by Jason Rojas

Article by Gary Hall

Real estate sales are nerve-wracking, even when it appears that things are going right. There are a lot of steps to home sales so that there are a lot of things that go wrong with sales. Let’s take a look at what can go wrong with a sale.

On the buyer’s side, the buyer can make a bid and it can be accepted but, before the closing date, the buyer can back out of the deal, leaving the seller to start all over again in the selling process. This is one of the things that go wrong with sales that you can’t do much about. Before the closing date, either party can back out of the sale without having laid out a great deal of money. The deal, then, is off with both parties not getting what they really wanted. The buyer may be out the money they’ve already put down to hold the place for themselves and there may be fees they have to pay to get out of the deal.

The buyer can put a holding fee on the property and the inspector can come back and say there is something major wrong with the house. This is the fault of the seller who can either fix the major problem or can forego the deal. It is best to avoid this issue by having the home inspected by the seller or by a potential buyer before signing the paperwork. This is one of those things that can go wrong with sales that are completely preventable by either party.

The seller can back out of the deal and decide not to sell the house after all. The seller must return any holding fee and the buyer is not out anything but the buyer must start over in looking for a house. It is a frustrating fact of life that, until the closing date, either party can back out with some repercussions.

The buyer can sign on to buy the house but be unable to get the financing for the house. The bank can decide that the borrower is not a good risk or that they have purchased a house that is too expensive for them to afford. Without the funding, the deal does not go through and both parties must start over. It may be that the buyer must rent and cannot buy a house at all or that they must buy a house that is more in their price range. All of this affects the seller as well, who must begin the process of selling their house all over again.

You need to understand that when things that can go wrong with real estate sales actually go wrong, both buyer and seller lose something important-the trust of each other and of the real estate system. There are many other things that can go wrong with home sales during the time when the buyer decides to buy the house and the closing date. The closing date makes everything official and nothing can really go wrong after that time.

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