Why Do Sellers Back Out of Real Estate Deals?
Trying to sell a real estate property is as stressful as trying to buy one. Only a small percentage of deals that make it to the stage where the buyer makes an offer result in a final sale, with the property changing hands. In most cases, the buyer is the one who backs out of the deal. There are many hurdles to clear between the preliminary stages of prequalifying for a mortgage and placing earnest money, on the one hand, and paying a down payment and the costs of moving, on the other. People tend to start making offers on houses whenever they are feeling rich, but once the negotiations start to get serious, when the buyers are dealing with a specific property that costs a specific amount and requires specific repairs, the buyers often realize that they are not as financially well off as they originally thought they were. A less common scenario is that the seller is the one who walks away from the deal before the sale becomes final, although there are several reasons that this can happen. If you want to buy a real estate property and want to avoid giving sellers the ick, contact a Washington, D.C. real estate lawyer.
When the Seller’s Decision to Sell Is Contingent on Another Deal
When people sell their houses, it is often because they plan to move. The seller might have listed their house for sale after making an offer to buy another house. Since buyers’ plans so often fall apart, the homeowner who was going to sell their house to you might have figured out that they could not afford to buy the new house. If they sold their old house to you, they would have nowhere to go. In other words, sometimes sellers back out of a sale because they decide to stay in the house that they originally planned to sell to you.
Trouble With Inspections
Inspections are a routine part of real estate deals. After receiving the inspection report, the buyer has the right to request repairs before closing the deal. If the seller responds by refusing, this can formally turn into a legal dispute, but if the seller simply does not respond, then there are no negative consequences except that the deal falls apart. As frustrating as it is, this is why sellers sometimes ghost buyers after the buyer requests repairs pursuant to an inspection.
The Seller Runs Out of Money to Complete the Sale
Just as the seller might overestimate their ability to afford the purchase of a new property, they might also overestimate their ability to afford their obligations associated with selling their current property to you. From repairs to closing costs, there are more expenses arising from selling a house then you might expect when you first list your house for sale.
Contact Tobin O’Connor Concino P.C. About Guiding Real Estate Deals to a Fruitful Conclusion
A Washington, D.C. business law attorney can help you make all the right moves to prevent the other party from backing out of a real estate deal. Contact Tobin O’Connor Concino P.C. in Washington, D.C. or call 202-362-5900.
Source:
msn.com/en-us/money/realestate/8-most-common-reasons-sellers-back-out-of-a-sale-according-to-real-estate-agents/ar-AA1I23bh?ocid=msedgntp&pc=ACTS&cvid=09857e84d12f41259da02d668fbd3cf7&ei=14
