Yes, even in the strongest of seller’s markets Boston condo buyers will drop out of the closing process. Every week someone asks me how often do Boston condo contracts fall through. In short, roughly about a third of the time.
Now that number pending sales falling through is likely to make you gasp in horror. Just as it should. So knowing why home sales fall through is crucial to both buyers and sellers.
Buyer’s can safeguard themselves by ensuring they have a true and complete loan pre-approval letter with a great local loan officer prior to looking at a single condo. The #1 reason homes fall out of escrow is issues with the buyer’s financing. To answer, what percentage of sales fall through, factor about a third on a conservative estimate. To know for sure, ask your trusted real estate adviser about how many homes fall out of the closing process in your Boston neighborhood.
Often buyer’s ask, how often do home sales fall through after inspection. That’s a great question and is largely up to the buyer’s first understand the purpose of a home inspection. A home inspection is not a pass or fail grade. It’s simply the homes current condition as seen through the eyes of a professional home inspector. So buyer’s flip out over minor things like a settling crack and want to back out while other’s back out due to substantial issues like a leaky roof. In both cases, a buyer can and should request repairs from the seller or a seller’s credit for the actual cost to fix the issue.
Seller’s can protect themselves by working a strong trusted real estate advisor that will call the buyer’s lender to ask what steps the lender took prior to issuing a loan pre-approval letter. Seller’s can further insulate themselves by getting a home pre-inspection to identify issues prior to listing and making the corrections beforehand, then providing the home inspection to buyers along with the repair receipts/ invoices showing the work was completed by licensed professional tradesmen.
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Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114