When you are selling traditionally, you put your house on the market and wait. According to the Accredited Seller Agent Council, the wait is an average of 10 months in the United States. Finally, you have an offer, and yippee! It’s an amount you’re willing to take. Yet the deal is far from finished. Here’s three reasons that your traditional sale might fall through (but a sale to us wouldn’t).
1. The house requires repairs that either aren’t done or aren’t done by a professional. Many buyers and loaners require that the repairs that the house may need are done before they will continue with the transaction. Maybe you’re busy, so you don’t get the house repaired right away. Or maybe you’re trying to save some money, so you do it yourself. Well, the home inspector is sure to take another look, and your DIY skills probably won’t cut it. This could keep your house from closing. When you sell a house to The Buy-Out Company, we take it as-is and deal with the needed repairs ourselves. There’s no need to fret over the leak in the roof or the damaged deck.
2. The buyer loses their financing. Sometimes the bank says no. Either they disapprove the property (as with homes in need of certain repairs), a change occurs in the buyer’s financial state (such as them losing a job), or they deny the loan for no apparent reason. A buyer may be pre-approved, but that doesn’t always mean that they will get the financing. Certain financial documents have to be re-submitted if the closing date extends past the end of the month, making the bank re-assess and allowing for denial. We pay in cash, so there are no loans to fall through.
3. The buyer gets cold feet. Buying a house is a big commitment, and usually a very emotional process. It can be almost as daunting as walking down the aisle. A buyer may get cold feet and decide they aren’t sure that this is what they want for their future. Do they want to live here in this house with this career and this person/these people? It’s a lot of questions, and though you don’t need to have all of the answers, a 15 or 30 year loan is a long-term commitment. When we give you a cash offer, we are 100% sure we want your property, and we never back out on a deal.
Whether you decide that a traditional sale is best for you or you decide to give us a call, you should be aware of the problems that may arise while closing in a traditional sale. While the closing of your traditional sale might fall through, you can rest assured that any deal we agree on will be successfully closed.