What To Do When A Sale Falls Through
Don't Panic - I know that sinking feeling and total panic you feel, but lets take a look at what things we can do to get back on track and get the house sold again or the sale revitalized.The first thing you need to do is look at the reason for the sale falling through. Here are a few of the top reasons and how best they can be handled.
Title Insurance Blemishes - If the title is clouded, this can sometimes be a simple solution to remedy. Your Real Estate Agent will likely get the details from the closing attorney and see what he or she can do to remedy that situation and get the sale back on track. At the time of purchasing the home its a good idea to find out if there are any issues with the Title. At the end of the day, provided there is not a large some of money or a bigger issue surrounding the Title, this normally can be remedied fairly quickly and easily and the sale can continue
Home Inspection - Many times the home inspection report looks daunting. Don't despair. This is sometimes more easily sorted out than seems possible at first. The Home Inspectors job is to find anything and everything wrong with your property and in order to avoid possible litigation they need to add any issues to the report. Once you have looked over the report, repair the problem areas correctly and get the house back onto the market as soon as possible. Be guided by your real estate agent - she has had much experience with this type of issue. Often the buyer will request a repair list or price reduction and go ahead with the sale anyway.
Lower Appraisals - To avoid this happening, your real estate agent should be at the appraisal appointment if he/she can and point out homes that have recently sold in the area in similar price ranges. If she/he can give them a copy of the recent sales it may just help you get the right appraisal for your home. If the appraisal is still not what you are hoping for, then maybe you could consider lowering your price or getting your buyer to meet you within a reasonable price match.
Buyer Finance Issues - Sometimes the buyer has finance issues despite being pre-approved for finance prior to purchasing a home. If its something that can be repaired - great - but often the buyer will go out and run up debt before the closing which can cause issues along the line. A good mortgage representative will tell the Buyer not to buy a car, miss a payment or anything else while his house sale is still in the closing stages. If it cannot be sorted out, get your home back on the market as quickly as possible
Buyers Remorse - A good buyers agent will tell their buyer to expect that this may happen. If they are aware they could begin to panic about their purchase, the buyers agent would be a great go to person to help allay their fears. A home is a huge investment not to be taken lightly, but sometimes the thought becomes overwhelming. Get the home back on the market and get it sold soonest.
Whatever the reason, your experienced the agent can often get involved and sort the issue out, but if there is no responsible and ethical way to deal with the situation, cut your losses and move forward with marketing.Price your home correctly, get some new photos added and stage the home to perfection. Before you know it, you will be sold and moving again. Please talk with your realtor, she will be your knowledgeable confidant in any situation