| What to Do If Your Home Sale Falls Through
Receiving an offer on your property is undoubtedly a positive step forward, but it is important to keep in mind that the deal is not complete until the money is in the bank. There are several reasons why offers can fall through, such as issues with financing, building or pest inspections, valuation, or title search. In some cases, buyers may even have a change of heart or find a more appealing property.
If a contract falls through, it is essential to work closely with your agent to devise a game plan to move forward. Here are some steps you can take before re-listing your home:
- Get a pre-listing pest and building inspection to avoid surprises.
- Work with your agent to ensure that the price is right, especially if the previous contract fell apart due to appraisal issues.
- Conduct your own title search to anticipate any potential issues.
- Request mortgage pre-approval letters with every offer to ensure the buyer’s financing is solid.
- Keep your options open to other offers in case the current one falls through.
It is also crucial to assess your marketing plan along with your agent before relisting your home. Consider whether updates or repairs are needed, or if improvements can be made to staging and street appeal. You may need fresh photos or a better description to attract new buyers.
Throughout the entire process, communication is key. Your agent should communicate proactively with you and potential buyers, setting a game plan for moving forward. Remember that while a failed contract is a setback, it does not mean that your goal of selling your home is unattainable. Stay patient and work closely with your agent to move forward successfully.
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