Be aware—just because a sale is pending, doesn’t mean it’s a done deal. There are several reasons why pending sales in real estate might fall through. Here are a few of the more common ones.
A lower appraisal
It’s becoming more and more common for buyers to waive their appraisals these days. We’re in a hot market, so they may choose to forgo this option. However, sometimes homes do appraise far lower than an offer, which can cause a buyer to exit the sale.
Failed financing
Another one of the reasons why pending sales in real estate might fall through has to deal with the financial side. However, you’re less likely to encounter this problem as a buyer, as a Realtor will likely ensure that you have mortgage preapproval before accepting you as a client.
Poor inspection results
Home inspections are crucial! You should never walk into a house purchase without one, even in this market. After all, they may reveal hidden, dangerous flaws—and they may even lead you to abandon the sale.
Though you may be tempted to waive your inspection, there are other ways to make your offer more desirable—like these.
Getting overzealous with home purchases
It’s understandable to be excited about your new home! Just don’t let that excitement cloud your judgment—or stop your closing.
If you go out and buy a ton of new furniture and decor with your credit card, this can affect your financing. It may even mean you are no longer qualified for your mortgage, causing you to have to walk away from a house. Always save big purchases until the home is officially yours.
Summary
While navigating the market may sound stressful, a Realtor can keep you centered. From ensuring that proper protocols are followed to answering all your questions, he or she will offer the guidance you need.
Your Realtor may also be able to spot some of the possible signs why pending sales in real estate might fall through before they happen. Just another reason to reach out to Ryan Roberts!
Contact him here to begin your real estate journey in East Alabama. As for learning more about the market, you can always browse his blog.