Many buyers think their search for a home is over once they’ve made an offer on a listing and the seller has accepted it. But unfortunately, an accepted offer does not always mean the deal is done. Here are some of the many reasons why a sale may fall through in Observatory Park in Denver:
In order to get a loan, a buyer must get the home appraised before closing. But, if the home appraises at a value that is much lower than the sales price, the lender will most likely back out of the deal. The lender may give you an opportunity to ask the seller to lower the price or to get a second appraisal, but even if you are given this chance, the deal may still fall through. Learn how to avoid a low home appraisal
It may take weeks or even months to officially close on a home after an offer has been accepted. During this time, the buyer may start to rethink his decision to purchase the home. He may realize that he can’t afford monthly payments on the home in addition to the other costs of homeownership. Or, he may find another home that he believes is a better deal. Either way, if the buyer starts to have remorse before the deal is done, it’s possible that he will pull out of the deal.
Before closing, the buyer will need to hire an inspector to take a closer look at the home. Sadly, you may discover that the home has problems that you were not aware of. For example, the inspection may reveal that the home needs a new roof or has mold or structural damage. These issues can be incredibly difficult—not to mention expensive—to repair. Some sellers are willing to fix these issues before closing, but others aren’t. If the seller is not interested in fixing the issues, the lender may back out of the deal.
It’s important to note that buyers are only required to get an inspection if they are getting a mortgage, but that doesn’t mean you should skip this step if you are paying in cash. It’s in your best interest to know about any problems a home has before you invest in it.
Contingent On Buyer’s Home Sale
Buyers often try to sell their current home at the same time that they are buying a new home so they can use the cash they get from the sale to purchase the new home. A buyer who wants to do this may include a contingency in the offer that states he will back out of the deal if he is unable to sell his current home by a certain date. But unfortunately, the buyer is not always able to find a buyer for his home by this deadline, so many deals fall through as a result of the contingency.
Are you ready to find your dream home in Observatory Park? If so, get in touch with the professionals. Contact Elevation Realty
to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.