Trying to sell your Edmonton house fast? There’s no guarantee, nor any way to estimate when your home will sell. We’ll review what you can do if your buyer falls through. No question, it’s a major disappointment when you believe you’ve sold your home and moved forward with plans for your new home and it doesn’t come together as planned. While it doesn’t happen often, it’s wise to be aware of the possible reasons why a buyer falls through and what, if anything you can do to avoid it.
Backing Out
It’s especially disheartening to learn that a buyer backed out because of buyer’s remorse. Unfortunately, there’s nothing you can do to save the proposed sale of your Edmonton home for this reason. If you’re selling your house in Edmonton for an urgent reason such as relocation, the pressure of the sale not going through can be overwhelming. It’s also time-consuming and expensive when you’re suddenly forced to make last-minute arrangements because of your buyer’s vanishing act. At the same time, if you want to maintain the moving reservations, you’ll need to act swiftly if your buyer falls through.
Unqualified
While there may be serious buyers who haven’t been pre-approved for a mortgage loan, sorting them out can be time-consuming, intensely trying to one’s patience, and quite costly. One thing you can do to avoid the issue of qualifying for the mortgage, as a reason for failure on the buyer’s part, is to only work with pre-approved buyers to increase your chances of a successful deal. This means the lender is ready to work with them, having verified their credit and ability to afford the down payment and all of the costs associated with the transaction. While this will limit the number of buyers who pass through your the door when you are selling your house in Edmonton, it is in your best interest.
Further to that point, if you ask any potential Edmonton home buyer they will tell you they are pre-approved. But sadly the difference between being pre-qualified and pre-approved is a BIG difference that many buyers, then sellers learn the hard way. Read this article to know this important distinction.
Inspection
According to Forbes magazine, It’s advisable to order your own independent inspection, done by a professional, when you’ve decided it’s time to sell your Edmonton house. This will strengthen your negotiating position when that offer to purchase finally comes in. If this potential buyer is using conventional financing, you can be certain there will be an inspection. Depending on the age and condition of your home, failing the inspection is a deal-breaker. Let’s hope that isn’t the outcome, but if YOU FIND the deficiencies ahead of time, you eliminate the likelihood the buyer may pass on your home or ask for a substantial price reduction. Think of it as a mini insurance policy.
Regardless, whether you hire professionals or are capable of doing the work yourself, be aware you’ll need to invest even more in the property in time, money and all of the head aches repairs bring if that buyer-ordered inspection has major issues.
Low Appraisal
You’ll need to consider investing in updating the home or repairing out of date or poorly operating major home systems and structural issues, in order to be in the competition. Should the house you’re selling in Edmonton fail to appraise for enough to meet the desired loan to value (LTV) ratio of the lender, the mortgage loan will be denied. By having your Edmonton home appraised by a professional beforehand, you’ll have a more realistic picture of what you’ll be able to sell it for.
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What To Do If Your Appraisal Comes In Low
Wary of the maddening roller coaster that selling your house in Edmonton can become…losing time waiting for a closing that never happens, and the whole time pouring more money into maintaining your property? If you are finding yourself facing time restrictions, don’t want to invest even more into your property, or you just want to simplify the process of selling your Edmonton house, one thing you can do is to consider a direct sale to a company like SUNRISE HOME BUYERS as your exit strategy.
Wanting to avoid such an awful experience and all of the emotional turmoil that’s comes along with it is understandable. Want to know the best way to avoid your sale falling through? Sell directly to Sunrise Home Buyers. When you sell to a Direct Home Buyer like us, you can lock in the sale price AND the date the house sale will close. IT IS POSSIBLE to know early in the process!
If you want to sell your Edmonton house soon or right away, in as-is condition AND on the date of your choice…Send us a message or call (587) 982-7576 today!