Updated: Jan 24
You just listed your house on the market, and you couldn’t be more excited.
You spruced the place up
Did everything your agent said
And now you await the flood of offers
It only takes a few days until you receive an offer you’re happy with, and you accept it.
But is it a done deal? Not quite.
Even after getting your house under contract, several things may cause the sale to fall through.
Let’s discuss exactly what they are and what you can do to prevent them from happening to you.
The Buyer Orders An Inspection And Doesn’t Like The Results
A common reason pending home sales fall through is because of the inspection.
Almost every traditional buyer will order a home inspection, and they should. It helps ensure they’re buying a safe and reliable house for their family.
Inspection reports are designed to cite everything the inspector sees as a potential issue.
Potential code violations
Issues with critical systems like plumbing and electrical
Or roofing and structural concerns
An inspection report can be over 20 pages worth of things wrong with a property.
Let’s remember that every home is going to have issues turn up on the inspection report.
No house is perfect.
It’s up to the buyer to decide what, if any, repairs they want you to make to the house before closing, or they can pull out of the deal if they have an inspection contingency included in the contract.
Should buyers want to move forward despite the inspection results, they have three options.
Request you perform some repairs
Ask you for a price reduction/concession based on the inspection report
Maybe they won’t ask for anything. But asking for nothing is unlikely
Depending on what the buyers want, you’ll have to make sure you negotiate with them, so they are happy and comfortable moving forward.
What Can You Do? Get a pre-home inspection and ask your realtor what you should address.