You had some interest in a home, maybe you even toured it. And just like that, it was under contract and the buyer wasn't you.
You regret not getting on top of it quickly and missing your chance. So you've been keeping an eye on that home and WOW!!! It's back on the market!
But then you start wondering WHY is the home back on the market?? Is there something wrong with the house and maybe you should scratch it off your list?
We'll chances are there's nothing wrong with the home at all, altough there COULD be! The good news is if there is something significant turned up in the home inspection, Ohio home sellers are required to disclose that information.
So besides home inspections revealing something the buyer couldn't live with (or afford to live with), what other reasons could a home come back on the market?
1. The seller changed their mind to not sell...and then changed their mind again and decided to sell. This will be rare, and the seller risks legal issues from the buyer for backing out of the contract. That said, I had a buyer have a seller change her mind about selling and the buyer was kind enough to let the seller out of the deal without penalty.
2. The buyer had a change of mind for any number of a variety of reasons.
- They measured the garage and his dualie longbed won't fit.
- A BETTER home came on the market and they decided to purchase it instead (been there, done that).
- The stress of buying a home leads to more stress, which leads to not only are we not buying a home, but I'm not staying with YOU either! (I do not kid....)
3. Major life events.
- Serious illness
- Family emergencies
4. That job relocation? There's a hiring freeze and they've pulled the offer. Or instead of needing you in Cincinnati they need you in Little Rock.
5. The appraisal didn't meet the purchase price, and no compromise was reached between buyer and seller.
6. The buyer couldn't get financing.
- The buyer made a MAJOR purchase even though warned not to. No, you should NOT buy a new car or all your new furniture BEFORE closing the deal.
- Something critical was overlooked in the application package. You had a short sale WHEN???
- They needed a certain type of financing and the community didn't qualify (common in condo purchases when MANY local communities are NOT VA or FHA approved).
- The buyer was going to pay cash from their 401k. Say what? There's HOW big a penalty for early withdrawal? Sorry sellers, but no can do.
7. The HOA rules and regs were a bit more stringent than the buyer wanted. Can't have privacy fence? Or a shed? Can't fly my Buckeye flag on game days? Game over.....
8. Off site conditions. The school didn't have a program the kids needed. Or Chester the Molester is 2 blocks over. Are we UPWIND or DOWNWIND of the sewage treatment facility?
Basically, besides home inspections there are MANY reasons that a home could be back on the market and have absolutely NOTHING wrong with the home. Most often the listing agent will be able to disclose something about what happened (buyer financing, inspection, etc.).
Depending on the answer, it may be full speed ahead to get YOU the home on your second change.
Want to discuss further? Just give Bill a call at 513-520-5305 or email/text Liz@LizSpear.com.
Serving Greater Cincinnati home buyers and sellers,
Bill and Liz aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747
William (Bill) Spear, CRS, Ohio License SAL.2004011109 Kentucky 77938
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
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