Offer Express discusses the various causes of a buyer-seller agreement failure

 Offer Express: Why do buyer-seller agreements fall out?

Gahanna, United States - /Offer Express, LTD/

Reasons why buyer-seller agreements fail

Received the perfect offer from a buyer on the house? All set to close the deal and move out? But the buyer backed out of the deal at the last moment? This is a common scenario that home sellers have to face when trying to sell their homes in a traditional manner. What goes wrong? Offer Express, a premier real estate solutions company in Ohio, explores the multiple scenarios in which home sellers find themselves stranded with a broken agreement as the buyer reneges on the contract. In case sellers face the situations mentioned below, remember “we buy houses fast Cincinnati OH”

• Loss of earnings 

Losing a job or suffering losses in business can change the trajectory of life for anyone. Buyers who find themselves in such unfortunate circumstances will obviously find a way out of a buyer-seller agreement. When the source of livelihood is gone, debt is not a liability that can or should be taken up. Buyers may prefer paying a penalty or losing a smaller amount of money instead of a long-term commitment to a mortgage. But of course, home sellers often find themselves in a tough spot and their plans disrupted when a buyer walks out.

• Rejection of mortgage

Even a pre-approved mortgage can be rejected at the last moment. Some of the common reasons are changes in the credit history or employment situation of the applicant to the lender rejecting the home appraisal. Without a mortgage, most buyers are financially incapable of purchasing a property. Notably, most agreements include a financing contingency clause that allows a buyer to break the deal without any losses. In these scenarios, a seller would need to repeat the complete cycle of finding an appropriate buyer. This may entail massive expenses for the seller. 

• Failure to sell the old home 

It is frequent to find buyers who sell one house to buy another. If the buyer fails to sell the old house, investing in a new house becomes impractical and impossible. A contingency clause in the buyer-seller agreement enables buyers to back out in such cases. However, this also means that the seller can also continue to seek and opt for better offers in the market, and back out. 

• Buyer finds another home

This isn't unheard of. Buyers sign a deal but continue looking out for a better home, Once they do find a better home, they may want to wriggle out of the deal. This can be very stressful for home sellers, especially those who haven't kept their options open.

• A failed inspection

Sellers need to declare any property damage or flaws such as foundation cracks or mold growth when selling their homes. Upon inspection, when undeclared flaws show up, the likelihood of the buyer withdrawing the offer or a lender rejecting the mortgage rises dramatically. The trust is broken and so is the deal. 

• Unfulfilled repair commitments 

It is normal for older homes to have flaws and some wear and tear. A buyer may want the seller to repair these faults before the closing date. The seller can also get a pre-inspection done and quote a price considering the flaws. Either way, the seller has to pay for the flaws, either by reducing the price of the house or by spending money on the repair work. However, when sellers promise to repair before the contingency date and fail, the buyer can and will back out. 

Sellers can choose to walk the traditional route and face the struggles and delays that come with it or they can look up a reliable cash buyer such as Offer Express. The steps are simple - fill out a form, arrange a property viewing, receive a fair cash offer within 72 hours, choose a closing date and move out. No repairs, no fear of mortgage rejection, no uncertainties; only swift, fair and professional home sale that makes selling a home easy and hassle-free. 

Why Offer Express?

Highly motivated, knowledgeable, ethical, and resourceful - the Offer Express team is qualified to handle any real estate transaction. The real estate solutions company buys houses and wholesale properties; partners with local agents; and offers investment opportunities to money lenders.

Offer Express is known for its cash deals that are extremely fast and hassle-free. Besides buying homes, the company also sells renovated and ready-to-move-in homes. With its focus to help all clients with their individual real estate goals, Offer Express is guided by its core values, mission, and philosophy.

Are you typing “Sell my house fast Cincinnati OH” in your Google search field? You don’t need to look any further. Call (614) 820-5777 to know more about the real estate services at Offer Express.