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There are six all-too-common reasons why a real estate deal can go south here in Wilmington.
1. Not dealing with a pre-approved buyer. This can go either way; from the buyer or seller. You need to be sure the buyer is pre-approved for the loan and working with a competent lender who can actually get the deal done.
2. Change in credit score. Buyers need to know that even after going under contract, they shouldn't go out and spend a bunch of money with credit cards. Lenders will check credit three or four times throughout the process, and typically right before closing.
3. Buyer getting spooked by the home inspection. The inspection will reveal any defects in the property. We use very good home inspectors, so their reports are usually 50 to 60 pages long, and sometimes just the length of it can freak out the buyer. You need to sit down with your agent and really evaluate that inspection to see what really needs to be repaired. It can also be a great negotiation tool down the road. We'll ask the seller to either make repairs or make concessions in lieu of repairs.
4. Buyer running out of money during the process. Keep in mind that not only do you have your due diligence fee and earnest money, you also have to pay for appraisals and inspections up front, and have money reserved when it comes time to close. I recommend that you probably shouldn't buy a house unless you have about three months worth of living expenses saved up, so you can be prepared for any surprises.
5. Blowing small things out of proportion. Keep in mind there will be a lot of negotiation between the buyer and the seller, and it's a very emotional process. The key is to stay unemotional and not take anything personally.
6. Buyer getting cold feet. Buying a home is a long process, and there will be highs and lows. It starts with excitement when you find the right house, then there is a lot of stress and a lot of writing checks and paperwork. In the end, keep in mind that it will pay off with your new home, but during that time, there will be ups and downs. That's why we're here.
Hopefully knowing these steps can help you be prepared for anything the home buying and selling process can throw at you. Remember, as agents, we're here for you to guide you through them and get you the best deal. If you have further questions or are interested in learning more about the advantages we provide when buying or selling a home, shoot me a text or give me a call today. I look forward to hearing from you!
