When The Buyer Backs Out: Real Estate Sales SolutionsWhen The Buyer Backs Out: Real Estate Sales Solutions


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When The Buyer Backs Out: Real Estate Sales Solutions

The first time I sold a house, I had no idea that the buyer could back out of the contract partway through. I was taken aback when it happened to me, and my real estate agent had to explain the process of terminating the contract and requesting the earnest deposit. After the contract was terminated, I spent a lot of time researching why a buyer could back out of a sale, what I could do about it as the seller, and ways to minimize the risk of it happening. I created this site to share what I've learned in the hopes of preventing other homeowners from experiencing what I did. I hope it helps you to be better prepared as you sell your home.

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Lost Out On Your Dream Home? Maybe Not . . . 3 Tips To Still Get That House

If you find your dream home and you won't take the second-best home on the market, then you need to be prepared to take some extreme measures in your home buying process. Here are three tips to help you get that dream house, even if you think you've already lost it:

1. Don't Make an Ordinary Offer. Make a "Sharp" Offer.

A "sharp offer" is an offer that is provided to the seller to essentially let them know that you will do anything to get the house. In this type of offer, you are saying that you will match the best and highest offer and add a certain percentage on top of that (usually five to 10 percent).This does not come without its risk, though. For example, one Californian law firm says one of the main risks is the unpredictability of the final purchase price of the home. You need to make sure – 100 percent sure – that you can afford to purchase the property even if the offer amount increases tens of or hundreds of thousands of dollars. You need to be prepared for the unthinkable in this instance.

2. Lost a Bidding War? Offer to Buy Out the Buyer.

When you are in a bidding war with another buyer, it can be difficult to lose. You feel frustrated and you're down because you lost your dream home. However, you may not have lost it. There is still hope. You can find the winning buyer and try to make a deal with them. For example, you could offer to pay the buyer any expenses that they have been out so far. For doing that, they would then allow you to become the buyer of the home.

3. If the Buyer Closes, Knock on That Door.

If the above isn't an option, then you do have one final thing that you can do. Go knock on the door of the new homeowner. Explain to them your situation. Maybe you have a sob story that you can give that will make them feel sorry for you. If not, you may still be able to get them to sell you the home directly, which is your end goal. Keep in mind, though, your offer is going to have to be beyond this realm, as it would need to put some money in their hands and cover the expenses that they have incurred thus far. With the right amount of money, you may be able to get them to sell to you.

When the above three things don't work, it may be hard, but it is time to move on. There are always other houses out there, and you'll probably find another house that you can fall in love with. You may even find one that you love even more, even though you didn't think it was possible. When you go searching next time, try to get that your offer in before anyone else and make it one that the seller can't pass up. 

For more information about homes for sale, contact a professional like Realty Executives.