What do you mean it won't close?

By
Real Estate Agent with Atlanta Communities 303302

Ever had to tell a Seller right before closing that the deal has died? These can be terrible words to hear especially if the Seller has already moved out and is anticipating the purchase of another home. I have seen this domino effect cascade through many closings, with the first default causing a chain reaction down the line.

Does this really happen? Yes, it does. Fortunately, if a deal is going to fall through, it usually does so in the first week to 10 days after the contract is signed, or the due diligence period. Deals might end for many reasons including Buyer cold feet, an inspection issue that cannot be resolved, financing problems, and so on.

What can be done to mitigate these issues? Make sure the home being sold is in the best shape the Seller can put it in. When an offer arrives, check the lender conditions carefully. Are the Buyers pushing the limits of their credit worthiness? Is the lender local and have good standing in the community?

All these things and more are why Sellers hire professional real estate agents. We know how to watch for warning signs and help guide our clients around obstacles that could endanger the deal.

Posted by

Peter den Boer, Associate Broker, Realtor

Atlanta Communities Real estate Brokerage

 

Ph. 770.713.1545

www.denboerhomes.com

 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

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Topic:
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Out Of The Box!
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Diary of a Realtor
Tags:
selling a home
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deal falls through
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Rainmaker
3,166,179
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Peter. A good agent is always looking for warning signs that details need attention. Enjoy your day!

Dec 10, 2018 05:19 AM #1
Rainmaker
2,972,851
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

That's only happened to me once, about a week prior to closing. To this day we have no clue why the buyers walked. There were no warning signs... everything had been appraised, inspected, surveyed, loan approved, etc.

Dec 10, 2018 06:02 AM #2
Rainmaker
3,521,037
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Peter. This is soooooooo very sad. It does happen because life happens.

Dec 10, 2018 06:53 AM #3
Rainmaker
3,186,456
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Early on due to inspection a Buyer may choose to walk...only once in 20 years when the market was tanking...the Buyer lost his job the day before closing...and of course, it didn't.

Dec 18, 2018 05:58 AM #4
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Peter den Boer

MBA,GRI, Associate Broker, Realtor
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