Do you have a signed Offer to Purchase your Massachusetts house? Feeling pretty good—right? Well, don’t load your furniture into the truck just yet. While you’re selling your house and waiting for your home buyer to complete the inspections of your property and get a new mortgage from a bank—there is a long list of things than could potentially cause them to back out of the deal.
There’s no guarantee until all the contingencies have been removed from your contract, nor any way to estimate when your home will sell. If the deal goes south-do you still have options? The good news is yes-you definitely do! We’ll review what you can do if your buyer falls through.
It’s a big let down when you believe you’ve sold your home and moved forward with plans for your new home. While it doesn’t happen often, it’s wise to be aware as you enter the real estate market, of the many reasons a buyer falls through and what, if anything you can do to avoid it.
It’s especially disheartening to learn that a buyer backed out because of buyer’s remorse. Sadly, there’s nothing you can do to save the deal for this reason. If you’re selling your house in Massachusetts due to an urgent reason for relocating, the stress of the sale going down the drain can be overwhelming. It’s also time-consuming and expensive when you’re suddenly forced to make last-minute arrangements due to your buyer’s vanishing act. At the same time, if you want to maintain the arrangements you’ve made for moving, you’ll need to act swiftly if your buyer falls through.
What’s His Credit Rating?
While there may be serious buyers who haven’t been pre-approved for a mortgage loan, sorting them out can be time-consuming, intensely trying to one’s patience, and quite costly. One thing you can do to avoid the issue of qualifying for the mortgage, as a reason for failure on the buyer’s part, is to only work with pre-approved buyers to increase your chances of a successful deal.. This means the lender is ready to work with them, having verified their credit and ability to afford the down payment and all of the costs associated with the transaction. While this will limit the number of buyers who pass through your the door when you are selling your house in Massachusetts, it is in your best interest
What’s Behind That Wall?
Virtually all traditional buyers will have an independent inspection done by a professional when you’ve decided it’s time to sell your Massachusetts house. In any event, when you’ve found a buyer using conventional financing, you can be certain there will be an inspection. Depending on the age and condition of your home, failing the inspection is a deal-breaker. Be aware whether you hire professionals or are capable of doing the work yourself, you’ll need to invest even more in the property in time, money and all of the headaches repairs bring.
Buyers Will Be Very Picky
You’ll need to consider investing in updating the home or repairing out of date or inoperational major home systems and structural issues, in order to be in the competition. Should the house you’re selling in Massachusetts fail to appraise for enough to meet the desired loan to value (LTV) ratio of the lender, the loan will be denied. By having the home appraised by a professional beforehand, you’ll have a more realistic picture of what you’ll be able to sell for.
Wary of the maddening rollercoaster that selling your house in Massachusetts can become, losing time waiting for a closing that never happens, while all the while pouring more money into maintaining your property? If you are finding yourself facing time restrictions, don’t want to invest even more into your property, or you want to simplify the process of selling your Lowell house, one thing you can do is to consider a direct sale as your exit strategy.
Wanting to avoid such an awful experience and all of the emotional turmoil that’s attached is understandable. Want to know the best way to avoid your sale falling through? Sell directly to Summit Buys Houses. Send us a message if you have any questions or call (978) 254-3800 today!
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