Margaret Rome's Blog

head_left_image

Why Didn't It Close?

 

 

 

 

 

It is not pleasant when a transaction fails to close.

Thank goodness this does not happen often.

In real estate there are many reasons that settlement may not happen.

Here are a few...

 

=Financing 

=Appraisals

=Condo and association issues

=Contingencies

=Home inspection

=Natural disaster-earthquake, hurricane

=Personal crisis -illness, death, divorce

=Title issues

=Code violations

=Buyer and seller remorse

=Change in employment or transfer

=Analysis Paralysis 

 

As  professionals, we need to manage the contingency dates and the inspections. We need to stay in close contact with our buyers, sellers, co-op agent, contractors, appraisers, title company, lender and anyone else involved. As professionals, we need to recognize when the deal is no longer viable and say NEXT and... if possible, get the house back on the market.

 

Questions about selling a home...

Call Margaret Rome

 

Margaret Rome

 

 

 

 

 

 

 

 

 

 

 

 

 

 Search All Active Listings

 

Sell Your Home With Margaret Rome

Broker-Owner HomeRome Realty 

signature

 

 

Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

Margaret Rome on Zillow

Comment balloon 6 commentsMargaret Rome, Baltimore Maryland • December 21 2017 11:41PM

Comments

Of all these reasons, buyer/seller remorse is the hardest to explain to the other party and usually does not elicit any sympathy neither. 

Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) 10 months ago

I have experienced nine out of the twelve reasons you listed. It ain't over till it's over.

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) 10 months ago

And throughout it all, we must remain calm, not upset our clients unnecessarily and be the professionals we are.  

Posted by Susan Haughton, Susan & Mindy Team...Honesty. Integrity. Results. (Long and Foster REALTORS (703) 470-4545) 10 months ago

If things fall apart the first week it doens' bother me so much it is when  I have worked for 3-4 weeks and then it happens

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 10 months ago

Every once in a while, sales just don't make it to the closing table. Then it's back to the drawing board.

I had one transaction die because the buyer found out his divorce in another country never was officially completed by the judge, and his (he thought ex-) wife would have claim to anything he bought. So he had to get divorced first and the seller didn't want to wait. 

 

 

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 10 months ago

Kat Palmiotti Oh my...you can't just make this up.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 10 months ago

Participate