I have heard of many homes coming back on the market after going under contract.
There are several reasons why this happens.
1. After the home inspection . The buyer demands too many things be corrected or asks for too much money as credit. The seller refuses and the home comes back on the market.
2.The appraiser says the house is worth less than the price accpted by seller. The buyer wants to renegotiate , seller refuses and the buyer backs out. This can be avoided by preparing the seller in advance of the consequencs of listing high.
3.The buyers get a prequalification letter but when the actual application is processed they turn them down for a mortgage .
4.The sale is contingent on sale of another property and the sale of the the property does not occur , this affects the sale of both properties.
5.Buyers find another property they like , and decide to back out .
there may be other reasons but these are the most common.
As a listing agent I try my best to keep in touch with the buyers agent and make sure the mortgage process is going on smoothly. I remind them to have an appraisal asap.I sometimes specify in the contract that it shouuld take place within x number of days.
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