Are you trying to sell a house fast in Pittsburgh? Are you dealing with a lot of twists and turns? We understand—there’s nothing more disheartening than thinking you’ve got a deal lined up, only to see it unravel in the final stretch. The truth is, closing can come with a lot of roadblocks for a variety of reasons. Even buyer’s remorse can throw a wrench into the deal.
Join us as we explore the most common reasons for home sales falling through.
1. The Inspection Reveals Unexpected Issues
When you get a home inspection, it’s like opening up a box of surprises. Of course, inspections are for the buyers. They want to know everything they can about a property before buying, and that’s why they get inspections. In most states, these are required, and for good reason. The bad news for sellers is an inspection can turn up problems they didn’t even know existed. We’re talking foundation issues, secret mold hideouts, and pest parties! That’s right—in a short period of time, your home can go from being your palace to a place rife with issues.
2. Challenges With Buyer Financing
Back when we were living with a booming housing market, securing a loan was a breeze for buyers, and sellers didn’t lose sleep over the risk of a sale collapsing due to financing issues. Fast forward to today and you’ll see that buyer financing troubles have become a major deal-breaker. That’s why it’s crucial to prepare for this hurdle in a variety of ways.
3. Low Appraisal Blues
Another issue, known as an appraisal gap, is when a home’s appraised value falls short of the proposed selling price. Mortgage companies won’t lend more than the property’s appraised value, which means the buyer will have to bridge the gap. And if they can’t manage this, an appraisal contingency gives them the option to back out of the sale.
4. Title Complications Arise
Ensuring a clean title is a must for the buyer’s lender, so they’ll look into the property’s title to see if there are any judgments or liens against it. Resolving these issues can be time-consuming, and sometimes legal action is required. Faced with such complications, a buyer might opt to walk away and explore other property options rather than wait for a clear title.
5. Seller Is Reluctant To Concede
In the course of negotiations, a buyer might request concessions from the seller. Concessions serve as incentives, and covering a portion of the buyer’s closing costs is one common concession that sellers usually make. If the seller declines to meet the buyer’s requests, the buyer may have the option to walk away from the table.
What Steps To Take When A Home Sale Falls Apart?
Most home sales go through without a hitch. That said, we all know life can throw some curveballs. That’s why knowing why a home sale might fall through is such a benefit!
So if you’re a seller who’s thinking: “I need to sell my house fast in Pittsburgh,” check out the perks associated with selling to 412 Houses. We’re all about speed and fairness, and we want you to have a stress-free selling process. We buy houses in Pittsburgh no matter the condition they’re in, and we’re always ready to offer a sweet deal. So what’s stopping you? Get in touch with us to learn more!