Ever had to tell a Seller right before closing that the deal has died? These can be terrible words to hear especially if the Seller has already moved out and is anticipating the purchase of another home. I have seen this domino effect cascade through many closings, with the first default causing a chain reaction down the line.
Does this really happen? Yes, it does. Fortunately, if a deal is going to fall through, it usually does so in the first week to 10 days after the contract is signed, or the due diligence period. Deals might end for many reasons including Buyer cold feet, an inspection issue that cannot be resolved, financing problems, and so on.
What can be done to mitigate these issues? Make sure the home being sold is in the best shape the Seller can put it in. When an offer arrives, check the lender conditions carefully. Are the Buyers pushing the limits of their credit worthiness? Is the lender local and have good standing in the community?
All these things and more are why Sellers hire professional real estate agents. We know how to watch for warning signs and help guide our clients around obstacles that could endanger the deal.