When you hear stories of houses selling in a single day you probably assume the job of your Realtor is easy.
Trust me, that’s not the case.
In a hot market you may get offers quickly, but it’s very challenging to get them to the closing table. More than 25% of pending contracts are terminated.
Why Do Deals Fall Out of Contract?
Many contracts are terminated because of minor inspection issues, disagreements over remedies, financing problems, or buyers’ remorse.
Today’s buyers are fickle. They walk for any and no reason. Our standard purchase agreement gives them many opportunities to cancel the contract without losing their earnest money.
It takes a great negotiator to hold the contract together and get to the closing table.
How Many Contracts Are Terminated?
The exact number is not published in the MLS. So, I had to do some digging. I researched contingent and pending contracts and compared them to “back on market” listings.
If a purchase contract is terminated the MLS shows “back on market”.
Based on my research 25.2% of pending contracts came back on market in August 2019. That’s 5 points higher than in May, when we had only 20.5% back on market properties.
Can You Prevent Contract Terminations?
When a pending contract is terminated it’s more difficult to get another offer. Most new offers will be lower, because buyers believe something is wrong with the property.
What can you do?
Your best bet is to work with an experienced negotiator.
When I represent you, my most important job is negotiating on your behalf. I do not only try to get the best contract terms; I will also see to it that we successfully close the sale.
Inexperienced agents may not be able to manage their clients’ emotions and often let contracts fall apart over a few hundred dollars. That’s unacceptable!
In the end, we all want the same outcome – a successful transaction.
Call or text me TODAY at (614) 975-9650. You deserve to work with the BEST Negotiator!
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.