For months, you prepared your home to list it then it was listed and you waited patiently for a contract. After a few showings, you received an offer and your property went under contract. For a couple weeks things went along smoothly then you received the unfortunate news from your real estate agent that the buyer was cancelling the contract.
A contract can be cancelled by a buyer for many different reasons. They may have seen something they didn’t like on the inspection, found out they couldn’t get the loan as planned or even just changed their mind. Whatever the reason the contract was terminated, it still puts you back to square one. When your contract falls through, how do you move forward?
Whatever you do, don’t panic. Start by asking why the buyer decided to cancel the contract. Their reason could determine your next step. If there was an inspection issue, you will want to know what the issue is so you can correct it before the next buyer discovers the same issue. The same goes for a loan issue. While some loan issues won’t affect your home, if there was an issue with the appraisal of your home, that is something you will won’t to know as the issue will likely repeat itself with the next contract.
Now that you know what caused the contract to fall thru, it’s time to address the issue and determine if you need to make changes to your property or listing to ensure it is ready for the next buyer that comes along. It may be best to temporarily withdraw your home from the market if you need some time to correct issues after the contract is withdrawn. This will allow you the necessary time to evaluate the issue, make corrections and get the property back on the market before you have more showings.
Remember that you are not alone when deciding what you need to do. I will be with you to help you discuss the situation and determine the best course of action to get your home back on the market and ready for the next and final buyer.
Brooke Boles
Coldwell Banker Realty
501 E Camino Real
Boca Raton, FL 33432
561.595.4473
Brooke.Boles@CBREalty.com
www.BrookeSellsBoca.com
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