I had a listing go back on the market this week. Just Sunday I wrote, “Home Buying/Selling From Contract to Closing“, and referenced a Chicago Tribune article that said 1 out of 10 real estate sales contracts don’t make it to closing. I think the number is at least that high.
In this case, the buyer failed to qualify for financing even though he submitted a mortgage pre-approval with his offer showing that he could be approved for a mortgage well in excess of what was needed for this property. It makes you wonder how well the loan officer verified the buyer’s finances.
As the Chicago Tribune article said, “…the journey to closing is sometimes like a road in a Third World country–more potholes than pavement. At any time, but often at the last minute, something can happen to force a delay or perhaps even kill the deal entirely.” Part of what REALTORS® do is try to keep that journey on track.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
