Yes, some home sales don’t make it to closing. There are a number of situations that may derail a deal, and it’s a nightmare-come-true when it happens.
The good news is that the percentage of failed home purchases is only around 9%. This means there is a 91% chance that you’ll sit at that closing table.
As a seller, you have several opportunities to head off any problems that may cause a delay in or a cancellation of escrow.
If you suspect major problems in the home, consider a pre-sale home inspection. This will give us an idea of what the buyers’ inspector will find and what will need to be fixed.
Appraisal issues are one of the most common reasons a home sale can fall apart. If you know of why an area home sold for less than it should have, we can communicate that to the appraiser.
Other possible issues lie in the contract’s contingencies. For instance, a buyer may make the purchase contingent on selling his or her current home. If that doesn’t happen by a certain date, the deal falls apart.
We will be there to help you review purchase agreements to ensure there are no possible pitfalls contained in the contingencies. Rest assured, we’ll help you choose the best offer.