Aim High Properties, LLC

Aim High Properties: What can home sellers do when the buyer-seller agreement comes to an end?

Why do buyer-seller agreements fall apart?

Home sellers in Cinnaminson may often find themselves at an odd spot where their highly promising buyer backs out at the last moment or even after the contract has been signed. What are the reasons for this last-moment failure in a deal that seemed almost done? Sellers need to be aware of these reasons to ensure they are never in such a tricky spot. Aim High Properties, cash buyers in Cinnaminson, discusses the reasons buyers back out at the last moment and how home sellers can avoid such situations altogether.

Loss of income

Buyers who have lost their source of livelihood cannot possibly take responsibility for a loan. In a scenario where buyers have lost a job or suffered losses in business, forfeiting the paid amount would be a wise decision for them. However, this puts the seller in duress. The seller now has to expend more time, money, and energy on looking for another buyer. Moreover, if the seller has further made payments to buy another house, the failed deal may have some financial consequences for the seller as well.

Rejected mortgage

A pre-approved mortgage falling through is not unheard of. The reasons for this rejection can range from changes in the credit history and job loss to the lender rejecting the home appraisal. This can put both the buyer and seller in a tough spot. Most buyer-seller agreements contain a financing contingency clause that enables a buyer to walk out of a deal without any losses before the contingency’s expiration date. This rejection of a mortgage can be disappointing and distressful for the home seller who may have already made plans to move or made certain investments.

The old home is still on the market

It is normal for buyers to sell one house to be able to buy another house. But what happens when the buyer’s old home remains on the listing for longer than expected? Not only are the buyers stuck with an old home but the possibility of selling the house for the original asking price also dips. Some buyer-seller agreements include a contingency clause allowing the buyers to back out. The flipside of this contingency is that the sellers can keep their selling options open as well.

Buyer Finds another dream home

The risk with selling a house to a buyer who is looking to reside in a house is that the buyer may find a better deal or a better house. Even after finalizing a deal, buyers may continue seeking and may choose a house that suits them better. This means the seller has to look for another buyer yet again.

A failed inspection

Any substantial flaw or damage discovered at the time of inspection puts the responsibility of a failed deal on the seller. Since big flaws impact the future value of a property, a buyer can withdraw an offer and a lender can reject a mortgage upon inspection. Sellers should ideally conduct a pre-inspection and either repair flaws or quote a valid price for the house to avoid such last-minute collapse of deals.

Failure to repair as expected

Upon inspection, buyers often demand certain repairs before the contingency date. However, sellers might find themselves unable or unwilling to spend the money and time to make these amendments. In such cases, a buyer may back out or the seller may be required to reduce the asking price.

Undisclosed easements

Imagine discovering a third party has a right to use part of a newly bought house. That would be a nasty surprise. This is one such example of easements. It is the right of another person or entity to use part of a property and it doesn’t end when the property changes hands. A buyer may not be comfortable with the idea of sharing a newly bought property with strangers. The declaration of such easements at the beginning of the deal is ideal but when sellers fail to do so, it could mean the deal falling through at the last moment. Notably, easements can also be beneficial to property but a buyer must, nevertheless, be informed in time.

Other types of easements include utility easements, private easements, easements by necessity, and prescriptive easements (acquired by someone's use of property).

When a buyer-seller agreement fails, it can put a seller under massive pressure both financially and mentally. In such scenarios, sellers can opt to “sell a house quickly” to a cash buyer like Aim High Properties. With Aim High Properties, sellers can expect a cash offer within 24 hours, no repair pressure, and swift closing.

Why Aim High Properties, LLC?

With its extensive knowledge of the business, the network of resources, and years of expertise, Aim High Properties have been helping homeowners with a variety of real estate problems. Why should home sellers choose Aim High Properties?

A one-on-one relationship with customers to handle their unique situations
Ability to directly purchase homes and make cash offers
Offers an extremely fast, and hassle-free transaction
Purchases property as well as sells homes directly to buyers

Besides these advantages for home sellers, Aim High Properties also offers wholesale property deals and investing opportunities for private money lenders. It also partners with agents to discover the best property deals in the area.