There are many reasons transactions fall apart. The three primary reasons are:
1. Inspection Issues and Buyer/Seller Cannot Come to Terms
2. Home Does Not Appraise at Contract Price and Buyer/Seller Cannot Come to Terms
3. Financing Issues
During inspection, the buyer will hire an inspector to thoroughly look into all aspects of the home. Oftentimes, the home inspection reveals repair items that you did not anticipate. If you are not financially willing or able to make the repairs, you can obtain bids for the repairs. With skilled negotiators, you can often negotiate a concession at closing so the buyer can tackle repairs after the sale is completed. Remember, the condition of the home is extremely important in successfully selling your home. 63% of buyers say they would pay more for a house that is move-in ready.
Pricing too high is the main reason homes do not sell. It’s important to have a skilled Realtor helping you with market data when pricing your home. This comes into play again with the appraisal. Your agent will need to have the proper data to ensure the appraiser approves the purchase price on the contract.