Why do buyer-seller agreements fall apart?
Florida has a roaring real-estate market and many homeowners may seek to sell their properties for various personal/financial reasons. But the closing of a deal may send their stress levels through the roof. 911Houses explains why buyers often renege on their contracts and why closing becomes a nightmare for home sellers.
BUYER'S PERSONAL CIRCUMSTANCES
- Job loss
In these uncertain times, losing a job is a possibility. And a loss of steady income would make any buyer unable and unwilling to take up the responsibility of debt. Even if backing out of the agreement means paying a penalty fee, or forfeiting their earnest money, buyers who have lost their source of income will step back, leaving the home seller with the task of looking for another buyer. This may disrupt the plan a home seller may have and put them under financial stress.
- Ineligible for a mortgage
From changes in the credit history or employment situation of the applicant to the lender rejecting the home appraisal, even a pre-approved mortgage can fall through for various reasons. A financing contingency clause in the agreement can help a buyer walk away from the deal without any losses before the contingency’s expiration date.
- The buyer is unable to sell the old home
Sometimes a buyer may be dependent on the sale of the old house to pay for the new one. In a worst-case scenario, the buyer is unable to sell the old house, a contingency clause may allow the buyer to back out. This however also allows the seller to keep the house on the market and opt-out in case of a better offer.
911Houses buys houses for cash and has been financing its house purchases in Tampa Florida. Approval of a mortgage to pay is something the company or the seller need not worry about. A deal with 911Houses is always a sure-shot cash deal.
Buyer Finds Something Better
A buyer may continue checking out other houses post committing to a home seller. Another home may catch their fancy and change their mind in a flash. This can again disrupt a home seller's plans.
911Houses makes an offer within 24 hours without inspection and can close the deal within a week. Purchasing a home is an investment for the company.
PROPERTY'S CIRCUMSTANCES
- A failed inspection
When a seller fails to disclose any known property damages or flaws that can impact the future value of a property, by law a buyer can withdraw the offer and a lender can reject a mortgage upon the inspection of the house. Any major structural damage or pest infestation can become a reason for a deal failing.
911Houses does not require any inspection or visit the property before making an offer.
- Failure to improve or repair the house
In a scenario where the seller agrees to repair and amend the flaws that were discovered in the house upon inspection, the seller is liable to fulfill those commitments before the contingency date. Failure to do so can lead to the buyer backing out without losses.
911Houses will buy a home “as is'’ without any demand for repairs or amendments to the property. Sellers can sell their homes for cash without any inspection or spending any money on repairs.
- Undisclosed easements
An easement is the right of another person or entity to use part of a property. They are part and parcel of the land they affect. They don't change when the property changes hands. Subsequent owners are obliged to let whoever owns the easement use the property. This means buyers must find out exactly what easements a property is subject to before finalizing the purchase. Easements can be beneficial or detrimental to a property.
There are several types of easements, including utility easements, private easements, easements by necessity, and prescriptive easements (acquired by someone's use of property). Clouds on a home’s title are a kind of easement that may occur without the consent of a property owner. When these turn up during the title search, a buyer is entitled to withdraw the offer unless the issue is resolved.
911Houses takes care of all paperwork leaving the home seller free from stress and hassle.
Until a home seller has signed the agreement, the buyer is not liable for anything. But once the contract is signed by both parties, stepping out of a contract can be tricky for a buyer and definitely a source of disappointment for the seller. But what if the buyer just cannot buy the house anymore? A homeowner can then easily sell a home fast for cash with 911Houses.
Why 911Houses.com?
911Houses.com is a reputable real estate investment company that buys houses for cash in Tampa, FL, and the surrounding areas. Unlike regular real estate companies, with 911Houses, property owners don’t have to list their homes, pay for expensive repairs, or worry about a prospective buyer backing out due to lack of financing.
911Houses buys homes directly from owners and closes the deal within 7 days. Ready to get started with 911Houses to sell home fast for cash?
Visit www.911houses.com/ or call (813) 345-2660 for more information.
