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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Determining Your Needs and Wants in a House Prior to Shopping

Before you set foot in any home for sale, you should know what you want in a house. By knowing what you want, you can view homes that will likely fit your needs, desires, and wants, and this can save time and energy. Here are several things you should know about your needs and wants in a house as you prepare to begin home buying.

Things that are needs

Some people who are ready to buy a house do not fully understand that there are differences between the features they want and need in the home they buy. Features that you need are those that you have to have to live with, while features that you want are just extra things you would like to find. Here are some of the top examples of features you should think about that you really need in a house:

  • Price and budget
  • Type of home
  • Size and layout of the house
  • Location, neighborhood, schools, and area

These types of features are vital to find in the home you buy, and you may want to create a list to give to your real estate agent that outlines your top needs in a house. This will make your house-hunting a lot easier and more efficient.

Things that are wants

After thinking about the types of features you really need in a house, you should also consider the types of features you would like to find in a home. For example, would you like to find a home with a basement, even though you do not really need one? If so, put that on your list. You may also want to find a home with a really large yard, even though a small one would do just fine for you. There is nothing wrong with making a list of the features you would hope to find in a house, even though they are not features you would need to have in order for a certain house to be right for you and your family.

Creating a list of the top things you really need in a house and things you want to find in a house can help you narrow down the list of houses to view. This list will also help your agent choose the right homes to recommend to you. You can begin your search by hiring a real estate agent of your choice.