When the status of your house changes from active to pending, it means that you have accepted an offer from a buyer. When this happens, you are one step closer to selling your house, but it is important to realize that there are things that can prevent pending sales from actually going through. As the seller in the deal, it is important to do everything you can to prevent this from occurring if you really want and need to sell your house. Here are four ways you can prevent a pending sale from falling through.
1. Understand the Common Reasons for This Problem
The first way is by understanding the common reasons that cause pending sales to fall through. While some of these issues might be due to things within your control, others are not.
For example, if you try to sell a house for an amount that is greater than the home's value, you could encounter an appraisal issue. The person buying your house could back out if your house is not worth the amount he or she agreed to pay, and this would be reliant upon the appraisal of the house.
Other common reasons that cause pending sales to fall through include title issues, inspection problems, and issues with financing.
2. Do All You Can to Find Out the Home's Value Before Listing It
One step you can take to prevent problems like this from happening is doing research on the value of your home before you list it. If you want to avoid an appraisal problem, ask your real estate agent to conduct a comparative market analysis (CMA). This is a common tool real estate agent's use to determine the value of homes. Additionally, you could get your house appraised to find out the value.
3. Perform a Title Search before You Sell It
Another step you can take is performing a title search on your house before you list it. Doing this ahead of time will help you find title issues now that could later cause a deal to fall through.
4. Get the Home Inspected Yourself and Be Honest about Any Issues
Finally, you should consider hiring a home inspector yourself to inspect your house. If you do this ahead of time, you can address the issues he or she finds before a buyer finds out about them.
If you do these four things, you will have a less likely chance of seeing a pending sale fall through. If you have questions about pending sales, contact a real estate agent who deals with single family homes for sale.Share