If there is something that life has taught us over the years is that things can and will go wrong. This applies to real estate as well where you can expect things to not go according to plan on plenty of occasions. Here are some of the things that may go wrong with a real estate sale.
House Sitting for Too Long
One thing that can go wrong in real estate is a seller’s house sitting for a very long time on the market without anyone buying. As time goes on and the house is still sitting on the market, the seller is continuously spending money on it to cover the mortgage payments on a regular basis. The longer the house sits, the higher the chances that the seller may need to lower their asking price to make the house more appealing. This means apart from having their house on the market for a long time and costing them a considerable amount of money during that time, they will have to lower their price and forgo the money they would have gained from their initial asking price to ensure that they make a sale.
The Buyer Failing to Meet their End of the Deal
Another issue that occurs several times is deals failing to go through. A seller can list their house and have a buyer ready to make the purchase but then something goes wrong. The cause could be anything such as the buyer may die, lose their source of income, or even have buyer’s remorse. Signing the contract does not completely guarantee a successful sale. There may be a clause in the contract that gives the buyer an option to back out of the deal if they are not pleased with something. Several buyers shall need to sell their current home so that they can buy a new one. If such a clause is in the contract where the buyer must sell their own home first before buying another and they are unable to sell theirs then the seller’s sale will not go through.
Problems with the Property
At times the issues are not with the buyer but with the property instead. If the home has mold, termites, cracks in the foundation or a similar issue, then it may sufficient to prevent the sale from being made successfully.
Third Party Interference
At times, the property checks all the boxes and the buyer is looking forward to make the purchase, however, there are third parties involved in deciding the deal. The third party could be lenders or title companies which may have stipulations in their contract in which the buyer or seller are unable to meet. The third parties may also make mistakes such as misplacing important paperwork. The restrictions or mistakes of third parties may be sufficient to make the sale fail.
Fortunately, it is possible to avoid some of these issues. It may not be possible to prevent them all but proper preparation can save you a lot of trouble and ensure you deal goes smoothly.