It happens. Sometimes an offer on your home falls through. You get excited because someone makes an offer and your home goes under contract. You expect a “SOLD” sign to be put on it soon after, but then something goes wrong. Suddenly the house goes from “Pending” to “Active” and no one knows why. Was there something wrong with the house? Was there something wrong with the buyer’s financing? What went wrong?
Unfortunately, this is more common than people think. Since every buyer has a due diligence period to pull out of their contract without losing their earnest money, several factors can affect that decision. One may be as simple as a case of cold feet.
Buying a house is a huge and very stressful commitment. Buyer’s remorse is a real thing. In these instances, it’s very important to have a real estate professional by your side to help ensure you’re making the right decision.
Other times, it’s the house itself that is the problem. When a buyer looks at a house, they see a house and possibly, the future they’re going to have in that house. But there’s a lot to learn about a house that only a professional would know. A home inspector is going to be able to identify possible problems with the home. If there are costly repairs to be made, a buyer may cancel the contract.
A big factor that can affect a home going back on the market is the appraisal. A home cannot sell for more than it is worth. If the house comes back with a low appraisal and the seller isn’t willing to drop the asking price, a buyer may have to pay the difference in cash, if they really want the house. Ensuring a professional real estate agent is a part of both the selling and buying process ensure that the home is listed for what it’s actually worth, compared to the homes for sale in the area.
These are only a few issues that come up when a home goes back on the market after being under contract. The most important thing to remember is to have a great realtor by your side to navigate through these and any other issues that may arise. And while no one WANTS a deal to fall through, we are happy to tell you that Tony Cloninger is the king of putting a deal back together. His years of experience and his incredible customer-focused personality have helped many sellers get their home sold when it seemed like the deal wasn’t going to work out.
Let us put our experience to work for you.
Keeping it real,
Cloninger Properties Team