Don’t Let Your Dream Home Slip Away: Causes of Failed Real Estate DealsHorror

Have you ever heard of a case where a real estate transaction 'fell thru' at the very last stage?

Watch this article in a 1 minute video 

There could be variety of reasons why real estate transactions fall through at the very last stage.

Some of the common reasons are: 

  • Conflict of interest between sellers/buyers (agreeing upon costs, or who will take care of repair, or other contingencies/conditions etc.) 
  • Issues exposed upon inspection (material defect of house, leading to conflict of interest between sellers/buyers, etc.) 
  • Changes due to unexpected personal reasons (change/loss of job, relocation, health issues, etc.) 

But one of the most common reasons that we hear is because the buyer’s loan did not get approved, the deal did not go through. 

While it is one of the MOST IMPORTANT things on the list for home buyers to get pre-approved for a loan before going under contract, some buyers  ‘assumes’ their affordability and refuses to get pre-approval, and even if you did get your pre-approval – it could still happen to you. 

One of the critical issues  could be, that you were not pre-approved for the right loan amount (right amount = affordable loan based on your income/debt) .  

How did this happen?  Well, did you work with a trustable lender and answered all of the questions and provided all of the paperwork that they required?

Or, instead, did you go online and use one of those free loan calculators that gives you the estimation of your pre-approval amount, based on what you’d input?  And while doing so, did you make some assumptions on the numbers or may have input some inaccurate data? 

These small things could really bite you at the end. 

With that said, I am happy to provide you the advice and support on how I could support you to get pre-approved for your affordable loan amount appropriately, so please reach out any time!  

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