Most property transactions have happy endings, but every now and then the unexpected can happen, resulting in the deal being called off.
Real estate professionals in the United States have provided multiple listing website Homes.org with insight into the top reasons that real estate contracts fall through and how buyers and vendors alike can take steps to avoid or work with these issues before they become deal breakers.
Here are their top reasons why contracts fail to complete:
- Errors in valuation
- Paperwork not being ready/prepared
- ‘Nickel and diming’ in negotiations
- Buyer not qualified for home loan
- Changes in the buyer's finances after contract is made
- Not completing the contract on time
- Inspection issues
- Lack of communication between the two parties