Are you putting your house on the market in Raleigh? We all know that there is no guarantee when or if your house will sell. We’ll review what you can do if your buyer backs out. It’s a huge set back and disappointment when you are ready to close and your buyer backs out of buying your house. All of your plans are put on hold. You have to mentally and emotionally prepare yourself to put your house back on the market. How often do buyers back out? While it doesn’t happen too often, it’s wise to be aware, as you enter the real estate market, of the many reasons a buyer backs out and what, if anything, you can do to avoid it.
There are many reasons why a buyer backs out. For example, a buyer could back out because they are having buyer’s remorse. Unfortunately, there is not much you can do to save the deal. If you’re selling your house in Raleigh because you are in a situation that is urgent like relocating for a job, the stress of the sale falling through can be overwhelming. It’s also time-consuming and expensive when you are suddenly forced to make last-minute arrangements due to your buyer’s vanishing act. At the same time, if you already committed yourself to moving, you’ll have to act fast if you’re buyer backs out.
You finally put your house on the market, but how often do buyers back out? How do you know if a buyer is really serious about buying a house? Some serious buyers haven’t gone through the process of getting pre-approved for a mortgage. You as a sell will have to figure this out. Sorting through the pre-approved buyers is time-consuming and can be quite costly. One thing you can do to avoid the issue of dealing with unqualified buyers is to only work with pre-approved buyers which will hopefully increase your chances of a successful deal. A pre-approved buyer means the lender is ready to work with them by verifying their credit is in good standing and they are able to afford the down payment and all of the costs associated with the transaction. While this will decrease the number of buyers who pass through your the door when you are selling your house in Raleigh, it is in your best interest to find the most qualified buyer because it will increase the chances that the sale will be completed.
It is recommended to have an independent inspection done by a professional when you’ve decided it’s time to sell your Raleigh house. With that said, a buyer who is using conventional financing will most certainly have to have the house inspected. Depending on the age and condition of your home, an inspection report that comes back with a list of repairs can be a deal-breaker. It is at this point that the buyer may back out or demand repairs be made. Regardless of what path the buyer chooses, the costs will rest on your shoulders. You will have to make the repairs to get the house sold. Just remember that it might be best to have an inspection done before you put the house on the market so that there will not be any surprises. These surprises could be expensive and could prevent you from selling your house in a timely manner.
You’ll need to consider investing in updating your home or repairing out of date or inoperable home systems and structural issues in order to put yourself in the best position to sell your house effectively. Should the house you’re selling in Raleigh fail to appraise for the amount equal to the desired loan to value (LTV) ratio of the buyer’s loan requirements, their lender will deny the loan. By having the home appraised by a professional beforehand, you’ll have a more realistic picture of what you’ll be able to sell your house for.
So how often do buyers back out of buying a house? We answered that question by sharing the reasons why buyers back out. Selling your house in Raleigh can be like you are riding a roller coaster ride especially if you experience a buyer backing out. It could mean a lot of time and money wasted which could put you in a dire situation. If you find yourself in a situation where you don’t want to invest any more money or time into your property or you want to simplify the process of selling your Raleigh house, you can consider a direct sale as your exit strategy.
Wanting to avoid such an awful experience and all of the emotional turmoil that’s attached to it is understandable. Want to know the best way to avoid your sale falling through? Sell directly to Narrow Path Investments, LLC. Send us a message if you have any questions or call 919-346-0699 for a Free Consultation today!