After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether, probate can mean long drawn out proceedings, especially with larger estates. By anticipating potential issues that could cause your deal to disintegrate. We’ll go over 5 of the reasons home sales fall through in Dallas and what you can do about it.
Traditional financing has specific qualifiers in order for borrowers to qualify for the mortgage loan. Any change in these factors can be a reason your home sale falls through in Dallas. Your buyer could have unexpected life changes or a change in their credit score or debt ratio since being prequalified. One thing you can do about it is to only work with preapproved or cash only buyers. Remember when working with cash only buyers they’ll be expecting to pay less for your home due to the advantages that closing a deal in cash brings.
Get your own title report, this is legal proof that you are the rightful owner of the home with clear title. Having it on hand can avoid delays and allow a buyer to feel secure in the transaction they’re entering into with you. Failing a professional inspection is another reason your home sale could fall through in Dallas. By being prepared in advance, you can have any serious repairs done. If you don’t want to make any more investment into the property, you can be upfront with your buyers, in order to avoid any surprises that scare the buyer away, wasting precious time on the market. To avoid being insulted, be of a mind that buyers will request a credit off of the purchase price for each issue, so you will want to be ready beforehand with knowledge of the costs of each repair.
Appraisals can be one of the reasons home sales fall through in Dallas. Depending on the type of loan being used, there are different types of appraisers, you’ll want to keep this in mind. With VA loans, there will be a VA certified appraiser. If the loan is through the FHA program, the appraiser will be FHA certified, this appraisal will be valid for your home for a period of 6 months. And finally, conventional loans will use a conventional appraiser. Buyers rarely pay more than the appraisal, though you do have the right to dispute the appraised value. The bottom line is that no lender is going to loan more than the ratio guidelines in their policy on your home if your appraisal comes in lower than the sales price.
Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in Dallas. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale.
Buyers in Dallas can sometimes get cold feet and back out of a deal making home sales fall through. While you may try to entice them with incentives to move on, they walk away despite your best attempts to bring them back to the table. Confidence and enthusiasm are evident when you meet your potential buyers. If they aren’t exuding these qualities, trust your gut instinct, and move on to a buyer giving off a secure disposition.
You’ll want to avoid relying on the sale of your buyer’s current property to enable the purchase of yours. This reason for your home sale to fall through in Dallas can be avoided. What you can do about it is to limit your dealings to buyers who have already sold their home, or in some other way have proven to you that they are ready now for serious negotiations. It’s also wise to remove anything that’s not available as a deal sweetener, to avoid a buyer becoming attached.
Wouldn’t it be great to just forget about all the other possibilities of your long-awaited deal falling through? Just send our team a message or call 817-442-2669 today and sell your house directly to Hill REI Estate Sales! We’re here to assist you during this difficult time and make the process easy. Call Hill REI Estate Sales today at 817-442-2669 or send us a message to sell a probate property in Dallas.