It’s very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal. In the majority of real estate transactions, there are many things that must happen between the contract date and closing date. What do you do when a deal falls through?
The reality is that not every real estate deal is going to stay together.
There are many reasons why a real estate deal falls through. The reasons for why a deal falls through may be the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all.
It happens! I’ve read there are 86 ways a deal can fall through just in closing. If it hasn’t happened to you before, you have been lucky. So find some humor in the deal falling apart and move on.
Prepare for inspection issues. Have an inspection before the offer. Let the inspection reveal any problems beforehand and deal with the issues. Or prepare with cost estimates to minimize the inspection report.
Potential buyers get a mortgage rejected. Since there are many common reasons why a mortgage is rejected, it’s important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn’t guaranteed to receive the loan.
Bank appraisal issues. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, a real estate deal can fall through. The amount that a home under appraises often will determine whether a deal will fall through or not.
Reframe Your Mental Reaction. For every deal that doesn’t quite pan out, you come away with a better understanding of how to get it right next time. “Change your mindset so that every missed opportunity is a learning opportunity,” says Bryanne Lawless, owner of PR agency BLND Public Relations.
Know that the next big opportunity will come knocking soon.Your process made the deal viable in the first place. Give yourself a little credit for the steps you took to get that far.
DO take a realistic look at what soured the deal. All Business opines, “Maybe you do need to fix something so that this doesn’t happen again. This is especially important if several deals go south. Don’t be too quick to “blame the economy.” Economic factors may be relevant here, but maybe you overlooked something in the Exit Planning process that you need to go back and reconsider. Now is the time to look at your Exit Plan with clear eyes, so that you don’t spend even more time and energy trying to force an impossible sale.”
Since our inception, we have been helping homeowners, along with improving communities in every city in which we work.
We have extensive knowledge of the business, a network of resources, and years of expertise. P2 Properties can assist homeowners with a wide variety of real estate problems. We pride ourselves on our reputation for working one-on-one with each customer to handle their situations.
With the ability to directly purchase homes and make cash offers, we can create an extremely fast and hassle-free transaction.