Windsor Home: Top Reasons Why Real Estate Contracts Fall Through

Posted in Buyer Blog | 15/01/2012

Real Estate Agents know the feeling:  Your offer for your Windsor home has been accepted and you are now under contract.  Life is good right? The worst part of buying a home is behind you!

Maybe not.  (Insert groan here).

Unfortunately, there are several issues that can arise which could possibly keep your contract from getting signed.  Here are some possible reasons:

1.  Appraisal.  One of the top reasons contracts fall through on a Windsor home is because appraisals are not accurate.  It is important that you are buying on true market value and not on emotion.  Lenders don’t loan money just because you really, really love a property.

2.  Home Inspection:  Lenders don’t also want to hear that a house is in horrible condition.  Remember, it is a business transaction as far as the bank is concerned.  They won’t pay more than it is worth.

3.  Paperwork is not ready:  It is important to have all documentation completed.  This means job verification, credit reports, tax returns, etc., turned in as soon as possible so not to delay closing.  Nothing is more frustrating for a home buyer and the seller.

4.  It’s a buyer’s market.  For a seller, if something comes up during the inspection process and they refuse to acknowledge or at least try agreeing to concessions, the buyer can simply cancel the contract and go elsewhere.

5.  It’s a buyer’s market.  Yes, it’s worth repeating but for this reason:  the buyer wants more from a seller and this can result in an impasse thus, the contract is terminated.  It’s important for both sides to work together.  Sellers and buyers need to treat this as a business transaction where both sides win.  It’s not to be an ego tug of war.

6.  Changing terms in the middle of the contract:  This is a huge turn off for all parties concerned when buying or selling your Windsor home.  Nothing is worse than seeing the light at the end of the tunnel, when suddenly, the rules have changed. Buyers and Sellers who are affected may simply pull the plug.

So unfortunately, things happen that cannot always be controlled.  However, working with a professional real estate agent with your Windsor home can take away some of the anxiety so that your home buying and selling experience is as pain free as possible.

 

 

 

 

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