Several million homes are listed for sale every year in America. Not every home that receives an offer makes it to the finish line and closes the deal. In fact, hundreds of thousands of homes end up back on the market.
Why Home Sales Fail
Problem With The Home Inspection
No home will have a completely clean home inspection, but sometimes homes can come back with surprising major issues. If there is an appraisal contingency this means the buyer has the right to decide whether they want to negotiate and deal with the issues in the home or walk away.
Appraisal Gap
Sometimes a buyer will make a full-price or above-price offer on the home. If the buyer is using a mortgage to buy the home the mortgage lender will require a professional appraisal. This helps the lender to ensure they are not lending more money to the home buyer than the home is worth. If the appraisal comes back below the amount offered to purchase the home this is an appraisal gap. The buyer must pay the difference out of pocket or walk away from the home sale.
Buyer Could Not Secure Funding
There are many things that can happen in the loan application process to make a loan fall through. Even if a buyer has secured a pre-approval letter. They could make the mistake of making another purchase with a loan like a car. (yes this does happen) If the buyer cannot get final loan approval they can’t afford the home.
Job Loss During Purchase
It is rare but it does happen. A buyer may end up with an emergency like being let go from a job. This now means they do not have the financial stability to follow through with the home purchase.
Title Issues
When a home is sold a title search is conducted. This means that a third party is paid to search through public records on the property to make sure that the home can legally change ownership. Sometimes an issue with the title is found, like a giant lien from a contractor. This means the contractor must be paid before ownership can transfer.
Buyer Gets Cold Feet
Sometimes a buyer can simply be nervous to take the final leap and purchase a home, This often means they lose their earnest money, but forfeiting a few hundred dollars is better than spending hundreds of thousands on something that doesn’t seem right for them.
What Can a Home Owner Do When a Sale Fails?
If a home sale fails it can be very discouraging. It may also create challenges in finding a new buyer for the home. This is because other buyers will wonder what is wrong with the home that caused a deal to fall through. It is not uncommon for a house that has been through a failed sale to have to lower the price of the home in hopes of attracting another buyer. It could take some time to navigate the challenge.
Choosing a Guaranteed Quick Sale for Cash
Another option for selling a home after an offer has fallen through is to contact a cash homebuyer. In some home sale setbacks, this could be a better option. Especially if the homeowner needs to sell the home quickly and move on with other things.
Contacting a cash buyer can be a simple and easier process to selling a home. you only need to make one appointment to show the home (no going back to those frustrating days of home showings waiting for an offer). The cash buyer will ask some questions, look at the home, and do some research. If your Harrisburg home meets the buying criteria you will receive a legal offer in writing.
A trustworthy cash buyer will never pressure you to take the offer on the home, they will give you the time to look over the offer carefully and ask questions. If you accept the offer you can pick the closing date and avoid real estate fees. You could sell your Harrisburg home in seven days.
“Offer PA buys houses in and around Harrisburg (and other areas too!). We’re not listing your house… we’re actually the ones buying your house. Because we pay cash, we’re able to close quickly… or on your schedule. Like we’ve mentioned, when you work with us there are no fees… like there are when you list your house with an agent. What this means to you is you don’t have to worry about extra costs, having to come out of pocket to sell your house fast, or even getting your house ready for a sale (we’ll buy your house as-is).“–OfferPA Process
OFFERPA is a reputable cash home buyer here to help homeowners in challenging situations sell their homes as hassle-free as possible.
Contact us any time to start the process of a quick home sale.