3 Ways a Real Estate Deal Falls Through Part 1
Selling a house on the traditional real estate market can be a tremendous challenge. This process not only requires significant capital for repairs and upkeep, but a deal can also disappear in a blink of an eye. Even after an offer was submitted by a prospective buyer and accepted, the deal can be held up by a variety of unfortunate circumstances. Considering the traditional real estate market is a costly and time-consuming process, many homeowners elect to forego the traditional route and sell their house to a real estate investor that is willing to make them a fair, all-cash offer in as little as one week.
If you are looking to sell your house fast in Raleigh, NC, read this two-part article about the ways that real estate deals fail. In this section, our home buying experts will discuss the financial side of when a deal turns sour. In the next section, we will discuss when the appraisal and inspection process ties up a deal. If you are saying to yourself, “sell my house for cash,” contact the Real Estate Solutions Providers today.
The Lenders Won’t Lend
The primary way that a real estate deal falters is because the buyer can’t get their financing in order. Usually, this stems from bad credit and the lender elects not to approve a buyer’s home loan. This is obviously frustrating for the seller who did nothing wrong throughout this process but needs to find a new buyer. Either way, the seller must either relist their property or consider contacting a real estate investor.
After the deal is nixed, if the home is in a great location and in great condition, the good news is another buyer will eventually turn up. However, if the home is undesirable and took a considerable amount of time to find the first potential buyer, this can be a huge issue for the seller. Regardless, the longer the home sits on the real estate market and isn’t purchased the more money the seller is investing in the property. Moreover, prospective buyers may become wary of a home that is sitting on the market collecting dust for too long which could decrease the owner’s chances of obtaining a fair offer.
Even if you find a buyer for your home, ask yourself, will it pass inspection? We will cover this more in the next section.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.