| What to Do If Your Home Sale Falls Through

Having an offer does not necessarily mean you have sold the property – The deal is not complete till the money is in the bank.

You Need Patience
You have received a good offer – everything has been accepted & signed & you think it done & dusted.

Unfortunately plenty of things can happen after making an offer that can trigger a change of mind. An offer is the very beginning and yes it is a positive, but not yet time for the champagne.

There are many things that can change a buyers mind. For example:

• They can’t get finance
• Building or pest inspection may not pass
• Valuation may not be right
• They find a big ticket repair that needs to be done
• Family members don’t approve
• They find another property that they prefer
• The title search uncovers an issue
• Even Saturday’s excitement is lost in a few days
• Simple Buyer’s Remorse

What Next
Sometimes you can’t recover a contract, no matter how hard you try. A failed contract is a setback, but don’t let it keep you down! You still have the same goal – to sell your home.

If you’ve had a home sale fall through, you may wonder how to minimise your risk this go-around. This is the time when you need to work closely with your agent to devise a game plan to move forward.

Here are some steps to take before re-listing your home:

• Get a pre-listing pest & building inspection to prevent surprises.
• If your home sale fell apart because of an appraisal issue, work with your agent to be sure the price is right.
• Make sure you have done your own title search so you’ll be covered if any issues come up.
• Request mortgage pre-approval letters with every offer so you know the buyer’s financing is solid.
• Make sure you keep your options open to other offers, incase the one you currently have falls through

Where can You Improve
Don’t forget to take another look at your marketing plan along with your agent, before your home hits the market again.

Do you need to make any updates or repairs or do better with your staging and street appeal? You may need to update your strategy to attract new buyers. Maybe you need fresh photos or a better description?

It is very important that your agent communicates proactively with you (and potential buyers) throughout the entire process and set a game plan for moving forward.