Friday, November 29, 2019 / by Ariadne Gold
So you’ve gotten your home under contract, and you’re ready to move on to your next adventure; yay! But do you know the things to look out for that can halt the sale?
1. Excessive Repairs Needed
Its rare that a buyer will waive their inspection contingency, so the likelihood is that the buyer is going to have a home inspection done. If the inspection reveals that a lot of repairs are needed or that there is excessive deferred maintenance, it may scare off the buyer. The best way to avoid this is to complete those repairs before listing!
2. Low Appraisal
This is another reason why it is SO important to have a comparative price analysis done by a local Realtor before listing. The lender will not lend above the appraised value, so if it comes in low you will either need to lower the sale price, or the buyer will have to come up with the difference (which is rare as most people won’t want to pay more than the home is worth.) If you and your Realtor think that the home is worth more than the appraised value, and you have the comparable sales to prove it, you can dispute the appraisal.
3. Easement or Property Disputes
An argument about a shared driveway, who owns the fence, or who’s shed is placed on the neighbor’s property can take a long time to fix if the two sides can’t agree. Ensure that these issues are discussed and repaired prior to listing!
4. Buyer Financing Issues
Lenders can make or break a sale. A good lender will ensure that the buyer knows that they cannot go open any new lines of credit (a new car, furniture, etc.), quit their job, or spend large amounts of cash, until the sale closes. A good lender will be communicative with all parties, and ensure that they are sticking to the timelines. When you initially receive the offer from the buyer, your Realtor should be able to tell you if the lender is someone who they have worked with before. If not, have your Realtor call the lender directly and discuss their process. If it’s someone that your Realtor is unsure about, suggest that the buyer go with a different, local lender BEFORE accepting their offer.
5. Cold Feet
Buyers getting cold feet has become more and more common in the Spokane real estate market, with low inventory and buyers having to move fast with no time to sleep on it. It’s so important to make sure that you are sticking to the timelines in the contract, and have all of your I’s dotted and T’s crossed so that the buyer doesn’t have any excuse to get out. It’s also important to have enough earnest money from the buyer that it makes up for the amount of time that your home was off of the market if the buyer does back out after their inspection period.
These are just some of the things that can stop your home sale; the biggest thing to remember is that its important to have a Realtor that you trust, who can walk you through the sale and either ensure that these things don’t happen, or protect you if they do.
As always, I’m here to help with any questions. (509) 217-7172