What To Do When A Deal Dies
Sadly not every deal ends at the closing table. Due to a variety of factors an agreement to purchase can end up in the trash can with both parties back to square one. Let's take a look at how both buyer and seller should react to a dead real estate deal.
Buyer advice
1)Take a deep breath-- A real estate deal can be stressful, I encourage buyers to take a moment to process the loss. For some folks, that's an hour others six months.
2) Why did the deal die--Was it an inspection issue, perhaps an unseen defect that nobody could control for. Did something go south with your loan? Fix what needs to be fixed prior to getting back in the market.
3) Take a closer look at your motivation--Why did you wish to purchase in the first place? Has that desire changed?
4) Stick to the system--I had a buyer terminate once due to inspections. His fix for that? Not ordering an inspection on the next property! Be careful short changing the process.
Seller Advice
1) Examine your motivation to sell-- Does this failed attempt change your timeline? Or do you still need to make the move?
2) Why Did the deal die-- If something came up on the inspection you need to address it. EVERY buyer agent worth his/her salt will ask why the last deal died. I try to get the FULL inspection report when a buyer terminates. Some would say the less we know the better. My thought is if one inspector found it future ones will as well. In a small market it may be the same inspector...
3) Consider a price improvement-- If you must jump into a pool make a splash! Even a modest price adjustment (amount will vary due to price range) can generate interest.
In a shifting market (which most of the country is in), deals will fall out of escrow. The uncertainty combined with depressing political/economic news will give buyers and sellers pause. The key is remembering your motivation to buy/sell. If the motivation remains, let's make a deal!
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