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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First Time Buying A Home? 2 Tips You Should Follow

One of the American dreams for people is to someday buy a home. Unfortunately, the path for achieving this dream may be very stressful for those that aren't prepared for what they can expect. For those people preparing to purchase their very first home, be sure to follow these 2 tips.

Get Your Mortgage Pre-Approval First

If you're starting the home buying process, you need to get a pre-approval for a loan from a local mortgage lender. Know that this does not need to be the lender that you eventually get your mortgage with, since it can change later. The pre-approval is to let you know how big of a loan you will qualify for, and help you make an offer on a home.

You do not want to waste time looking at homes that will never be within your price range. The pre-approval amount will guide you towards homes that you know are within your budget. This can save you valuable time by only looking at homes you can afford.

With the potential of there being multiple offers on a home when you do find one, the pre-approval also shows to a seller that you're serious about buying a home. You've taken the important first step, and the seller will know that the sales price of the home is within your pre-approved amount. Not having a pre-approval can cause you to lose a bid for your potential dream home.

Find The Right Real Estate Agent

You'll want to take some time to find the right kind of real estate agent for your home searching. Don't feel pressured to sign a contract with an agent until you find one that works for you.

Some things to consider are if the agent is responsive when you call them. If you can't get a hold of your agent to show a home, you may lose it to somebody else that makes an offer before you. Tell the agent your search criteria and see what they come up with. Are they showing you homes that meet your expectations, or trying to push you in another direction? If they are on the same page as you with the kind of home you want, you'll save time by only seeing relevant homes.

One you find a real estate agent, you'll have someone on your side that can help you through the entire home buying process for the very first time.