It used to be that a home seller’s biggest challenge was getting a buyer to simply make an offer with terms that the seller could accept. In today’s world, however, agreeing on a purchase contract gets you only halfway toward your goal of selling your home. The process of moving from contract to closing is rife with more challenges than ever, meaning more sales falling apart long before the homeowner arrives at the closing table. In Illinois, buyers can back out of their purchase contract during attorney and inspection review without giving a reason, resulting in sellers who sometimes never learn why their sales fell apart.
There are several factors that may cause a contract to unravel. Understanding what they are and how some can be avoided can help prevent disappointment later on.