3 Ways a Real Estate Deal Falls Through Part 2
When you place your home on the market, you are keeping your fingers crossed that you can immediately find a reliable buyer. Hopefully, this person can give you a fair, cash offer for your home. Thereby saving you time and expenses keeping the house “show ready.” Unfortunately, even in a seller’s market, this is not always the case. This is why many homeowners elect to partner with a real estate investor.
In this two-part series, as is house buyers in Raleigh, NC, are discussing ways that a deal falls through. In the last section, we covered that awkward situation when you agree to a deal in principle, but the buyer cannot secure the capital from the lender. In this section, we will discuss when the appraisal and inspection processes uncover issues.
The Appraisal Amount Doesn’t Match the Contract Offer
In some cases, when an appraisal is performed, the evaluation does not agree with the contracted price of the home. The buyer can lower the price and match the appraisal amount to close the deal; however, in some cases, the buyer may disagree with the appraisal amount and opt to hire another appraiser to evaluate the property. Of course, doing this doesn’t guarantee that the price will match the original contract offer.
The Inspection Process Discovers an Issue
There’s a considerable amount of stress that comes with an inspection. During the home inspection, any of these types of issues may be discovered:
- Presence of mold or asbestos
- Cracked or compromised foundation
- Electrical issues
- A damaged roof that needs to be replaced
- Termite infestation
If a home fails to pass an inspection, the seller will likely need to fix these issues or lower the listed price for the home. Of course, if you have already invested a significant amount of money into the traditional real estate process, this usually means you will be spending even more money repairing the home. Depending on what needs to be fixed, you may want to go another direction and contact a real estate investor.
At Real Estate Solutions Providers, we proudly declare that “we buy ugly houses in Raleigh, NC.” In other words, we buy homes in every condition. There is no inspection process or lender that can nix a deal. We evaluate your home and then give you a fair cash offer. The final decision is up to you.
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.