Buying a home is a long process. There are many things to consider like home inspection, appraisals, paper works, putting your home for sale in the market, and finding a buyer. A good real estate agent makes sure everything is ready before closing the sale. However, things can still go wrong no matter how prepared you are. Here are five things that could possibly go wrong in a real estate sale:
- The Buyer suddenly changes his mind.
This can happen and it’s frustrating. The buyer suddenly realizes that he doesn’t really want a home and prefers to keep renting instead. Or perhaps he sees something else that you have no control over. You try to overcome objections yet he already made up his mind. He doesn’t want to close the deal.
- The Buyer sees a home defect at last inspection.
Home buyers are meticulous when it comes to buying a home. They make sure that they have what they want. Until the deal is closed, it is vital for the seller to do an overall inspection of the house. Everything should be pleasant. There should be no sign of defect or anything that will discourage the buyer to close the deal.
- The Buyer doesn’t qualify for the home loan.
A pre-approval letter is important in buying a home yet it is never a guarantee that the buyer will qualify for the loan. It is the responsibility of the real estate agent to follow up with the buyer and the bank as well. It may help to find out whether the buyer has an outstanding loan or if he has a good credit rating as that would contribute to an approval or a disapproval of the loan.
- The bank’s appraisal is lesser than the market price.
Usually, the bank’s appraisal is always lesser than the market price. The reason being is because the bank only foresees negative things that could impact the price of the home. They need to make sure that their investment is protected. This is why the seller and the buyer needs to meet halfway. Is the seller ready to adjust the price? Or is the buyer willing to shoulder the price adjustments?
- You hired an incompetent real estate agent.
Sometimes the seller makes the mistake of choosing the wrong agent. The real estate agent should be knowledgeable enough to be able to intelligently overcome all buyer objections. He should know a great deal about real estate before closing the sale. Otherwise, he might be the one reason why the buyer wouldn’t pursue buying your home.
Although we can’t really predict the buyer, most of these things can be avoided if both the seller and the agent really takes the time to go through everything like making the home presentable to the buyer and selling it at a good price. It is also important to know that your buyer is really keen towards buying a home. Otherwise, he might end up having buyer’s remorse. Closing the deal should be easy so long as you’re knowledgeable and prepared for the sale.