Why do regular buyer-seller agreements fail?
Many home sellers often themselves at the mercy of a failed agreement wherein they backed out due to unavoidable reasons. This falling out can be very stressful for the seller. Sell My House Fast - GSAP lists the various reasons buyers renege on their contracts, and home sellers struggle with closing their deals.
Job loss or business troubles
Suppose a buyer loses the job or experiences business losses despite the agreement. A loss of steady income makes it impossible to take up debt. Even in the face of paying the penalty or forfeiting their money, buyers may decide to back out from a long-term commitment of a mortgage. This is likely to disrupt a home seller's long-term plans or put them under financial stress.
Mortgage ineligibility
A pre-approved mortgage can be rejected at the last moment for various reasons. From changes in the applicant's credit history or employment situation to the lender rejecting the home appraisal, buyers can become ineligible for a mortgage that leads to them backing out of the contract. Often, the agreements include a financing contingency clause that allows a buyer to walk away from the deal without any losses before the contingency’s expiration date. Again, the home seller is stranded with the failure of an agreement, a pressing need to sell the house, and yet on another search for a buyer.
The buyer fails to sell the old home.
More often than not, a buyer may have signed a contract with a seller based on another deal. This deal could be selling the old house to buy a new one. When the buyer’s agreement to sell the old house fails, they are unable and unwilling to invest in a new home. A contingency clause may allow the buyer to back out, allowing the seller to keep the house on the market and opt-out in case of a more appealing offer.
Buyer finds a better option.
Buyers have been known to continue looking for a better house even after committing to a home seller. In a scenario where the buyer finds another place that fits their dream house picture better, they may choose to walk out of the deal. This can prove stressful for a home seller.
A failed inspection
In the absence of absolute transparency, the seller may lose out on the deal when property damages or flaws that can impact the property's future value show up during inspection. The buyer can withdraw the offer, and a lender can reject a mortgage upon the review of the house.
Sell My House Fast - GSAP will inspect the house and make a cash offer within 24 hours, irrespective of the house condition.
Failure to fulfill the repair commitments
Older homes will usually have flaws that a buyer may want the seller to repair. As a part of the agreement, the seller may need to fix certain defects and damages in the house before the contingency date. When the seller fails to do so, the buyer has the right to back out without any losses.
Sell My House Fast - GSAP does not require the seller to do any repairs at all!
In scenarios where the buyer cannot buy the house, where does that leave the home seller? Sell My House Fast - GSAP enables home sellers to sell their homes for cash fast and with minimum hassle.
Why Sell My House Fast - GSAP?
Sell My House Fast in Greenville, Spartanburg, Anderson, and Pickens makes home selling more accessible than ever before. The company buys the home fast, renovates it, and sells it. By eliminating the intermediaries such as agents, banks, and inspections, the company saves the home sellers a lot of money and hassle. Homesellers can receive “cash for your house” offer swiftly by following three simple steps:
- Fill out the form - the home sellers can request their cash offer by filling out the form with contact information or directly calling the team.
- Receive cash offer - the company will schedule a property viewing and make a fair, no-obligation offer, all-cash offer within 24 hours.
- Choose closing date - Within 14 days of accepting the offer, the company can close escrow and transfer the money to the home seller.
To sell your house fast, call Sell My House Fast - GSAP at (864) 428-9197 or email at myles@sellyourhomeupstate.com.
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