Just because you’ve gotten a great offer for your home doesn’t mean you’re home free. The harsh reality is that once you’ve signed a contract, it’s as likely that your buyer will walk away as that they will stick around for closing.
Since the real estate market crashed in the late 2000’s, it’s been a lot easier for a buyer to walk away from a house, even when they’ve signed a contract and made an earnest money deposit. And the longer the period between signing a contract and the closing, the more likely that your sale will fall through.
Buyers walk away from contracts for lots of reasons, but the most common one is that the inspection reveals more damage and repairs than you are willing to make. Electrical wiring, moisture, a failing HVAC system, and cracks in the foundation are some major repairs that will kill a sale–they are expensive to repair, and if there are code violations of any sort then a lender won’t take the property as collateral. They may decide that the house is too dated and the cosmetic repairs they want to make are too expensive.
Other times, when a closing is not scheduled for several weeks post-contract, the buyers get a case of buyers remorse and second guess their decision to buy your house. Or they find another one they like better, and decide to terminate their contract with you.
In many cases, when a buyer terminates a real estate contract, they are entitled to get their earnest money back, leaving you with no sale and no cash. You’re left to put your house back on the market and wait for another buyer, hoping that the next one won’t walk away.
At Sellers Advantage, we can take the stress away from selling your house. We don’t worry about inspections and dated bathrooms, and can give you cash for the house in a few days. If you want a hassle-free sale, contact us today.