Why Homes Fall Out of Escrow
It seems there are so many hoops to jump through when buying (and selling) a home. The process is involved and rightfully so. Purchasing a home is a huge investment, one that some people make only once in a lifetime.
Unfortunately there are various reasons why sales can fall through at some point along the way (which is one reason why the escrow process can be a lengthy one). According to a recent article in Time’s Money Magazine, the top five reasons why sales fall through are:
- Buyer’s financing
- Low Appraisals
- Title insurance or home inspection issues
- Buyer’s remorse
- Sale of buyer’s home falls through
To avoid losing a sale, it’s best to keep an open line of communication with agents so as to stay abreast of loan status, appraisals, and inspections. If at all possible, you can also lean toward buyers who are paying with cash, are pre-approved for a loan, or are not dependent on the sale of their current home.
Category Real Estate
Lyon Real Estate
Ranked the number one brokerage in annual home sales in the greater Sacramento region by the Sacramento Business Journal, Lyon Real Estate has served the area for over 70 years. In 2017, the company closed 7,333 transactions worth a total of $3 billion in sales volume. Lyon Real Estate has 950 agents in 17 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World®, the largest network of premier locally-branded firms, as well as LeadingRE’s Luxury Portfolio International® program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. For more information about Lyon Real Estate, click to GoLyon.com and follow us on Facebook.com/LyonRealEstate.