Buyers looking at Nanaimo real estate listings will see homes go ‘back on market’. Usually that happens when the contract between the seller and buyer fell through. It’s also a situation that no home seller wants to be in.
Here are the 6 biggest reasons why contracts fall apart, and 3 important things sellers can do to avoid having a deal fall through.
6 reasons why real estate contracts fall through
By understanding why real estate contracts fall through, you’ll be in a better position to avoid this happening to you. Here are the 6 biggest reasons why contracts fall apart.
- Buyer can’t sell their existing home, which means they won’t have the money to buy your home
- Major inspection issues such as mold, roof leaks, furnace, or foundation problems scare the buyer away from your home
- The buyer didn’t include a pre-approval letter from their lender with their purchase offer, and discover they’re rejected for their mortgage
- Appraisal issues due to a high-priced offer well above the market value of the home
- Title document problems such as outstanding liens, past recording errors, or a cloud on the chain of title
- Buyers change their mind due to ‘buyer’s remorse’ – even though they may forfeit their earnest money, having a buyer change their mind will add your home to the other active Nanaimo real estate listings
3 ways to keep your deal together
Fortunately, there are some things that people with homes for sale in Nanaimo can do to keep a deal together and avoid having the home go back on the market:
Review multiple offers and choose the safest one
The best offer isn’t always the one with the highest price, because before anyone gets paid the deal has to close. For example, accepting an offer well above the asking price may mean the house doesn’t appraise, and the purchase price has to be reduced to keep the deal together.
Beware of offers with a lot of contingencies
Normal contingencies in a purchase contract include obtaining financing and conducting and approving of a home inspection. But beware of an offer that’s contingent on the buyer having to sell their house first. If their home doesn’t sell, neither will yours.
Avoid surprises by conducting a pre-inspection
Even though a seller may have lived in their home for years, a professional property inspection may find things the seller never knew about that need to be fixed. To avoid having this happen to you, it’s a good idea to complete a pre-inspection before listing your home for sale in Nanaimo. By fixing things ahead of time, both you and your buyer will have more peace of mind that the contract will close.
Choosing the right real estate agent
In this article we’ve covered the common reasons why real estate contracts fall through, and what sellers can do to avoid their pending home sale going back on the market. But one of the best decisions a seller can make is choosing the right real estate agent to begin with.
The truth is that just because they have a license, not all real estate agents have the same level of experience and professional reputation. In fact, many home sellers claim that the #1 reason their deal fell through is because their real estate agent dropped the ball.
The top producing real estate agents in Nanaimo always:
- Help sellers and buyers successfully negotiate inspection results
- Verify that the bank appraisal came in for at least the contract price
- Make sure that they buyer’s loan gets approved
- Track and review closing documents to ensure the escrow closes on time