By anticipating potential issues that could cause your deal to disintegrate. We’ll go over 5 of the reasons home sales fall through in Greenville and what you can do about it.
Financing
Traditional financing has specific qualifiers in order for borrowers to qualify for the mortgage loan.
Any change in these factors can be a reason your home sale falls through in Greenville.
Your buyer could have unexpected life changes or a change in their credit score or debt ratio since being prequalified.
One thing you can do about it is to only work with preapproved or cash only buyers.
Remember when working with cash only buyers they’ll be expecting to pay less for your home due to the advantages that closing a deal in cash brings.
Forewarned
Get your own title report, this is legal proof that you are the rightful owner of the home with clear title.
Having it on hand can avoid delays and allow a buyer to feel secure in the transaction they’re entering into with you.
Failing a professional inspection is another reason your home sale could fall through in Greenville.
By being prepared in advance, you can have any serious repairs done.
If you don’t want to make any more investment into the property, you can be upfront with your buyers, in order to avoid any surprises that scare the buyer away, wasting precious time on the market.
To avoid being insulted, be of mind that buyers will request a credit off of the purchase price for each issue, so you will want to be ready beforehand with knowledge of the costs of each repair.
Appraisals
Appraisals can be one of the reasons home sales fall through in Greenville.
There are multiple types of appraisers that may be used, depending on the type of loan that’s being applied for.
With VA loans, there will always be a VA certified appraiser.
If the loan is through the FHA program, the appraiser will be FHA certified, this appraisal will be valid for your home for a period of 6 months.
And finally, conventional loans will use a conventional appraiser.
Buyers rarely pay more than the appraisal, though you do have the right to dispute the appraised value.
The bottom line is that no lender is going to loan more than the ratio guidelines provided by their policy on if your appraisal comes in lower than the sales price.
Emotions
Buyers in Greenville may often back out on purchases because they get cold feet, or for other reasons…
While you may try to entice them with incentives to move on, they might still head to the door and not look back…
When you meet with a buyer, confidence and enthusiasm are qualities they must be exuding.
If they aren’t, trust your gut instinct, and move on to a buyer giving off a secure disposition.
Contingencies
Don’t let the sale of your buyers current property be a contingency for selling yours.
This can get messy and cause a lot of delays.
This could be a reason for your home sales to fall through in Greenville, but it can be avoided.
What you can do about it is to limit your dealings to buyers who have already sold their home, or in some other way have proven to you that they are ready now for serious negotiations.
It’s also wise to remove anything that’s not available as a deal sweetener, to avoid a buyer becoming attached.
Wouldn’t it be great to just forget about all the other possibilities of your long-awaited deal falling through?
Just send our team a message or call (252) 227-0274 today and sell your house directly to Pitt Home Buyers!