals or are capable of doing the work yourself, you’ll need to invest even more in the property in time, money and all of the headaches repairs bring.

Low Appraisal

You’ll need to consider investing in updates to the house or repairing the out of date or inoperational home systems and structural issues, in order to beat out the competition. If the house you’re selling in Greenville fails to appraise for high enough to meet the desired loan to value (LTV) ratio of the bank, the loan will be denied. This can mean that another buyer falls through the cracks and they’ll move on to another house. By having the home appraised by a professional beforehand, you’ll have a more realistic picture of what you’ll be able to sell for.

Selling your house in Greenville can become a roller coaster. Things can keep popping up that you feel deserve all of your attention. Why would you want to continue losing time waiting for a closing that won’t ever happen, especially while you’re pouring more money into maintaining your property? Every time a buyer falls through, you may as well image throwing your money out of the window into a bonfire. If you are finding yourself facing time restrictions, don’t want to invest even more into your property, or you want to simplify the process of selling your Greenville house, one thing you can do is to consider a direct sale as your exit strategy.

Wanting to avoid such an awful experience and all of the emotional turmoil that’s attached is understandable. Want to know the best way to avoid your sale falling through? Sell directly to Pitt Home Buyers. Send us a message if you have any questions or call (252) 618-0963 today!

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