Not every offer becomes a contract, and not every contract becomes a sale.
So the deal falls through, what does that mean to you as a home seller?
Obviously, you need a replacement buyer, so it's critical to get back on the market in an Active status as quickly as possible.
So step 1? It's completing the termination of the original contract. There's a form for that and it accomplishes two primary purposes: terminating the contract AND determining disposition of the earnest money. Assuming the buyer was compliant with the contract (and NORMALLY this is the case), the earnest money goes back to the buyer.
If you're tempted to fight over the earnest money, understand that it takes a MUTUAL agreement to split the funds unless you want to go the legal route. And while you're tied up in that fight, we're most likely delayed in getting your home back on the market. For further questions on this, consult a real estate attorney.
Step 2: Assuming the contract terminates AFTER home inspections, you need to assess if you have further items to disclose on the Ohio Residential Property Disclosures. Factual defects have to be disclosed (e.g. mold, radon, structural defects, electrical issues, etc.) so if there's new information pertaining to your home's condition, it's critical to disclose those.
Step 3: With the new knowledge of the home defects, it might be prudent to address the significant defects. It's one thing to say "radon exceeds limits" vs. "radon mitigation system installed to correct failed inspection result".
Step 4; Return to marketing your home for sale
Further questions? Just contact The Liz Spear Team of RE/MAX Elite at 513-520-5305 or Liz@LizSpear.com.
Serving Greater Cincinnati Ohio home buyers and sellers,
Bill & Liz aka BLiz