According to Trulia, the percentage of real estate contracts that falls through in any given year is 3.9 percent. I know right, sounds amazing for people selling their Minnesota houses right. I mean, simple maths would then tell you that 96.1 percent of all home sales that reach the contract stages make it past the finish line, which are great odds. However, what this stat will neglect to mention is that there are certain factors, such as bad inspections, that have the ability to significantly increase the chances that your housing contract will fall through. As such, if after months of hard work spent selling your Minnesota house you find yourself unable to get a buyer to commit to a sale, it may be time to consider what you might be doing wrong.
Whilst most people do attack the task head-on as best they can (or at least hire a good real estate agent who will) when selling their Minnesota houses, some do make a few mistakes along the way. These mistakes can be quite costly, and they can also result in home sales falling through. For this reason, we have decided to focus on some of these mistakes and highlight how they can become reasons home sales fall through.
In this blog post, we will go over 5 of the main reasons why home sales fall through in Roseville and what you can do about it. If this has recently happened to you, be sure to read one of our top posts on what to do if your buyer falls through in Lakeville MN.
Top Reasons Home Sales Fall Through in Roseville
Financing Falling Through When Selling Your Minnesota House
Traditional financing has to meet specific qualities in order for borrowers to qualify for the mortgage loan. As such, changes in these factors are usually big reasons why housing deals fall through. Your buyer may have unexpected life changes or a change in their credit score that could still affect them, even if they had been previously pre-approved for a mortgage loan.
One potential solution to this problem could be to only work with preapproved or cash only buyers. However, this approach may not always give you results. If you really want to avoid this and would prefer to be certain when it comes to the sale of your house, contact us Now! Here at FastPath Home Buyers, we buy houses throughout the greater state of Minnesota and pay cash for them. As such, we’re not inhibited by mortgage loans like most traditional buyers and can offer you a secure home sale. Call us at this number (612) 351-2384, or fill out the short form at the bottom of this blog to receive an all-cash offer for your house within minutes.
Failed Inspections When Selling Your Minnesota House
Failing a professional inspection is another reason your home sale could fall through in Roseville. As such, the best way to avoid this is to prepare in advance by conducting your own professional inspection at beginning of the home sale process and taking care of any serious repairs that may come up.
However, if you don’t want to make any more investments in the property, you can be upfront with your buyers, in order to avoid any surprises that scare the buyer away at the last minute. To avoid being insulted, be of a mind that buyers will request a credit off of the purchase price for each issue, so you will want to be ready beforehand with knowledge of the costs of each repair.
In addition, making sure that you maintain a personal copy of your title report is another good practice that could help you prevent your contract from falling through. A property deed (or title document) is legal proof that you are the rightful owner of the home, with clear titles. Having it on hand can avoid delays and allow a buyer to feel secure in the transaction they have entered into with you.
Bad Appraisals When Selling Your Minnesota House
Appraisals can be one of the reasons home sales fall through in Roseville. Keep in mind that depending on the type of loan being used, there are different types of appraisers. With VA loans, there will be a VA certified appraiser. If the loan is through the FHA program, the appraiser should also be FHA certified. This appraisal will be valid for your home for a period of 6 months. And finally, conventional loans will use a conventional appraiser. Buyers rarely pay more than the appraisal, though you do have the right to dispute the appraised value. The bottom line is that no lender is going to loan more than the ratio guidelines in their policy on your home if your appraisal comes in lower than the sales price.
Buyers Emotions When Selling Your Minnesota House
Buyers in Roseville can sometimes get cold feet and back out of a deal-making home sales fall through. While you may try to entice them with incentives to move on, they may walk away despite your best attempts to bring them back to the table. Confidence and enthusiasm are evident when you meet your potential buyers. If they aren’t exuding these qualities, trust your gut instinct, and move on to a buyer giving off a secure disposition.
Contingent Offers When Selling Your Minnesota House
You’ll want to avoid relying on the sale of your buyer’s current property to enable the purchase of yours. This reason for your home sale falling through in Roseville can be avoided. What you can do in order to prevent this issue is to limit your dealings to buyers who have already sold their homes, or in some other way have proven to you that they are ready to make non-contingent agreements. It’s also wise to remove anything that’s not available as a deal sweetener, to avoid a buyer becoming attached.
Wouldn’t it be great to just forget about all the possibilities why your long-awaited deal may fall through? Simply send our team a message or call (612) 351-2384 today and sell your house directly to FastPath Home Buyers! We buy houses in Roseville MN and would love to make you a fair cash offer for yours, then close fast. So fill out your information in the form below and we’ll get back to you soon with a competitive all-cash offer for your house.
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