You decided to sell your home in Northern Utah. You got a good response from buyers and received several offers. You were happy and excited that finally the deal is going to close through. But suddenly, something unexpected happened and the deal went awry. You are not alone in facing this predicament as there are many homeowners like you who are unable to cross the finish line because of an unexpected hurdle in their way. Here are some easy solutions to the problems that raise their head unexpectedly during the home selling endeavor.
- Obstacle called bad appraisal
- Low credit score
- Some issue crops up during inspection
- Delay from the bank
One of the most common reasons of deals falling through is a bad appraisal. It comes as a setback to you when the bank finds out that the value of your home is lesser than what is mentioned in the contract with the buyer. You can avoid this embarrassment by doing comparative market analysis and by consulting your realtor.
Buyer applies for a mortgage in a bank but finds out that he is not eligible to get the amount required to carry out the transaction. Making big purchases a week before closing the deal can have an adverse impact on the amount of loan that the bank is willing to disburse. It is better to wait until the loan is funded.
The contract mentions a deadline within which the buyer has to get inspection completed. If it is found out that there are some structural issues or problems with the roof, the buyer may back out from the deal or insist on renegotiating the price. You can still wriggle out of this situation if you agree to cover the cost of repairs. Bad inspections often result in a deal falling through. The best solution is to be truthful when filling out disclosure forms.
This is another reason why many deals fall through. The buyer is confident of getting the loan inside a timeline but later finds that the bank is taking too long to approve his loan application. As a seller, you are obviously nervous and want to keep your options open with other buyers. It is better to keep reminding the buyer's agent about the closing date so that the buyer gets approval from the bank before this date arrives. This requires keeping communication lines open between seller’s and buyer’s agents.