More Home Buyers Backing Out Of Deal According to Redfin - October 2022 Saw Most Deals Fall Through Since Redfin Started Tracking in 2013 - Moneywise - Mike In Boca

 


January 17, 2023


More Home Buyers Backing Out

How Can I Help You?

Moneywise magazine recently printed an article entitled, “Homebuyer’s remorse: Thousands of Americans are backing out of signed contracts — what you need to know before you cancel a purchase” referenced a pick up in home buyers backing out of their deal. 

The article referenced a report by Redfin that stated about 60,000 home sales fell through in October 2022, which was the most since Redfin started tracking this in 2013. 

Once a contract is signed for the sale of a home there are typically many contingencies that need to be cleared for the sale to close. 

Some of the common issues that need to be addressed are securing financing, working through defects found during the home inspection, and an appraisal for financed deals. 

For instance, if there is a roof leak and it is determined during the home inspection that a new roof is required, most of the time the home buyer can go back to the home seller and negotiate this issue. 

The home buyer and home seller will need to be on top of the contract allows in order to satisfy the various contingencies or possibly risk losing their earnest money deposit. 

The home selling and home buying process can be challenging and I will be able to help you get the best deal. 

If you are thinking of making a move, contact me; for information about my calendar CLICK


Michael Friedman

Broker-Associate, Realtor

eXp Realty

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