Buyers back out of buying a home for a variety of reasons. Some common reasons include:
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The home appraisal returns a lower value than the asking price
If the seller isn’t willing to negotiate down, then most people won’t move forward with the sale — unless they’re desperate to find a new home.
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The inspection returns unattractive results
A home inspection may come back with fundamental issues that may cost the new buyer a pretty penny.
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The buyer didn’t secure financing
If the buyer fails to prequalify for a loan or the buyer’s financial circumstances change, then the buyer may not be approved for a loan and will not be able to finance the home.
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Title issues
Before closing, the buyer should request a title inspection. If there are any liens or claims to the house that are not cleared up at the buyer’s convenience, they may walk.
If you are ready to make that move, please call me to discuss what your options are!
