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Wednesday, April 04, 2012

Florida Homes For Sale - Under Contract is Not Sold

I just read an article that stated only 37% of homes “under contract” make it to closing these days.  Although I am not 100% certain where this statistic came from I am certain of this......

It is good to remember a signed contract to purchase your home does not mean it is a done deal.  

There are lots of things that can go awry along the way to the closing table.  Of course if you have a good real estate agent working for you they should be able to help get most issues resolved!

If it is a short sale, the buyer may walk while they are waiting for a decision by the lender.  Or, the seller and lender may never come to an agreement on any deficiency remaining if the offer is approved.

Or your buyer may have a change in financial situation that makes obtaining a mortgage impossible.

Or the home may “fail” the home inspection.  There is really no pass or fail but rather a subjective accept or rejection of inspection results by the buyer. (Always include an inspection contingency.)

Or the appraisal does not support the loan amount and the lender will not finance the purchase under the current terms. (Always include a financing contingency.)

I have not included all things that can prevent closing but suffice it to say – “Never quit looking for buyers until the deal closes.”

As a seller once you have the contract in hand be prepared for anything - up to placing your home back on the market.

When you are ready to buy or sell a home in Brevard County, Florida, call me please.  Sellers, email me for a free market analysis.

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