Curious on what you may not know on when/why a deal falls through? A few reason’s could be:
❶ 𝐈𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧 – A defect came back that the buyer didn’t see through the initial showing that they felt was too much to take on. This could be water in walls, structural problems or maybe asbestos.
❷ 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 – They simply could not get the financing for the home. This one is interesting. Most of the time our clients are pre-approved before the offer. That doesn’t mean it’s 100% – there are many variables such as taxes, possibly what they may have to sell their house for, etc to make a deal work.
❸ 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 – If you need financing (a mortgage) then you need insurance. If the house is uninsurable due to the condition, the deal could crash on this one too.
❹ 𝐂𝐡𝐚𝐧𝐠𝐞 𝐨𝐟 𝐡𝐞𝐚𝐫𝐭 – ouch 💔 This one happens once in a while. No one likes to see it but we understand this can be an emotional roller coaster. It can be easy to make decisions with your heart and not your head. That is why we are here to bring your attention and awareness throughout the process, to make sure it’s in YOUR best interest to make the purchase.
When a deal does fall through, make sure your realtor asks why!
𝗪𝐡𝐲 𝐬𝐡𝐨𝐮𝐥𝐝 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰?
If it fell through on inspection, sometimes you’ll be able to find out what the defect was and make a better decision yourself.
And that’s all for your Thursday real estate education lesson 📝