Selling your home is never easy. In fact, anyone who has sold a home and moved out can tell you that it is one of the most stressful experiences out there. Part of what makes it so stressful is the high chance of unforeseen setbacks occurring. It is nearly impossible to assess how long it will take or how smoothly things will go. Here are three factors that could interrupt your home sale.
Factors That Can Interrupt Your Home Sale: Repair Issues
Before closing on the home, your buyer will most likely have a professional home inspection done on the property. These inspections are very thorough. Home inspectors are known for spending hours looking into every nook and cranny of your home. If there is damage to be found, a home inspector will find it. Most buyers want any significant repairs completed before closing. This can add weeks or even months to your sale. If you don’t want surprises after your home is under contract, get your own inspection and take care of any needed repairs before listing your property. If you want to forego repairs, consider selling your house as-is to a cash home buying company.
The bulk of the time between signing a contract and closing is spent waiting on lender funding. Most buyers need a home loan to finance their purchase, and loan companies are notoriously slow, even when all goes according to plan. When setbacks occur, it can take even longer. There are several reasons why financing could be delayed or even fall through. The inspection could reveal serious structural issues. The appraisal could come back too low. Or, the buyers might have liens on their current home. To speed the process up, look for a cash buyer. With a cash sale, delays are less likely to occur.
Factors That Can Interrupt Your Home Sale: Failed Buyer Contingencies
If there are buyer contingencies included in the contract, you could face a situation in which the qualifications weren’t met and the buyer can legally drop out. An example of this is a buyer’s home contingency. This means that the buyer must sell their current home in order to complete the purchase. If their home doesn’t sell in the designated time frame, they can back out. You will have to start from scratch at this point. Other examples are inspection and appraisal contingencies.
Selling your home can be a hassle, but there are ways to improve the process. You can take care of repairs before listing it, find a cash buyer, and accept the offer with the fewest contingencies. If you are in the middle of a home sale, try to relax, breathe, and remember that this too shall pass!
Check out this article on how to reduce the stress of selling your home!
Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.