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An Alternative to Re-Listing a Home After a Potential Buyer’s Offer Falls ThroughAn Alternative to Re-Listing a Home

Some homes have failed offers, resulting in the homeowner needing to put the home back up for sale. It is not extremely common, but it does happen. When you receive an offer to purchase your PA home the home is not sold until the official closing, and this deal can fall through.

Selling a PA home is a time-consuming and stressful endeavor, especially if you are trying to help a homeowner struggling to secure the purchase of your home. There are many things that can go wrong in getting a home from having an accepted and pending offer to sold. One of the most common is the buyer’s mortgage loan falling through. It is reported that about 30% of home purchases that fall through are due to financing issues.

What Can a Homeowner Do if the Buyer Doesn’t End Up Buying the Home?

Reasons Mortgages Fall Through

Change in Jobs: A large number of mortgage lenders make a requirement that a borrower must have significant and trustworthy proof of steady job employment. Employment that provides enough income to cover the cost of the mortgage bills and other living expenses. If a home buyer receives a job offer in a new job field, even if it is a very promising one making more money, this could cause a lender to deny the loan.

Concerning Credit Report: Lenders do not just check your credit score, they also look at your credit report to check for negative report items. Sometimes these items are incorrectly reported. Unfortunately, they can pop up at any time and cause trouble in loan approval. Even if something was reported incorrectly it can take a long time to work through.

Buyer Made Another Purchase: Some buyers get so excited about having their offer accepted on a home that they go out and start making other purchases to get things for their home and more. Some buyers mistakingly take out new debt before finalizing their mortgage loan and then the loan falls through.

Homeowner’s Options to Re-listing a Home When the Sale Fails

If a home sale has fallen apart due to the buyer’s inability to secure a mortgage, there is nothing a homeowner can do to keep the sale going. The purchase contract signed by both parties states that if a buyer is unable to secure a mortgage they can walk away from the purchase without penalty.

But this leaves a homeowner without a sold home, and without money from that sold home. What is a seller to do? There are a few options. The home seller can take the home off the market and keep it for a while longer, they can list the home again on the MLS as an active listing and go through the traditional sale process again, or they can sell to a cash buyer.

It can be pretty frustrating for a homeowner to list their home for sale a second time and go through the whole ordeal of showing the home to more buyers and waiting for an offer to be accepted. An offer that could also fall through. There is no way to guarantee that a home sale will not fall through.

Selling to a cash homebuyer might be worth consideration if you are not willing to go through another couple of months or more trying to get your home sold. The key to selling to a cash buyer is to ensure you are working with a reputable buyer who is proven to come through on their offer contract. A solid cash buyer, if they make an offer to purchase your home, could close on the sale of your home in as little as seven days.

If you are in a bind after a failed home sale and are looking for options to get your PA home sold, contact us. We are here to make your home sale quick and hassle-free. We encourage you to check us out and there is never any pressure to accept our offer.

 

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We buy houses in ANY CONDITION in PA. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call (717) 921-6890…