It’s the fourth quarter. You are in the red zone when someone fumbles the football. All that work for someone to drop the ball. In real estate, this is similar to losing the sale last minute and unfortunately, it happens all too often.
So maybe selling a house isn’t the same as winning a football game, but losing that commission and time can be a big hit to your business. If this is still happening to you, there may be some ways to increase your odds of reaching the end zone.
Money. Money. Money.
One of the biggest reasons a deal falls through is money. Whether the buyer is struggling to secure financing or the appraisal comes in low, both can bring the deal to a crashing halt and eventually kill it. While these issues may not be completely avoidable, there are some preventative steps you can take to try to keep the deal on the table.
If you are the buyers’ agent, encourage them to gather all their paperwork as soon as possible and reapply for pre-approved if their circumstances change. When it comes time to make an offer, try to ensure your buyers aren’t writing a check they cannot cash or shooting way above the appraisal value.
If you are the listing agent, your biggest issue may be a low appraisal. The first step to avoiding this problem is making sure the price is right. A high price could be setting your sellers up for failure. If your sellers don’t want to budge on price, encourage them to make some pre-listing updates instead. This work could boost the home’s value and save them a lot of headaches later.
Is it cold in here?
Another common problem that can cause a deal to fall through is cold feet. Buying a home is a large and daunting purchase that can leave some buyers asking themselves, “Am I sure?” Especially if the buyer lost a house in the past and now made an offer on a home they didn’t love, they may be having second thoughts.
As the buyer’s agent, part of your job is to help them navigate this big purchase. If you have been going from house to house with them, it might be tempting to encourage them to finally make an offer, but this could bite you in the butt later. On the other hand, if the deal is already underway, you may need to hold their hand to help them cross the finish line.
Trouble under the hood
Perhaps the most preventable problem is a bad inspection. If a buyer stumbles upon mold, leaky plumbing, or electrical issues with an inspection, it could be the end of the line for the sale. Instead of standing by and crossing your fingers, a preemptive approach could save you and your sellers a lot of trouble.
Before even listing a house, get in the habit of doing an inspection first. This approach can help your sellers catch issues before the house goes up for sale. With Curbio’s home inspection app, you can then upload the inspection report, get quotes for the work, and get the repairs done quickly. In the end, you and your sellers can rest easy for the buyer’s inspection knowing the big stuff is already taken care of.
The agent’s choice of pay-at-closing contractors, Curbio is here to help make agents’ lives easier. Working on everything from home inspection repairs to painting the interior, Curbio takes the headache out of pre-listing repairs.