Selling 2-3 Times Closing Once

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 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.

 

Contract broken

 

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.
  • Appraisals.
  • 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

 

Margaret Rome

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Rainmaker
3,826,779
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Margaret - those in the business understand and often try to be optimistic while maintaining reality.  Regardless of when it happens and if it happens, it is still an unwelcome adjustment.  

Nov 25, 2020 03:59 AM #3
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Margaret Rome Baltimore 410-530-2400 -  Yes for sure.  The cash in hand for seller and keys for buyer.  A long road.

Nov 25, 2020 04:28 AM #4
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Margaret. Some things are just beyond your control try as you do! It has happened to me! Enjoy your day!

Nov 25, 2020 05:28 AM #5
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Margaret Rome Baltimore 410-530-2400
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Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI  So true! Until the funds are in the account and the keys are exchanged.

Nov 25, 2020 08:28 AM #6
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Myrl Jeffcoat Wonderful wishes for you during this Thanksgiving week.

Nov 25, 2020 08:28 AM #7
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Michael Jacobs If you have been productive and in the industry long enough, be prepared for a fall-through. Move forward, re-sell it, and NEXT!

Nov 25, 2020 08:31 AM #8
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Margaret Rome Baltimore 410-530-2400
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Grant Schneider Cash in hand, keys in hand...sounds so very simple!

Nov 25, 2020 08:32 AM #9
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Margaret Rome Baltimore 410-530-2400
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Wayne Martin For anyone who this has NOT happened, they are not working hard enough! Good to see you and Happy Thanksgiving!

Nov 25, 2020 08:33 AM #10
Rainmaker
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Margaret,
"Truth impairment".  That's a new term to me but is certainly a factor in sales that don't close.  The truth is eventually going to be revealed so why not be honest in the first place?  Some fall-throughs (we call them flipped) cannot be avoided.  Honesty is not one of them.

Nov 25, 2020 08:57 AM #11
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Anna Banana Kruchten CRS CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Hi Margaret as you've pointed out there are so many ways a contract can fall through the cracks.Thankfully most do not!  We just had one oddly enough due to a relo company wanting to delete several sections of our AZ contract.  Now why would a buyer want to lose their protections.  Makes zero sense to me. In my over 30+ years in the biz I've never seen anything like this one.  Time to move on to the next!

Nov 25, 2020 12:50 PM #12
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Carol Williams Never heard "flipped" used as a term for fall-throughs. Bet we all have stories to share of deals that have "circled the drain."

Nov 25, 2020 02:54 PM #13
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Margaret Rome Baltimore 410-530-2400
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Anna Banana Kruchten CRS CRB, Phoenix Broker  Thankfully most do not! This year seems to have had its share of

"never seen anything like this before.''

Nov 25, 2020 03:03 PM #14
Rainmaker
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Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Please forgive the "drive by" comment. I'm afraid that while I am away, my time is limited.
I wanted to say thank you for your posts. I am grateful meeting people like you here on AR. God bless you and have a Happy Thanksgiving.

Rocky

Nov 25, 2020 05:45 PM #15
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Rocky Dickerson 

Happy Healthy Thanksgiving. Please enjoy your time away. Look forward to seeing you next Tuesday!!

Nov 25, 2020 05:47 PM #16
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
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All reasons we dread to hear but, they do happen from time to time, Margaret. 

Hey, I hope you have a lovely Thanksgiving, filled with blessings...

Carving Snoopy

Nov 26, 2020 03:39 AM #17
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Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I haven't had a transaction fall through and quite a long time, knock on wood. Your post made me remember the frustration. 

Happy Thanksgiving Margaret Rome Baltimore 410-530-2400 

Nov 26, 2020 07:04 AM #18
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Debe Maxwell, CRS Wishing you and your boys a wonderful happy healthy Thanksgiving!

Nov 26, 2020 12:25 PM #19
Ambassador
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Margaret Rome Baltimore 410-530-2400
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Paul S. Henderson, REALTOR®, CRS But for sure you can remember the frustration! Happy Healthy Thanksgiving to you!

Nov 26, 2020 12:26 PM #20
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

The one that killed me and my seller years ago was an employer that had lied to their new hire employee, who had uprooted his family to come to NoVa from the West Coast to be a commuter pilot.  They promised him "x" number of hours at whatever the hourly rate was.  When pushed by the lender doing the mortgage, the airline said, "We can't guarantee those hours."  It was gut wrenching.

Nov 26, 2020 02:07 PM #21
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Margaret Rome Baltimore 410-530-2400
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That was an awful experience. So sorry that you, the buyer, the seller all had to go through that! @chris Ann Cleland. (Sorry the tagging button is not working.)

 

Nov 27, 2020 03:06 PM #22
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