Not every contract on a Charlotte NC home for sale actually reaches a successful closing. Shocking, I know!
Sometimes homes that are under contract (buyer and seller have agreed to terms) come back on the market as active. The contract fails.
The two most common reasons that happens are:
Inspection/condition related issues and Financing.
There can be other reasons too (buyer backs out for any/no reason during due diligence, and yes they can do that!), buyers house doesn’t close (contingency on sale of buyers house), and let’s not forget short sales which can fail for a ton of reasons not least of which is lack of lienholder approval.
But the inspection and condition related issues and financing are the two biggest reasons why a Charlotte NC home for sale would come back on the market after it’s under contract.
Buyers: Part of setting yourself up for success in buying a home in Charlotte is getting pre-approved and providing as much documentation as possible to your loan officer BEFORE you’re ready to make an offer on a home. AND…condition is a feature when considering homes for sale – if your idea of a fixer-upper is a fresh coat of paint, there are going to be some homes for sale that you really probably shouldn’t consider making an offer to buy! Also remember that condition is important with financing, some homes are just NOT going to be candidates for standard FHA or VA financing.
Sellers: Get a pre-inspection and make it available to buyers! Yes, buyers are going to get their own home inspection done but having a pre-inspection not only sets you apart from the other homes for sale but it can also help reduce the chances of buyers backing out when they don’t like what’s found on their inspection. On the financing, there’s not much you can control but make sure they have been pre-approved and not just verbally when evaluating an offer on your home.
So if you see a home come back on the market after it’s been Under Contract, there is a reason and the two most common are inspection/condition issues and financing issues.
Copyright©2012 by Diane McDermott, All Rights Reserved, “The Most Common Reasons Real Estate Contracts on Charlotte NC Homes FAIL”
The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in Charlotte NC’s real estate market serving neighborhoods in Charlotte NC