In this guide, we are going to walk you through how to sell your house in Minneapolis MN
Make your house appealing to buyers
Receive Multiple Offers
Sell your house for Top Dollar
Sign on the Dotted Line within a few months
Our Guide will help you make all of this possible!
So without further ado, let’s get started…
Choose a Sale Option
Find a Good Time to Sell
Value Your Property
Make Your House Appealing
Advertise Your Property
Complete the Required Workload
Finalize Your Sale
Or Sell Directly to FastPath
Issues Commonly Involved with Home Sale
Questions to ask yourself when choosing a sale option
However, you cannot just randomly select a sale option from the list above.
Each Sale Option has its own specific pros and cons.
As such, one sale option will appeal to some situations better than another.
So you should choose the sale method that best fits your circumstances…
Here are a few questions that you should ask yourself to determine your optimal sale option:
- What are my deadlines?
- How much do I owe on My Current Mortgage?
- How much am I willing to spend on the Sale?
- What Price Range am I Expecting?
- Am I capable and willing to handle all the paperwork?
- Am I knowledgeable about marketing and how to get your property noticed?
- Am I skilled at sales and negotiations so you can confidently interact with potential buyers?
- Am I willing to accept stresses, hassles, delays and inconveniences?
These questions will help you make the right decision in terms of the sale option that you finally concluded on.
…And once you’ve made that choice, it will be time to get started!
“But does it really matter whether I sell my house during a buyers’ market or a sellers’ market?”
Yes it does and here is why:
- According to Realtor.com, in July of 2018, 18% of the listings that were sold in a buyers’ market were subjected to at least one price cut, as compared to 16.9% in a sellers’ market that same year.
- Also, during the buyers’ market of that same year, the average number of days that a property spent on the market from listing to sale was 73.5 days. Whereas during the sellers’ market, it was 61.6 days.
The Numbers Never Lie!
So How Do You Then Conduct Market Research When Selling Your House?
Below, we are going to walk you through a few methods that we use here at FastPath Home Buyers to conduct market research, and find out whether the market is currently in a Buyers’ State, or a Sellers’ State.
Method 1: Consider your region’s Inventory Score
But what is Inventory?
Real Estate Inventory: A region’s inventory score is defined as the number of unsold listings that are present on the market divided by the frequency of home sales within said region. This value can be calculated by dividing the number of houses that are presently for sale within a local area (either state-wide or by ZIP code) by the number of sold units within said area in the past 30 days.
So what? Why is it even Important?
Well, simply put, an area’s inventory score gives real estate professionals an indication of whether that market is in a buyers’ state (buyers’ market), or in a state that is more favourable to sellers (sellers’ market).
|Inventory Score||Market State|
How to Determine the Real Estate Inventory within Your Area
If you’re wondering how to determine the inventory score within your area, we’re going to help you answer that question in this section.
For this demonstration, we’ll use our company’s (FastPath Home Buyers) local area:
- Region Name: Minneapolis-Saint Paul MN
Step 1: Visit Zillow Research
Zillow is a great source of information when it comes to finding accurate figures on current real estate trends within the USA.
So, firstly, you’ll want to click HERE and visit Zillow Research.
You should arrive on a page that looks similar to the one displayed above.
Step 2: Scroll down to the graphed data section
Once you’ve arrived on the page, you’ll want to scroll down until you find a graphed data section.
The table represented should be pre-set to display data on national home values and their changes over time.
Step 3: Select “Inventory Compare Metros”
Next up, you’ll want to select “Inventory Compare Metros” in the small tab above the graphs.
Step 4: Selection Your Region
On the right side of the displayed graph, you’ll find a section that will be labelled “Region Name”.
To find the data that applies to your local area, simply select your area code from the drop down menu.
*Note: We’ve selected Minneapolis-St Paul MN for the purposes of this example
Step 5: Collect the Data
After this, it will be time to collect the data.
Hover over the graph and record the “For-Sale Inventory” values for their most recent month, as well as the month before that.
For-Sale Inventory: The count of unique listings that were active at any time in a given month.
For us, that would be December 2020 (11,027) and November 2020 (13,023)
Step 6: Calculate your Inventory Score
Once you have FSI (For-Sale Inventory) values for your regions most current month, as well as its preceding month, you’ll be all set to calculate a fair estimate of its Inventory Score.
Simply plug in your values into this formula:
Inventory Score = FSI Value of Current Month ÷ (FSI Value of Preceding Month – FSI Value of Current Month)
Inventory Score for Minneapolis-St Paul in early 2021 = 11027 ÷ (13023 – 11027) = 5.5
When taken to the table above, our score indicates that are market is currently Balanced.
Sights to turn to for Comparable Market Research
Here are a few sites that most sellers list their properties on, and that buyers commonly turn to when they are looking for listings.
MLS (Multiple Listing Service)
The website listed above would be great places to start if you’d like to conduct market research by looking through listings within your local area.
Subsection B: Choose the Right Time Frame to Sell Your House
Most real estate professionals will tell you that when it comes to selling your house for the best possible price, timing is often a key factor.
This is mainly because the conditions within the real estate market often fluctuate throughout the year.
As such, it would be best to time your listing just right, in order to sell your property both within a short time frame, and for the best price.
“But, how would one go about doing this?”
If the question above has now popped into your head, fear not. We are going to show you how looking through historic seasonal market data can help you find the optimal time of year to sell your house.
Seasonal Market Trends
It is often very difficult to predict the future trends of the real estate market.
However, here at FastPath Home Buyers, we’ve seen that if you look at historic market data, you can determine certain trends.
Because of this, we’ll be able to advise you on the times when the market has typically been in a sellers state, which can help you better predict future events.
Above, you’ll find a graph displaying real estate market data from 2018 – 2021. In this graph, we’ve included key data points that have directly affected home sellers over the years. These include:
- The Average Sale Price
- The Number of Listings available on the market
- The average length of time that a property spent on the market before it was sold
Compiling these primary data points can give us an accurate reflection on the general trends of the real estate market.
“And once you’ve Analyzed the Graph Above, you can make a Few Conclusions”
With Sale Prices:
- Spring months see an increase in sale price
- Summer months typically offer the highest prices to home sellers
- Winter months usually offer the lowest prices to home sellers
With Days to Pending:
- Properties typically stay on the market for the longest time frames during winter.
- The end of spring is the time period when properties spend the shortest time on the market.
“So, When Should I sell my house?”
Worst time to list your property
As you may have already guessed if you read through all the information above, the worst possible time to list your property would be during the winter.
This is because:
- Winter months see the lowest home sale prices
- And properties usually spend their longest times on the market during winter months.
Best time to sell your property
The best possible time to list your property would be toward the end of spring, just before summer.
This time period provides the optimum opportunity for home sellers because:
- Houses typically sell for their highest prices of the year during the summer months.
- The time period just before summer at the end of spring sees the lowest “days till pending”
For these reasons, listing your property at the end of spring is the best choice. You’ll be able to sell your house at the highest prices offered that year, and your listing will not spend very long on the market before it’s gobbled up.
Tip 1: Conduct a CMA (comparative market analysis)
The very first thing that you can do to determine your property’ value is to conduct a CMA (comparative market analysis).
But before we can get started, you may be wondering what a CMA actually is.
Well, here is a quick definition for you.
Comparative Market Analysis: this is a tool that most real estate professionals use to estimate the current market value of a property by evaluating recently sold comparables within a property’s local area.
CMA’s can be a good way to determine a ball park estimate of the value of your property at the time when you’d like to sell your house.
“Okay, so how would I go about doing this?”
In this section, we are going to help you answer this question through a series of steps.
Collect all of the Key Data about your Property
The very first step that you’ll need to do when conducting a CMA is to reacquaint yourself with your property.
Sure, you may have lived in this house for a very long time. But how much do you really know about?
- Do you know the number of square feet that it covers?
- Do you know its zonal divisions?
- Do you know its key features that will appeal to buyers?
All of this important information could easily get buried under years of happy family memories. However, when you conduct a CMA, you’ll have to dig it all up.
Here are a few key data points that you should use to draw information about your property:
- Total Square footage
- Number of bedrooms and bathrooms
- Year of build
- Renovations and Remodel Status
- Interior styles and finishes
- Garage Size and type
- Extra features (e.g. swimming pool, deck, patio etc.)
Find Comparable Properties on the MLS (or any other listing database)
After extracting all the pertinent data about your property that you possibly can, it will now be time to get to work.
At its very core, a comparative market analysis is very simple: it’s a comparison.
You’ll be looking for comparable properties that have recently sold, or that are presently listed, and taking note of their prices.
A general rule of thumb that could help you is to:
- Find Five Recently Sold Properties within your local area, that match the majority of the defining features that your house has, then jot down the price that said houses sold for.
- Find Five Presently Active Comparable listings and asses their asking prices. This will help you ensure that your property stands out from those that you are competing against.
Tip 2: Hire an inspector (for a quotation on repairs)
It is no secret that if you’d like to generate the maximum value possible from your home sale, you’ll need to make repairs and upgrades to your property first.
And unless your house is brand new, this will be absolutely necessary.
The expenses that are spent on this are commonly known as restoration costs.
Restoration costs: these are the costs and expenses that are associated with either repairing or remodelling a property.
A great way to determine these restoration costs (and find out exactly what needs to be repaired before contacting a contractor) is to hire an inspection.
Inspectors will be able to accurately assess all of the work that your property will need before it is fit to put on the market.
And after this, you’ll be able to get a quotation for all of these repairs and upgrades, then factor them into your asking price.
Tip 3: Hire an appraiser
On the other hand, you could avoid all of the steps outlined above by simply hiring an appraiser.
Real Estate Appraiser: this term refers to a professional who determines the market value of a real estate asset.
An appraiser can provide you with a professionally certified value for your property.
And a certified appraisal is always a great negotiating tool to have!
Practically: Consider Making Repairs and Upgrades
The one undisputed method that you can use to increase the value of your house is to invest in repairs and upgrades.
Unless your home is still in perfect shape (the state that you bought it in), it is bound to require a few repairs, which can discount your property’s value.
So making those repairs could help you remove any potential deductions due to wear and tear.
In addition, investing in upgrades (be it remodels, renovations, or simply buying new appliances) will also make your property a lot more appealing…
As such, in this particular case, you need to spend money, to make money!
“What’s the Best way to determine what Repairs your Property Needs?”
Hiring an Inspector:
An inspector will be able to provide you with a comprehensive list of which repairs your property needs, then give you the gold star when everything is in good shape. In addition, professional inspectors will provide both you and your buyer with added security because of two main reasons:
Number One: Since they are a third-party entity between you and your contractor, they are an unbiased source. Therefore, they will only outline the repairs that your property needs.
Number Two: Their go-ahead will ease even the most uptight buyer who may be on the fence. Therefore, they’ll secure your deal.
After these, we’d advise you to make all of the required repairs and invest in a few profitable upgrades.
In the eyes of the buyer: Make your property shine
On the other hand, there are a few home improvements you can make that will beautify your house, increasing your property’s appeal in the eyes of your buyer.
In addition most of these improvements are very cheap (if they cost anything at all).
However, they will require you to invest a lot of time and effort…
… So you should be prepared for that.
Rule Number 1 of selling anything: People want to buy things that are appealing.
Deep clean your house
The very first thing that you’ll need to do when you decide to sell your house is to clean it. DEEPLY!
This point goes without saying; buyers will need to see your home in pristine condition. Anything less and they will begin to think that your property is naturally dirty and messy. These are nouns that you never want to your home to be associated with in normal conditions, so it’s double as important to avoid then when you intend to sell your house to someone else.
You want your buyer to view your home and be in awe, which will increase the likelihood of them making you an offer.
Declutter and Remove all Personal Items
Above all, you need to make sure that your buyer gets the sense that your property is a blank canvas that they can then fill up with their own possessions.
You can do this by decluttering and removing all personal items. This will let your home’s natural beauty and elegant structure shine.
If you do this, buyers will get the opportunity to personalize the property with their imaginations as they walkthrough, which will give them greater incentive to make the purchase.
Choose neutral colours and styles
For showings specifically, it would be best to prioritize neutral colors, decorative styles, and overall textures. This is incredibly important simply because of the fact that all buyers that you’ll come across will be different (with their own unique likes, dislikes and personal preferences).
But whatever your buyers’ preferences, your property should appeal to all demographics. And for this to happen, it would be best to make your house’s interior represent a blank canvas.
Improve your curb appeal and outdoor exterior
First impressions count! And when it comes to home sales, they can make all the difference.
Here are a few ways that you can give your house an eye-catching curb appeal:
- Install colourful window boxes
- Brighten your front entrance with flower pots
- Keep your front yard green and well maintained
- Install Symmetrical stone paths
- Invest in outdoor lighting
- Fix up your outdoor planter beds
- Invest in outdoor art e.g. fountains and flowers
- Repaint your exterior walls
Any of the above changes will be sure to spruce up your property’s overall appeal and give buyers a truly stunning visual experience both inside and outside of your home.
Come up with a good marketing strategy when selling your house
The very first step for effective advertising is to spend time planning out your marketing strategy. With this, those who fail to plan, plan to fail.
Think about your targeted buyer
Let’s start by thinking about who exactly you’ll be targeting with your marketing strategies. For this, you should ask yourself, “Which type of buyer am I looking for?”
In an average real estate market, there are literally swarms of different types of buyers. Each buyer has their own unique desires and needs; in addition, they will also offer you different prices. These are all elements that make your buyer pool within any region so unique.
All these different types of buyers can be divided into 3 distinct groups based on characteristics:
- Property Specific Buyers
- Traditional/Retail Buyers
- Cash Buyers
Choose Marketing Strategies that match your targeted buyer
Next, once you’ve identified which type of buyer you’ll be pursing, it will now be time to build a marketing plan that matches this buyer category.
You can do this by selecting and incorporating marketing strategies that have been proven to appeal to your type of buyer.
Below, we are going to list a few marketing strategies, and show you which ones better appeal to which types of buyers.
If you are looking for traditional buyers, creating a listing on the MLS is a requirement. This type of advertisement strategy provides a safety net for buyers, whilst they work other advertising angles for quicker results.
But, due to the fact that the MLS is often so packed with listings, you’ll find yourself competing with hundreds of thousands of similar listings. This often results in properties being outshined and remaining listed for months on end. Because of this, you should also pursue other strategies in the meantime.
Aside from the MLS, there are many other popular real estate listing websites that you can turn to for advertising to buyers. These include Zillow, Realtor.com and Trulia, to name a few.
Listing on these sights could help you open yourself up to a larger audience of potential buyers, which is bound to go a long way when it comes to speeding up your home sale. In addition, most of these sights are rarely as flooded as the MLS, so you’ll be able to battle it out with less competition for buyer attention… Which is a plus!
Social Media platforms are prime locations where products of all kinds can be advertised for sale. So why not advertise your home as well. Creating social media account on all the big platforms (such as Facebook, Instagram, Twitter and Pinterest) will help you spread your listing to a much larger audience
The main benefit that you’ll experience with social media marketing is that it is 100% free. Simply posting an image of your home for millions of people to see (as well as a host of potential buyers) can make all the difference.
While not a lot of people tend to read physical newspapers anymore in this day and age, if you’d like to optimise for buyers within your local area, print advertising could be a good option for you.
If you decide to pursue this marketing strategy, you’ll know that it’s working when one of your neighbours comes up to you and says, “I noticed your house is up for sale… it’s been advertised everywhere.”
After you’ve fortified your marketing plan with all the right strategies and put together all the funds you’ll require, it will now be time to get to work. Happy Buyer hunting!
In this section, we are going to provide you with a comprehensive checklist that will include all of the most common legal documents that we’ve come across here at FastPath Home Buyers for real estate transactions in Minneapolis MN, as well as their usual deadlines.
*Disclaimer: With this section, we can only provide you with a rough guide that meets state regulations. As such, when conducting your home sale, it is very important to learn more about your city’s specific laws and requirements governing real estate transaction as well.
For more information on this topic, we’d love to link you up with an accredited real estate professional within your area, or provide you with a free consultation were we can give you more specific details on your particular region. Simply contact us at (612) 351-2384, or visit www.fastpathhomebuyers.com, and we’ll be ready to help you!
Before You List Your Property
At the very beginning, here are a few documents that you’ll need to round up and/or fill out before listing your property for sale.
Proof of identity: this can be provided either with your driver’s license, a valid Minnesota-issue ID or your passport.
Property title deed: this is the document that the previous owner signed over to you with the rights and ownership details of the property.
Next, another very important group of papers that you’ll want to have by your side before you list your home for sale is a copy of the original sale of your property (when you bought it from the previous owner before you). This document is typically required by buyers because it shed a little more light on the property’s history.
This set of documents is used to reflect on the state of your property in terms of maintenance and repairs. You’ll need to provide your buyer with property maintenance records that accurately outline what repairs have been done on your house, and when.
The documents that you should add into these records include:
~ A map of your homes utility systems (e.g. gas pipes, electrical wiring etc.)
~ Dated home repair receipts and quotations for roof work, chimney maintenance, ceiling upkeep and any other work that you may have had done on your house when you lived in it.
~ Record of any recent work (e.g. painting, window cleaning, installation of new appliances etc.)
If your property is a part of a larger development, such as a townhouse in a multi-unit complex, a condo or a single home within a gated community, it is very likely that you’ll be a part of a larger home owners association (HOA).
If so, your HOA will have certain guidelines for a resident that lives within that property. These are all things that your buyer will need to know before the deal closes. They include:
~ HOA bylaws
~ Rules and Regulations
~ Copies of minutes from important HOA meetings dating to two ~ years prior from sale
~ Articles of incorporation
~ HOA Declaration of Covenants, Conditions and Restrictions
In addition to the property maintenance records, you’ll also need to provide you buyer with copies of your insurance records.
Providing them with a comprehensive overview on the state of the property will have remove any liabilities when it comes to future experiences that they may or may not have once they buy your house. For this, you’ll need to outline all the damages and repairs that have happened to your property in the past, as well as any insurance claim that you may have made.
Leaving behind good quality appliances when you sell your house is a great way to negotiate for a better price. This can be something that you can include to sweeten the deal, and therefore speed up your overall home sale.
However, if you do decide to do this, it would be best to make sure that your buyer is equipped with all the right owner’s manuals and warranty information before closing.
While you’re selling your house
Next, we are going to cover some of the documents that will be due, and that you’ll need to cater for, once you’ve listed your property.
This is a particularly important document that you’ll need to sign if you decide to sell your house with a real estate agent. A listing agreement is the official document that outlines the arrangement between you and your real estate agent. It lawfully gives your real estate agent the rights to list and sell your property on your behalf. Overall, this document lays the foundation for the entire home sale process if you decide to work with a real estate agent.
Affidavit of Title
Another very important document that you’ll need to provide your buyer according to state regulations (especially if you’re selling your house in Minnesota) is an affidavit of title. This document basically dictates you are the owner of the property, that you are not simultaneously selling the property to anyone else, and that there are no outstanding liens on your property prior to sale.
Once you’ve found a buyer, it is very important to be transparent when it comes to the property that you’ll be selling to them. They’ll need to be provided with details about the homes prior structural damages and any other potential hazards.
Disclosure requirements differ from state to state. As such, it’s important to take the time to find out what your states specific requirements are before competing one for your property.
Home Inspection Documents
In addition to the mandatory disclosure, most buyers will also write a home inspection as a contingency into the contract. This will require either you or your buyer to hire an inspection of the property a few days before the deal can be finalized.
An inspection will cover every detail, from the state of your homes structure, plumbing, heating and electrical systems.
When Finalizing Your Sale
Whilst you may have reached the final stretch, the workload is far from over. In this last section, we are going to talk about a few documents that you’ll need to submit in order to wrap everything up.
Final Purchase Agreement
Once you’ve finalized on all the itty bitty details and contingencies, and both you and your buyer are satisfied with the state of the deal, your lawyer/real estate agent will then be able to draft up a final purchase agreement.
This contract will officially state the sale price of the house, the terms of the purchase agreement alongside any added contingencies and the closing date.
A deed is a physical document that grants an individual legal ownership over a property. As such, it will need to be transferred into your buyer’s name. This will require both you and your buyer’s identification details, as well as information on the property in question.
And last, but not least, a signature that will write it into existence.
At closing, when the final purchase agreement is signed by both you and your buyer, the closing agent or title company will generate a document that is known as the closing statement.
A closing statement is a document that shows a seller how much money they’ll get (their net take away from the sale) after taxes, closing costs and other transaction fees have been taken into consideration.
So there you have it. Here are all the main documents that you’ll need in order to sell your house.
Interact with Potential Buyers
Let’s talk about arguably the toughest part of the home sale process: schmoozing the buyer.
When everything is said and done, the entire home sale process typically comes down to this one section… Your ability (Or your agents), to convince someone to spend their money and buy your house.
In this section, we are going to provide you with a little bit of information that is sure to help you finalise your deal without any problems.
So, without further ague, here are the thing you should do to seal the deal…
- Accommodate showings as best you can.
- Be patient with potential buyers.
- Endure all the insulting offers politely.
- Answer all questions as truthfully as you can.
- Consider adding a little something to sweeten the deal.
Speak to your lawyer/agent before closing
During the period when your contract is being drawn up just before closing, you’ll get one last chance to make sure that everything is done to your liking. As such, it is very important to make sure that the drafted contracts have met all of your requirements, as well as your buyers.
For those who would have hired and been working with a real estate agent, this would simply require you to sit down with your agent and review the drafted contract. However, if you listed FSBO, you’ll need to hire an attorney who will then work as your proxy when it comes to contract creation and review.
Sign on the dotted line
Once everything is said and done, it will now be time to simply sign on the dotted line and collect your money.
Congratulations! You would have officially sold your house.
But Is There an Easier Option?
If you’ve followed this guide since the very beginning, you would have seen that selling your house is a lot of work. Even if you hire the best real estate agent to help you!
So, if you’re looking for an easier option, keep reading…
Step 1: Contact us and Submit Your Property’s details
To get your All Cash Offer, simply reach out to us, either by calling (612) 351-2384 or by filling out the short form on our HOME PAGE.
After this, a representative from our company will reach out to you with the hopes of setting an appointment for a short meeting (which usually takes place on virtual platforms so you won’t have to worry about rearranging your schedule or using up your fuel).
After this appointment, our team will get to work researching your property and compiling that cash offer.
Step 2: Tour of Your Property with Your Cash Buyer
One of the main reasons why local home sellers love us so much is because we accept properties in completely “as-is” condition.
However, before we can finalize on your all-cash offer and close the deal, we only ask for one thing; a quick walk-through of your property. For this, we’ll schedule a time that’s most convenient. A representative from our company will then arrive at your property and quickly browse through it.
*Please Note: If a live tour of your home cannot be conducted, we can accommodate virtual tours as well.
Step 3: Select a Closing Date to Sell Your House
Once you’ve received your offer, the ball will then be 100% in your court. We’ll apply no pressure, so you won’t be obligated to accept our offer and close on the deal.
However, if the offer works for you, you can then proceed to setting a closing date that can be as slow or as fast as you’d like. We’ll move on your schedule and be ready to sign the papers at a time of your choosing, and in a third party location (for your added security).
Benefits of Selling Your House for Cash to FastPath
No Fees, Expenses or Commissions
Why pay thousands of dollars agent commissions and sale fees when you can just sell your house at the click of a button!
Fast Closing at Your Convenince
Instead of waiting months and months in order to sell your house, we can close on your property in as little as 7 days.
No home repairs or upgrades
Avoid paying for expensive repairs and upgrades by selling to our company. We accept homes in “as-is” condition.
Buying Houses Since 2004
At Fast Path, we have years of experience and many resources and connections that can help you find solutions for your home sale problems.
Forget About Cleaning
You won’t even have to worry about dirty dishes. Simply accept our offer and you can walk away from your home no matter its condition!
So now that you know why FastPath is the best choice for you, reach out to our company today and we’ll begin making your home sale a breeze.
Now You Have The Knowledge. Get Your Free Offer Now!We give you actionable data to make the best decision.
Find Out How Much Cash We Can Offer For Your Minneapolis House!
Reasons Why Deals Fall Through
While deals falling through at the finish line may not be overly common, it still happens.
According to trulia, nearly 4% of all real estate transactional contracts fall through, and that’s even after you and your buyer have exchanged a solid verbal agreement.
And while these many initially seem like good odds, there are certain things that can increase the changes of your deal falling through exponentially.
In this section, we are going to talk about some of the reasons why home sales fall through in Minneapolis MN. Being forewarned is being forearmed!
Buyer’s Loan Falls Through
One of the main downsides that comes from selling your house traditionally is that you’ll have to deal with traditional buyers. And as we covered above, traditional/retail buyers are not always very reliable.
These types of buyers often depend on a mortgage loan for them to purchase your home. However, mortgage agreements are notoriously unpredictable.
Because of this, your deal will most likely fall through if your buyer fails to secure the loan.
Liens on Your House
Another reason why the sale of your property may fall through is if there are active liens on your home due to outstanding mortgage payments or any other debt that may have your property as collateral.
Unless you’ve discussed this issue with your buyer beforehand and made accommodations for it within your purchase agreement, it will most likely result in a terminated contract.
Another thing could potentially affect your deal, and result in it falling through completely, is if your buyer adds contingencies that you cannot meet. This typically takes place either when a property is not properly de-personalized, or when it’s staged a little too perfectly.
In these cases, a buyer may notice your grandmother’s antique clock, or a brand new microwave that you’d bought for your new home, but decided to use for staging purposes as well. If things such as these resonate with your buyer a little too well, this could result in your buyer requiring you to part with them as a contingency for the sale.
These days, most buyers are educated enough to know that while they may initially see a whole lot of beauty on the surface of your home during a showing, a peak underneath the hood could reveal a great deal of rot. For this reason, they will likely request an inspection of your property prior to closing.
As such, another common reason why deals fall through is because of these home inspections.
And in other cases, your deal could fall through due to factors that are completely outside of your control. When this happens, it’s typically known as a contract that has failed due to buyer’s remorse.
Cases of buyer’s remorse may take place due to a few things:
- Circumstances may change in a buyer’s life (e.g. loss of employment).
- The buyer may decide that your property not quite right for them out of the blue at closing.
- A buyer may realize the far realize the far reaching effects of their decision when purchasing a house then get cold feet.
Contact FastPath Home Buyers
Reaching out to our company is a great solution is your coming straight out of a failed deal and would rather avoid repeating the home sale process all over again with a new buyer.
FastPath Home Buyers is committed to helping you get all the answers you’ll need to make the best decision for your family – both from a financial perspective, and a total effort standpoint. We know that selling your Minneapolis property is a big decision. We also know that FastPath Home Buyers might not be the best choice for you! If not, we still want to help you find the best possible solution option to your situation – even if that means choosing a different path to working with a cash buyer like us. We’ll do this for FREE!
Often, FastPath is the best choice. But, when we are not, we will be honest and transparent, and we’ll help you find what is best.
So what do you have to lose? Call (612) 351-2384 and reach out to our company today!