Home selling is never a simple process. And it can become more expensive and complicated if a potential buyer makes an offer, and backing out. As a seller, here are the things to lose if your buyer decided to back out.
Time and Effort – Time is money as they say. It is one of the most important aspects of home selling. And it is frustrating to have it wasted because of a home sale that falls through. As a seller, you are back to square one and will have to begin the process again and look for another buyer. The delay could also delay your plans for purchasing a new home.
Money – Losing money comes in when the deal falls through if you must continue paying the mortgage payments of the house you are selling while also paying for the mortgage on the house you just bought. And if you are under contract on buying your new house and the potential buyers of your home backs out, you might have to pay to the new house because of breaking the contract. Utilities, landscaping, and property taxes are some of the existing maintenance costs of your current home. And it can add up over time since it is vital to keep the house presentable to attract new potential buyers.
Opportunity – There could be other potential buyers who might have been interested in making you an offer, however, because your house goes under contract, they start looking at other real estate properties in the market.