Warren County Ohio Real Estate News and Observations: Not Every Contract Makes It To The Closing Table

Not Every Contract Makes It To The Closing Table

POOFI'd love to say every contract progresses all the way to a completed sale, but that's not the case.  Things CAN happen, from the minor to the major.

Over the years we've more than a few deals that started off full of hope disintegrate along the way.

The sellers that put a couple of post it notes out before the home inspection about a couple of recent issues with the home and then the buyers freaked out and decided things had been hidden from them.

The buyer that couldn't get a loan for our listing because they had to go get a new car during the financing stage.  It's a chicken and the egg thing, no car means no money to pay the mortgage, but new purchase messes up the debt ratio and game over.

Of course home inspections can be a prime source for buyers pulling the eject lever.  Bowed basement walls?  Aluminum wiring?  Mmmmm nope.

HOA rules too restrictive?  That'll do it too!

The buyer that gets into a lease/purchase agreement but then stills the owner on the rent?  Well that didn't take long.

The cash buyer that finds out after the deal is put together that there's a pretty severe withdrawal penalty on her retirement savings?  Ouch.  Done.

The offers that need a certain kind of financing but the condo association isn't approved for FHA/VA, etc.  POOOOF.

The unexpected job transfer for the buyer?  That can happen.

And of course there's buyer's remorse too. 

And what if a BETTER fit comes on the market?  Been there, done that.

Appearances by the Grim Reaper?  That too.

Now there's a lot of things a good agent can do to mitigate risks of a deal going down.  But when you look at the list above you can see some things are beyond the control of anyone involved.  So when they happen, we'll do our best to minimize the hassle and the inconvenience, and get to work on getting another offer that can be turned into a contract.

 

 

Need help with buying or selling a home (or land) in greater Cincinnati? 

Just give us a call  at 513-520-5305 or email Liz@LizSpear.com.


We look forward to hearing from you! 

Bill of Bill & 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!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

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Comment balloon 4 commentsLiz and Bill Spear • September 14 2018 01:46AM

Comments

I have been very lucky as I have not had a contract fall apart in 3 years.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 11 days ago

I had two deals fall apart in the last month; one was a short-sale and after much delay the bank decided they were not going to approve a short-sale after all (although they had already said yes). The other was a buyer w/sale contingency losing home they were buying when deal for home they were selling fell apart a week before closing because of a buyer financing problem. Ugh. So actually that was three deals. 

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 11 days ago

Yes there are the "beyond control" issues...thankfully...rare ones !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) 10 days ago

When Georgia became a due diligence state I really hated it for my sellers.  Buyers have (while negoiated) a number of days that they can change their mind for ANY reason and sometimes we simply don't know exactly why buyers walk.  This week it was inspection and frankly perhaps even some non disclosure of issues by the seller (they had to know). But there have been some unique circumstances that caused them over the years.  Fortunately it's not too often.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) 10 days ago

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