Buyer's remorse, inspection problems, and prolonged negotiations are reasons buyers back out—here's how to keep your sale secure.
Are you wondering why buyers are canceling home deals at the last minute? It’s a pressing issue in the real estate market, with cancellation rates rising sharply. 30% of homes under contract aren’t making it to the closing table. Let’s explore why this is happening and what you can do to ensure your sale goes smoothly:
1. Buyer’s remorse. Sometimes, buyers get in over their heads and start second-guessing their decisions. This buyer’s remorse can lead them to unexpectedly back out of the deal.
2. Prolonged negotiations. When negotiations drag on and turn into a back-and-forth over every little detail, buyers can become frustrated and decide to walk away.
3. Inspection issues. Home inspections can reveal problems that cause buyers fear and concern. Significant inspection issues can be a major deal-breaker.
“By addressing these key areas, you can significantly reduce the risk of your deal falling through.”
How to prevent buyers from backing out:
1. Hire an excellent real estate agent. An experienced agent will vet potential buyers and their agents to ensure they are serious and qualified. This reduces the risk of buyer’s remorse derailing your sale.
2. Address inspection issues upfront. Before listing your home, take the time to identify and fix any areas of concern that might come up during an inspection. Resolving these issues early can prevent surprises that scare off buyers.
3. Price your home reasonably. Setting a clear and reasonable price upfront helps avoid prolonged negotiations. A well-priced home is less likely to result in drawn-out haggling, keeping buyers engaged and confident in their purchase.
If an appraisal is low, an excellent real estate agent can fight for your home’s value by providing the appraiser and buyer with relevant information. While it’s not guaranteed to work every time, having an expert on your side increases your chances of a favorable outcome.
If you have questions about selling your home, please contact me. I’m here to help you manage the market and achieve a successful sale.
