Acquiring the real estate contract for a property doesn’t mean that the deal is already done and successful. Of course, it is definitely something that can be celebrated after all that you have gone through in the process. But you need to remind yourself that there are still many things that can happen between the contract date and the closing date. There are possible problems that may arise. It can be an issue with the real estate agent, the buyer, the mortgage, the seller, or a combination of all. To ensure the success of your real estate deal, it is best to know the common reasons real estate deals fall through.
Here are the things that you should watch out for:
1. Home inspection issues
The home inspection is an important part of the homebuying process. It is where you can assess whether or not there are issues or repairs that need to be done in the home. In most cases wherein major issues are found during the inspection, real estate deals fall through. These major issues can include molds, pests, foundation or structural issues, electrical issues, water pressure issues, roof damage, and building code issues.
If you are a home seller, it is best to have your home inspected even before listing your property on the market. This will give you a chance to address possible issues before a potential buyer knows about them. It will help you avoid problems that could cause your buyer to withdraw their offer.