..........................

[Disney Princess 6]

.....................................

 

[Nancy]

Usually it will fall through because the buyers couldn't get the fiancing needed. That is why most realters will have you get a pre-approval for a loan so they know how much house you can afford to buy.

Deals might also fall through if they are buying on contingency...We can buy your house but only if our house sells. Usually there is a set amount of time and if the buyers house doesn't sell in that time the deal falls through and the house goes back up for sale.

Sorry to tell you that it doesn't happen all the often. I also thought I missed out on my dream house and then found the house that I now live in. we have been here almost 17 years...it's not perfect, but i love it and would never move.

 

[dcgrumpy]

My husband and I have been house hunting for about 4 months. In the last month we have come across 3 houses that were in contract but the deal fell through. Two because the buyers changed their mind and one because the buyer couldn't get financing.

 

[pirateofthecarolinas]

It can also happen if the buyer and seller can't agree on repairs. Repairs and obtaining financing are two of the ways that a contract can be terminated.

When selling RE, I only had one sell fall apart and it was over water issues.

Keep looking and you will find a home that you love just as much or even more. This happens to most buyers. Ask your realtor to check the "hot sheet" everyday for any new listings if they aren't already.

Lori

 

[stinkerbelle]

We bought our first house after the original buyers deal fell through.

They put an offer on the house with a Hubbard clause (meaning - they had to sell their house first.) Well...we came along, put an offer in...gave the other people 1 week to sell their house, they couldn't, so they lost the house and we got it.

we got pretty lucky actually with that...

 

[Feralpeg]

I had a couple change their mind about buying my house one week before closing. It was a nightmare. I had everything packed to move. I'd sent change of address notices to everyone. The people lived in an apartment and decided they didn't want the hassle of living in a house. To make it worse, they wouldn't sign over their escrow money so the title company wouldn't give it to me. There had been an inspection and I had spent almost $2000 on little repairs that I would never have done otherwise. I had to threaten to take them to small claims court to get the money. Since I had not sold my house, I ended up losing the house I wanted to buy.

 

[Pin Wizard]

I sold my home in FL less than a month ago. Same thing...buyer purchasing mine was contingent upon his place selling. And the guy buying his caused problems! That guy and his realtor never mentioned that he had to sell some properties to buy my buyer's home! That's supposed to be disclosed!!! My realtor said that if things had fallen through, there would have been a number of lawsuits. Finally, day after day after day, this guy sold 3 condos. Was then able to have my buyer close on selling his home, and then my closing the following day. Geez! There's something to be said for cash buyers!!! Gotta love them!! This was nerve wracking with them.

 

[Hillbeans]

Unfortunately it happens very frequently. We had our investment house sold and a week before closing the couple broke up.

 

[Girls Scout Leader]

title work is another area where deals fall through. If a clear title cannot be obtained by a certain date, it's a no-go. Can sometimes work to your advantage if you are have the backup offer. If it is something that can be resolved eventually, if you can wait, it canhappen that way.

 

[Disney Doll]

DH is a realtor, and it's my understanding that deals fall through for a few reasons:
1. The buyer was not able to get the financing
2. The buyer's other house didn't sell, and the new purchase was contingent upon that
3. There is some major problem with the house that shows up during the inpection and it scares the buyer off
4. There is some major problem that shows up during the inspection that the seller refuses to correct and it scares the buyer off
5. "Uncle Louie"...this is when the buyer's mother,father,other relative talks the buyer out of the house for any number of reasons(too big, too small, too far out, too close to town, too much money, too much work needed, neighborhood going downhill, bad school system, cemetery across the street etc.)

Price generally has little to do with it unless the buyer was beyond what they could afford already. Most buyers have a pretty good idea going in what they can afford, because any good realtor will do a mortgage qualification before starting to look at houses, so they know what price range to show their customer.

 

[Octoberbride03]

Where i used to live finanacing doesn't neccessarily play a whole a big role in a house falling through these days. When my parents sold their home they were assured that any potential buyers wanting to walk through already had enough financing to get the house. What did play a big role in selling it were agreeing on a settlement date with the buyers, and the inspection. Both were big headaches for my parents. But the house is sold and everybody is moved.

As for your dreamhouse, I'm sorry you didn't get it. My best friend and her Dh had the same problem when they were looking for a house. They were ironing out bids on 3 houses near where i used to live and while they'd be hammering it out with the realtor another bid would come through and be accepted by sellers. It was a really hot market. But they eventually wound up something they love and an inground pool even though it was not where they were originally looking. I'm sure you'll find a house out there. And i'll probably be joining your venting in a couple of months LOL. Dh and i plan to start looking over the summer.

 

[C.Ann]

In our area right now there is just about "zip" chances that a deal will fall through..

Houses are selling so fast right now that realtors don't even want to SHOW you houses (and sellers don't want to even HEAR your bid) unless you've been pre-approved, your finances and credit have been cleared, and you do NOT ask for a contingency..

If you need a contingency to sell your own home (ie: it's not already under contract for purchase by someone) you're virtually OUT of the ball game.. It's insane!!

Also, homes are not selling for the "asking" price here - but rather several thousand dollars OVER the asking price!

 

[Pin Wizard]

It's the same way here, C.Ann. I just bought my townhouse a week ago. I didn't even bother putting in a lower bid because my realtor said they're going for more than asking price! After I had signed an agreement and handed in a deposit, the owner got a call from one of the 4 other appointments to see it that she canceled. They offered $10,000 more than I paid. She told them no, she had a buyer! Helps to lay your cards on the table some times...Let them know we were living out of a hotel, that DS was wondering why he was in school when he didn't even have a home! The owner said...Oh! We can't have you living in a hotel! And when my realtor told her I was paying cash, that was it!

 

[C.Ann]

Another thing I forgot to mention that is occuring in this particular area.. If you have a house you have to sell first (in order to purchase a new home) the only thing you can do is to be willing to secure a "bridge" loan - which in itself is pretty darn scary, not to mention "risky".. Say the word "contingent" and the seller won't even consider your offer - no matter HOW high you go..

Quite frankly - and I ain't no spring chick - I've never seen anything like this!!!!!!!!!!

 

[AspiringCindy]

12 years ago, We pulled out of a deal because we found out the house had termites! Yikes! We ran...fast!

 

[wendyl]

Our good friend is a mortgage broker and will tell you than pre-approval means very little. All it means is that a mortgage broker has quickly looked through your situation. The REAL approval happens close to closing when all the mortgage paperwork gets sent to the Underwriter (big wig) at the mortgage company!!!!

We sold our house this summer--packed it ourselves(over a period of several weeks--loaded all our stuff on Uhauls the day before closing (it took 2 trucks--8 people-- and 12 hours) . THAT NIGHT AT 10:30PM (in our empty house with nothing but mattresses on the floors) WE GOT A CALL THAT THE CLOSING WASN'T GOING TO HAPPEN!!

We were lied to about the reason for several days--and we just kept all our stuff on the trucks because we were told the closing would happen any day. Finally, we found out the buyers loan fell through when it got to underwriting and they were starting over with a new loan

LONG story short--2 weeks later--we sold it (to the same buyer) and moved.

Moral? 1)Put a 48 hour possession clause in your contract so that you don't move a box until AFTER closing. 2) Always be prepared for the deal to fall through and keep showing your house.

 

[Talking Hands]

Originally posted by Disney Doll
DH is a realtor, and it's my understanding that deals fall through for a few reasons:
1. The buyer was not able to get the financing
2. The buyer's other house didn't sell, and the new purchase was contingent upon that
3. There is some major problem with the house that shows up during the inpection and it scares the buyer off
4. There is some major problem that shows up during the inspection that the seller refuses to correct and it scares the buyer off
5. "Uncle Louie"...this is when the buyer's mother,father,other relative talks the buyer out of the house for any number of reasons(too big, too small, too far out, too close to town, too much money, too much work needed, neighborhood going downhill, bad school system, cemetery across the street etc.)

Price generally has little to do with it unless the buyer was beyond what they could afford already. Most buyers have a pretty good idea going in what they can afford, because any good realtor will do a mortgage qualification before starting to look at houses, so they know what price range to show their customer.

Another big one around here is the house doesn't appraise for the amount of the loan.

And last one around here recently is the deal is closed but the closing agent stole the money. Buyer was already given the keys but the seller was not paid. Still in litigation.

 

[lil mermaid]

Originally posted by C.Ann
Another thing I forgot to mention that is occuring in this particular area.. If you have a house you have to sell first (in order to purchase a new home) the only thing you can do is to be willing to secure a "bridge" loan - which in itself is pretty darn scary, not to mention "risky".. Say the word "contingent" and the seller won't even consider your offer - no matter HOW high you go..

Quite frankly - and I ain't no spring chick - I've never seen anything like this!!!!!!!!!!

Same thing is happening here - if you put ANY type of contingency (appraisal, inspection, ANYTHING) on your offer, it will be rejected. I read in the paper of one house that sold for $90,000 over the asking price, with 13 offers - 8 of which were over the asking price.

It is really scary!!!!!! I am so glad we are not trying to buy a house.