3 Reasons a Contract Falls Apart

Today’s Wiki Wednesday Feature: Top 3 Reasons a Contract Falls Apart

If you’re lucky enough to have a contract on your house, hopefully you have been proactive enough to also know the reasons of what can doom a contract. According to John Wen of BestHomeSellingTips.com, there are 3 Top Reasons Why a Contract Can Fall Apart:

1. You have a contract with an unqualified buyer – If you have a real estate agent, this would never happen, so I guess this should categorized as a rookie mistake. Always, always make sure your buyer is qualified. Lots of times, sellers won’t even show a home to someone who is not qualified.

2. Homebuyer receives negative information about your home – In other words, an inspection showed something that wasn’t disclosed or obvious to everyone on the face of looking at the house. Sometimes people even use the inspection as a loophole out of the contract due to buyer’s remorse.

3. You have a contract with a qualified buyer, but the closing date is too far away – If you know the adage, “Hurry up before they change their mind,” you’ll understand why you shouldn’t let a deal idle for too. People change their minds — it’s that simple. If you have a buyer, get things moving before something better comes along or they get cold feet. People back even at the risk of losing their earnest money.

Ed: Wiki Wednesdays is a weekly feature that highlights helpful or interesting articles from the Real Estate Guide.