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Factors that can delay your home sale

On Behalf of | Oct 13, 2022 | Residential Real Estate |

Your family home has served you well, but it’s time for an upgrade. You’ve worked hard to decorate the place and ensure that it’s suitable for prospective buyers. You want the sale to go through as quickly as possible, but you also need a fair price.

Sadly, some real estate sales do not go according to plan, and delays do happen. Outlined below are two of the more common reasons for this.

A change of heart

A prospective buyer viewed the property a number of times, and they’ve decided to make a reasonable offer. You’ve accepted the offer, and the deal has progressed. Suddenly, out of nowhere, the buyer informs you that they have had a change of heart. They no longer wish to pursue the deal.

Depending on how far into the process the sale is, it may not be as easy as simply walking away. They may be tied into the deal or at the very least owe you some compensation for backing out. After all, you’ve turned down other prospective buyers, and you’ll have to place the house on the market all over again.

Finances

Most buyers are not in a financial position to buy a house outright. Thus, mortgages come into play. Generally, these loans are provisionally offered, and the buyer can make an offer on this basis. The loans are provided on the basis of the financial income of the buyer, their savings and credit rating. If something comes to light later in the process, such as an overestimation of savings or income, then the loan could be withdrawn, which can delay the deal or even put it in jeopardy.

When selling a piece of real estate, it’s important to protect yourself and obtain a fair deal. Having legal guidance behind you will ensure that you are able to tackle any issues should they arise.