Not all contracts make it to closing.
No matter how hot the market is, how many appointments a property receives, or how many multiple offers come in...not all contracts make it to the closing table.
The term in the industry is called a 'fall through."
Some homes sell three times but only make it to settlement once.
It seems this year 2020; there are more than usual.
Some reasons contract don't close:
- Change in employment.
- Loss of job, this year Covid has played a big part.
- Multiple offers, not choosing the best one.
- Buyer's remorse.
- Separation or divorce.
- Interfering 3rd party.
- Seller's remorse when they cannot find their new home in time.
- Inspection concerns.
- Inspection items agreed to and not done.
- Challenges with a low well yield, radon, septic, roofing, electrical, mold, survey, chimney, easements, etc.
- Title issues.
- Latent defects.
- Covid related illness and quarantine.
- Financing not approved.
- Missing important dates.
- FHA and VA guidelines.
- Failure to sell when there is a home contingency.
- Condo and HOA contingency.
- AS-IS sales with the right to withdraw.
- Deceit and truth impairment.
Have you heard of selling a home two or three times and going to settlement once?
It's not over until the funds clear and keys are exchanged.
Questions about selling and settling a home
Call Margaret Rome