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Few things are as rattling as the thought of your home sale falling through at the last minute, right before closing. All that progress out the window.
If you’re getting ready to sell, here’s what you should know. Even in today’s market, home sale rarely fall through. According to the latest data from Redfin, only about 1 in 7 pending sales are falling through.
The single biggest thing that puts a deal at risk is the one you have the most power to prevent. It just takes a little smart planning before your house hits the market.
Why Home Sales Fall Apart
- Inspection or repair issues. This is the big one. When an inspector finds a problem, whether with the roof, the plumbing, the foundation, or elsewhere, the buyer can ask you to make repairs, request a credit so they can do it themselves, or see if you’ll lower your price. If they don’t get what they want, they may walk away.
- The buyer’s financing fell through. Their mortgage loan has to be fully approved in time for closing day. If the loan doesn’t come together, the sale can’t move forward.
- The buyer’s current house didn’t sell. Some buyers need to sell their own home before they can close. If that takes longer than expected, you may have issues with the timeline or they may change their mind.
- There was a change in buyer’s financial situation. A new job, a big purchase, or new debt can change what a buyer qualifies for on their mortgage loan, even after they were pre-approved.
Where Your Agent Makes the Difference
Some of those reasons are outside your control, but according to Zillow, there are proactive things to help your sale go as smoothly as possible:
- Get a pre-listing inspection. This lets you find issues before a buyer’s inspector does, so you can address them on your terms, instead of scrambling once you’re under contract. In this situation, your agent will help you decide what’s worth fixing and what to disclose. Handle it now, and the biggest risk to your sale is behind you.
- Look at more than just the offer price. Your agent will help you weigh the whole offer, including the buyer’s timeline and any contingencies. When a buyer’s offer depends on selling their own home, the success of your sale rides on a deal you can’t influence. Sometimes, a slightly lower offer with fewer strings is the safer one. Your agent will help you weigh options and decide what works best for you.
The smartest move is staying one step ahead.
Bottom Line
Most home sales still close, and the biggest thing that could get in the way is one you can actually control. With the right prep, your sale has every reason to make it to the finish. So, let’s connect and get your house sold!
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