Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png Top 8 Reasons A Real Estate Deal Falls Through – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Wed, 09 Sep 2015 11:30:52 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 Top 8 Reasons A Real Estate Deal Falls Through[/caption] Whether you're thinking of buying or selling a home or are currently in the process, it's very important you understand when a buyer and seller agree to terms in a contract that it is not a done deal.  In the majority of real estate transactions there are many things that must happen between the contract date and closing date. If you're a real estate professional and believe that all real estate deals stay together, you're only kidding yourself.  If you're a buyer or seller who believes that all real estate deals stay together, you need to think again.  The reality is that not every real estate deal is going to stay together. There are many reasons why a real estate deal falls through.  The reasons for why a deal falls through maybe the fault of the real estate professionals, the mortgage professionals, the buyers, the sellers, or a combination of them all. If you're buying or selling a home and have come to terms with the other party, congratulations, however make sure you understand that your real estate deal can fall through. Below you will find the most common reasons why a real estate deal falls through.  If you're aware of these reasons, you will greatly increase the chance that your real estate deal stays together! Inexperienced/Incompetent Real Estate Agent Whether you're a buyer or a seller, it's important to understand that hiring an experienced and competent real estate agent is critical.  One of the most common reasons a real estate deal falls through is because one of the real estate agents involved in the transaction "drops the ball." Buyer and sellers unfortunately make many of the same mistakes when choosing a Realtor.  This can make the process of buying or selling a home very frustrating and possibly unsuccessful.  In some cases, an inexperienced or incompetent real estate agent is lucky enough to get their clients an accepted purchase contract. This does not mean the home is sold and will make it to the closing table.  An inexperienced or incompetent real estate agent will neglect to stay on time with contract dates and make the proper follow ups, which can lead to a deal falling through.  Some of the tasks that an experienced and competent real estate agent will make sure are done on time so a deal doesn't fall through include;
  • Successfully negotiate through inspections
  • Confirm bank appraisal results
  • Ensure the potential home buyer gets approved
  • Follows up with attorneys to ensure closing documents are being reviewed and prepared
Buyer Can't Sell Their Home Buying and selling a home at the same time is not an easy task.  Every home is salable, however, some homes can take much longer to sell for a variety of reasons.  One of the most common reasons a real estate deal falls through is because the potential buyer can't sell their home and cannot purchase a home without selling their home. It's important to understand that if you're selling your home and receive an offer from a buyer that is contingent on the sale of their home, you should not count on that particular buyer shaking your hand at the closing table.  Home sale contingent offers in real estate have a much greater chance to fall through than offers that are not sale contingent. Inspection Issues [caption id="attachment_3036" align="aligncenter" width="450"]Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through Inspection Issues Are A Common Reason Why Real Estate Deals Fall Through[/caption] Potential buyers have the option to perform several different types of inspections when buying a home.  There are lots of reasons why having a home inspection and other various inspections is a good idea.  These inspections can also lead to many real estate deals that fall through. If you're selling your home, it's suggested that you consider having a home inspection performed on your home prior to listing it for sale.  Since home inspectors will find issues with every home, having a pre listing home inspection which will give you the opportunity to correct issues before they become an issue.  This can go a long way in reducing the chances that a buyer gets scared away from your home. If you're buying a home, having a home inspection is suggested.  It's important to remember that every home will have issues and that the primary reason for inspections is to make sure the home doesn't have any major deficiencies.  Some of the red flags and major deficiencies that you should be on the look out for when buying a home include;
  • Mold
  • Pest infestations
  • Foundation/Structural Issues
  • Roof leaks or damage
Potential Buyers Gets Rejected For Their Mortgage Another common reason a real estate deal falls through is because the potential buyer is turned down for their mortgage.  In a perfect world every potential home buyer who is walking around with a pre-approval letter would get to the closing table but this is not the case.  Having a pre-approval letter is a must when buying a home, however, it does not guarantee a buyer will be approved for the mortgage. Since there are many common reasons why a mortgage is rejected, it's important that when buying and selling a home to keep in mind until the closing has occurred, a buyer isn't guaranteed to receive the loan. Keep in mind there are some mortgage lenders and banks that do a great job ensuring the majority of their pre-approvals get to the closing table.  There are situations when a buyer is rejected that a top mortgage lender or bank has no control over.  Some of these situations can include;
  • Buyer loses their job
  • Buyer experiences health issues or hardship
  • Buyer separates from spouse
Bank Appraisal Issues Real estate deals that involve a buyer who is obtaining a mortgage will be subject to a satisfactory bank appraisal.  A common reason a real estate deal falls through is because there are issues with the bank appraisal. Some of the bank appraisal issues are more common than others and some of the appraisal issues also increase the chance a real estate deal falls through.  Generally, if a bank appraiser cites some minor repairs that need to be completed prior to a closing, this will not cause a deal to fall through. If a bank appraiser determines that the value of the subject property is thousands of dollars less than the sale price, this is typically when a real estate deal can fall through.  The amount that a home under appraises often will determine whether a deal will fall through or not.  If it's only a couple thousand dollars, normally a buyer and seller can come to terms.  If a home under appraises by $10,000, the chances that the deal falls through will go up exponentially! Issues With Closing Documents [caption id="attachment_3039" align="aligncenter" width="450"]Real Estate Closing Document Issues Can Kill A Real Estate Deal Real Estate Closing Document Issues Can Kill A Real Estate Deal[/caption] Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney.  A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.  Some of the most common title problems in real estate include;
  • Outstanding Liens
  • Public record errors
  • Past bankruptcies
  • Missing heirs
Short Sale / Pre-Foreclosure Issues Buying or selling a short sale or pre-foreclosure can be tricky.  Many short sales, sometimes referred to as a pre-foreclosures, end in a deal falling through for a variety of reasons.  It's important that prior to buying (or selling) a short sale or pre-foreclosure, you determine whether it's a good fit for you or not. In respect to a short sale, the primary reason a real estate deal falls through is because the lender involved in the short sale approves the sale and requests a closing to occur in a time frame that is nearly impossible to meet.  When buying a short sale, a lender will give their clearance to close and will request it is completed within 14-21 days, sometimes even fewer days. Since many buyers will request the appraisal is not completed until the lender approves the short sale, this does not leave sufficient time to get the appraisal done and all of the closing documents prepared and reviewed. Buyers Experiences Remorse One of the worse nightmares for a home seller is finding out a week before the target closing date the buyer has decided they no longer want to buy a home and have decided to continue to rent. Buyers remorse happens in real estate.  There are many reasons home buyers remorse happens, which ultimately can lead to a real estate deal falling through.  If you're buying a home, having a strong understanding of how to avoid buyers remorse in real estate can eliminate lots of frustration for you and a seller. Final Thoughts It's important to always keep in mind when buying or selling a home, real estate deals can fall through.  As indicated above, many of the reasons a real estate deal falls through are completely controllable while others are not. If you're buying or selling a home, you should set realistic expectations.  If you are aware of the above common reasons why a real estate deal falls through, you will put yourself in a much better position whether your deal falls through or not.  Having an experienced and competent real estate agent working on your behalf will give you the best odds that your deal will NOT fall through! Other Top Real Estate Resources Are you buying a home in Rochester, NY? Perhaps you're considering the sale of your Rochester, NY home?  Either way, it's important that you understand that a real estate deal can fall through.   If you're looking for a competent, experienced, and top producing Rochester, NY realtor to help ensure your deal stays together, contact me, and I'd love to discuss your real estate needs!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Top 8 Reasons A Real Estate Deal Falls Through" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]>