Common Reasons and Solutions For Home Sale Failure
Why do homes under contract fall apart in Massachusetts? Several reasons can lead to a contract falling through. One common issue is problems discovered during the home inspection, such as roof damage, electrical problems, or pest infestations. Appraisal challenges can also arise if the property’s value falls short of expectations.
Changes in the buyer’s financial qualification, investor’s change of mind, and buyer’s circumstances can further contribute to contract failures. Sellers need to be aware of these potential challenges when accepting buyer offers.
No sale is complete until the fat lady sings. However, there is a difference between pending sales and those under contract. When homes go under contract, there are usually buyer contingencies that must be met. The two most common contingencies are a home inspection and getting a mortgage.
Real estate agents refer to these as contingent houses. In my experience over the past thirty-seven years of being a Realtor, the home inspection is likely to cause the most problems for getting to closing.
Let’s look at all the potential reasons for home sales in Massachusetts falling apart.
Common Issues During Home Inspection
What are the common reasons why under-contract sales fall apart in real estate?
When a home is under contract, the inspection process is crucial in determining its condition. Several common issues can arise during a home inspection, potentially leading to the agreement falling through.
Roof Damage
One of the main issues that may be discovered during a home inspection is roof damage. This can include missing or damaged shingles, leaks, or structural issues. A damaged roof can significantly affect the property’s value and may require costly repairs.
Depending on the severity of the damage, the buyer and seller would need to negotiate and agree on how to address the issue. Sometimes, it leads to the seller installing a new…
