CHAPTER 22 Read This Before You Sign a Contract With a Buyer
Imagine this: you’ve accepted an offer on your home and are excited to move forward. For the next 60 days, your home is under contract, and you’re patiently waiting for the buyer to secure their financing. But then, the unthinkable happens, the buyer’s loan falls through. Now, not only have you lost two months of valuable time, but you’ve also missed out on other potential buyers who may have been ready and able to purchase your home. And the worst part? Those buyers have already found another home. This frustrating scenario happens more often than you’d think, and it’s a critical reason to ensure a buyer is pre-qualified before you sign a contract. Why Prequalification Matters Signing a contract with a buyer who hasn’t been prequalified is a risky gamble. Here’s why: 1. Time Off the Market: While your home is tied up in a contract, it’s effectively off the market. If the deal falls through, you lose valuable momentum. 2. Missed Opportunities: Other interested buyers may come along, but they can’t make an offer while you’re under contract. By the time the first deal fails, those buyers have moved on. 3. Market Perception: A home that goes back on the market after a failed contract might raise red flags for future buyers, making 82
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