By Mike Lentz | The Mike Lentz Team - Keller Williams Realty
The biggest reason a deal falls apart is inspection or repair issues, followed by financing problems and delays with a buyer’s own home sale. Most deals still close successfully – only about 1 in 7 pending sales fall through nationally. In South Jersey, working with an experienced agent and getting a pre-listing inspection can help you avoid the pitfalls that derail sales.
Understanding why a home sale falling through happens can help you avoid the same fate. Few things are as frustrating as watching your home sale fall apart at the last minute. All that waiting, all that planning – gone.
But if you’re getting ready to sell in Camden, Burlington, Gloucester, Salem, or Cumberland County, here’s what you should know. It rarely comes to that. Buyers who are moving forward at today’s rates and prices are generally motivated by a big life change. That means they’re serious about getting all the way to the closing table.
According to the latest data from Redfin, only about 1 in 7 pending sales are falling through. The vast majority make it all the way to closing.
And the single biggest thing that puts a deal at risk is the one you have the most power to prevent. It just takes a little smart planning before your house hits the market.
Why Some Sales Fall Apart Before Closing
A Redfin survey sheds light on the most common things that trip up a sale:
Here’s a bit more information on each one.
Inspection or Repair Issues
This is the big one. When a buyer’s inspector finds a problem – with the roof, the plumbing, the foundation, or elsewhere – the buyer can push back. They may ask you to make repairs, request a credit so they can do it themselves, or see if you’ll lower your price. If they don’t get what they want, they may walk away from the deal altogether.
The Buyer’s Financing Fell Through
Their mortgage loan has to be fully approved in time for closing day. If the loan doesn’t come together, the sale can’t move forward.
The Buyer’s Current House Didn’t Sell
Some buyers need to sell their own home before they can close on yours. If that takes longer than expected, you may run into issues with your timeline or even see them give up on their move.
There Was a Change in Buyer’s Financial Situation
A new job, a big purchase, or new debt can change what a buyer qualifies for on their mortgage loan. This can happen even after they were pre-approved.
How to Prevent Your Home Sale Falling Through
Some of those reasons are outside your control. You can’t determine whether a buyer’s loan clears or whether they sell their own home in time. There are, however, a few proactive things you can do to help make sure your sale goes as smoothly as possible.
Save Yourself the Headache and Get a Pre-Listing Inspection
That’s when you get your own inspection before a buyer gets theirs. It lets you find the big issues before a buyer’s inspector does. You can fix them or disclose them on your terms, instead of scrambling once you’re under contract.
In this situation, your agent will help you decide what’s worth addressing and what to just disclose. Handle it now, and the biggest risk to your home sale falling through is behind you before a buyer ever brings it up.
Look at More Than Just the Offer Price
Your agent will help you weigh the whole offer. That includes the buyer’s timeline and any contingencies attached. When a buyer’s offer depends on selling their own home first, the success of your sale rides on a second deal you can’t see.
Sometimes, a slightly lower offer with fewer strings is the safer one. Your agent will help you weigh your options and make a plan that works well for you.
The Pre-Listing Inspection: Your Best Defense Against a Home Sale Falling Through
Of all the strategies you can use, the pre-listing inspection is something you can get ahead of right now. That relatively small cost upfront can save you the much bigger hassle of a deal falling apart later.
While getting your own inspection before listing may not make sense in every situation, your agent can tell you whether it’s worth it. They’ll base that recommendation on your local market, your house, and what buyers are prioritizing in your area.
Sometimes the smartest move is staying one step ahead.
Bottom Line
Most home sales still close. And the biggest thing that could get in the way of yours is the one thing you can actually do something about.
With the right prep, your sale has every reason to make it to the finish.
If you want to talk through what this means for your situation, schedule a quick call and we’ll walk through it together.
For the full picture in your county, see our county market reports for Camden, Burlington, Gloucester, Salem, and Cumberland counties.
