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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