What to Do If Your Home Sale Falls Through

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 until the money is in the bank.

Patience is Key

You’ve received a good offer, everything has been accepted and signed, and you think it’s done and dusted. Unfortunately, plenty of things can happen after making an offer that can trigger a change of mind. An offer is just the beginning—it’s a positive step, but it’s not yet time for the champagne.

Reasons Buyers Might Change Their Mind

Many things can change a buyer's mind, such as:

• Inability to secure finance
• Building or pest inspection issues
• Valuation discrepancies
• Discovery of a significant repair needed
• Family disapproval
• Preference for another property
• Title search issues
• Lost excitement over time
• Simple buyer’s remorse

What’s Next?

Sometimes, despite your best efforts, you can’t recover a contract. 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 your home sale falls through, you may wonder how to minimise your risk moving forward.

This is the time to work closely with your agent to devise a game plan to move forward.

Steps to Take Before Re-Listing Your Home

• Pre-Listing Inspections: Get a pest and building inspection.
• Price Check: If the sale fell apart because of an appraisal, work with your agent to ensure the price is right.
• Title Search: Do your own title search to be prepared for any issues.
• Mortgage Pre-Approval: Request pre-approval letters with every offer to ensure the buyer’s financing is solid.
• Keep Options Open: Stay open to other offers in case the current one falls through.

Where Can You Improve?

Before re-listing, take another look at your marketing plan with your agent.

• Updates and Repairs: Do you need to make any updates or repairs?
• Staging and Street Appeal: Can you improve your staging and street appeal?
• Fresh Photos and Description: Update your strategy to attract new buyers. Maybe you need fresh photos or a better description?

Communication is Crucial

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

Welcome Home

At JKL, we’re here to support you through every step of your home-selling journey. Our experienced team will help you navigate any setbacks and ensure your home finds the right buyer.

Experience our JKL real estate family. We’ll put the welcome mat out for you!