What Could Go Wrong in a Real Estate Sale?
Things in life can, and will, go wrong sometimes. That includes selling real estate, so let's discuss what can potentially happen and how you can navigate through any unforeseen issues.
1. House on market too long
The longer a house sits on the market with no interested buyers, the more money is costs the seller. The seller is typically still paying a mortgage. The seller may be expected to reduce their asking price. The seller may lose or spend more money in the long run.
2. Deals fall through
A house may be listed at the right price with a buyer lined up, and then the entire deal falls apart. The reasons for this happening are extensive. Perhaps a buyer passes away, loses a job, or experienced buyer's remorse. This can occur even after a contract is signed. Congtingencies are a completely legitimate reason for deal to go south, meaning if something goes wrong with the buyer's current home transaction, they are unable to make the seller's sale happen.
3. Problems with the property
Sometimes the property itself has issues. Mold, termites, foundation cracks, and the list goes on an on that can be more than enough to stop the sale from going through.
4. Financing issues
Even when the property is perfect and there is an eager buyer ready to make a purchase, third parties can muddy the waters. Lenders and title companies may inhibit a sale for any number of reasons, ensuring that all paperwork is in place and accurate.
The good news is that there are preventative measures to help avoid potential problems. It is impossible to foresee every possible scenario that may arise, but performing your own research and working under the guidance of real estate professionals will gain you the highest probability of a hassle-free transaction.
The professional EB Real Estate team recommends you:
1. Work with a real estate professional
A good agent is experienced in avoiding potential landmines that are known to pop up in real estate deals. They also are familiar with working hand-in-hand with lenders and title companies. And when there are questions, a professional REALTOR® will find answers.
2. Have a professional property inspection completed before listing your property
The last thing you want, as a seller, is a property issue that prevents a sale from closing. If an inspector finds mold, structural issues or any other problems, you're able to address them before a buyer makes an offer.
Our team of professional REALTORS® is here to walk you through the entire sales process.