It is exciting when you receive an offer on your property. While in most cases, you will close on the offer you receive, there are a number of contracts that will fall through. This puts you in a stressful and discouraging position as you may not know how to move forward.
If you find yourself in this situation, here are a few things you should do.
Talk to Your Agent
The first step you should take is to discuss the situation with your real estate agent. There are dozens of reasons why a sale may fall through and you will want to determine the best course of action for your specific situation. Often, sales fall through due to conditions in the offer not being met. Work with your agent to determine if the condition falling through is due to your actions and if so, determine how to solve the issue.
For example, a common condition is that if the home inspection reveals any large, expensive repair, the buyers can walk away. In this case, you will want to fix the issue as soon as possible to prevent the same situation from occurring once again. If you do not fix the issue, it must be disclosed to any potential buyers.
Request Mortgage Pre-Approval Letters for All Offers
Another common reason that a home sale falls through is due to challenges the buyer faces while obtaining the financing for the home. To prevent this situation, request a mortgage pre-approval letter for every offer. This will give you a good idea of whether the buyer will be able to obtain the financing or if you should decline the offer. This piece of paper can save you many headaches later on in the selling process.
Evaluate the Home Price
The appraisal is a mandatory step in the real estate transaction. If the appraisal comes back low, the transaction may be delayed or canceled. The buyer may also be required to make up the difference in price. If your sale falls through due to the appraisal, you will want to evaluate your current home price. Your real estate agent can help you throughout this entire process and offer you guidance depending on the appraisal, current real estate market, etc.
Evaluate Your Marketing Strategy
If your home sale falls through, you may need to revisit your marketing strategy. You will want to ensure your listing is up-to-date and enticing. You may also need to make adjustments as the real estate market changes. Your real estate agent should have experience with this task and can offer recommendations for this process.
If you are looking for a real estate agent who can assist with your real estate transaction, contact Markham agent Martin MacFarlane. His experience, knowledge, and training can help you through whatever obstacle comes your way in the real estate transaction. Contact him today for more information.