Many things can delay a home sale. From the weather to the economy, there are a number of factors that can affect when a home is sold. These are a few of the most common factors that can delay a home sale, and some tips to help you avoid them.
Financing Issues
Home sales can sometimes be delayed due to financing issues. For example, if the potential buyer is waiting for a Mortgage commitment or if their Mortgage is taking longer to process than expected, the sale may be delayed. In addition, Appraisals can also take longer than expected and this may impact the sale as well.
If the Appraisal value comes in lower than the agreed-upon purchase price, the buyer may need to renegotiate the price with the seller or look for alternative financing. Either way, this can result in a delay in the home sale. Ultimately, it is important to be aware of all potential factors that could delay a home sale so that you can plan accordingly and avoid any unnecessary delays.
Repairs
Renovations can cost you thousands of dollars out of pocket. If you’re not planning to live in the house for very long, it may not be worth it to make all the repairs. Nevertheless, some homebuyers are willing to take on projects if the price is right. It’s all a matter of negotiation.
Typically, it is cash buyers that are willing to take on the repairs to make a sale work. Otherwise, you might be expected to make costly repairs before a traditional buyer will even consider your home.
Inspection Issues
One factor that can delay a home sale is inspection issues. Before buying a home, most people choose to have it inspected by a professional. The inspector looks for any problems that could cause issues in the future. If the inspection turns up any major problems, the potential buyer may back out of the sale. In some cases, the seller may be willing to make repairs in order to avoid losing the sale. However, if the buyer is not satisfied with the repairs, this can still lead to delays or even the collapse of the sale. Therefore, it is important for sellers to be aware of potential inspection issues before putting their homes on the market.
A home sale can be an incredibly stressful time for sellers. This is particularly true when you are stressed about a potential issue with the sale falling through. By being aware of these three common issues you can prepare and protect yourself.
Did you enjoy this article? Here’s more to read: Types of Buyers That May Be Interested in Your Home