Why Did Your Homebuyer Back Out At The Last Minute?
Satish Verma, 45, had found Deepak Suri, 39, as a potential buyer for his 2BHK apartment in Gurgaon. The deal was struck after the negotiations and a home inspection drive. But, a few days before the two were to ink the dotted line, Verma received a call from Suri telling him that he will not be able to buy the property. Verma was left in the middle of nowhere. So, what led Suri to back out at the last minute?
The reasons could be aplenty. MakaaniQ tells you reasons why a homebuyer could back out just a day or two before signing the deal:
Home loan rejected
The homebuyer who had applied for the loan received a rejection given his credit score during the final inspection by the lender. This could lead to the homebuyer backing out given that he would not be able to pay for the property he had planned to buy.
Dropped the idea of spending on repairs mentioned in the home inspection
During the home inspection, the inspector in his report shared some repairs the property will need for it to be liveable. While the homebuyer was earlier ready to take up the repair, he realised that the cost of repairing would add to his already shooting up budget given the other miscellaneous expenditures.
A luring end-minute deal
A homebuyer looks at multiple properties during his home-buying process. While he closed on the second best option available to him, he got a call from the seller of the property that was his first choice. He was being offered the property at a price lower than yours with better facilities. The buyer would be lured to move to the deal of his choice.
Challenges you will face
- You will have to undergo the process of finding a potential buyer again, putting your property on the market.
- The process of finding the potential buyer is not only an expensive trail but also time-consuming.
- You will also be spending on maintaining the property and keeping the agent.
- Your plans of investing the money, you would have otherwise received from the deal, would be delayed. What if you had planned to buy another property for yourself? You would miss on the property of your choice.
What could you do
In case you see a possibility of winning back the buyer, we say, go for it. Sit with your agent and think through a way. Then involve the homebuyer and his agent and have a clear discussion. Know what are the reasons for them backing out and also, find out ways of keeping them. Check if they would be looking for some concessions or pay for certain repairs, among others.