The process of selling your house as a short sale can be difficult, for sure. Your Venice short sale agent will often see a home with a worthy offer quickly go away when the buyer cancels a short sale offer. While this can be disheartening for sellers, your Venice short sale agent hopes that understanding why buyers cancel their agreement might ease some of the difficulty.
First, buyers may cancel a short sale agreement because they find a better home they can get faster. The wait time is significant with a short sale and your Venice short sale agent will often encourage buyers to continue house hunting in case the deal goes sour. It is part of the real estate game.
Second, you may find that buyers get cold feet. With all the time they have waiting for an offer to go through it is easy to overthink the situation and have feelings of remorse. This can often lead to a buyer getting out of the deal.
Third, a Venice short sale agent may be working with a buyer that is looking for investment properties. That usually means that the buyer is trying to get really good deals on homes by putting in a myriad of offers. Many times they will have their Venice short sale agent offer low-ball deals to see if they get any bites. It is a common practice in real estate that can leave many people who have not worked with short sales very frustrated.
Finally, there are buyers that change their mind because of the discovery of a large repair. A Venice short sale agent will always suggest that buyers have an inspection on the home before closing, and if there are unforeseen repairs, the buyer may back out.
Because the short sale process can be difficult for most sellers, those little bumps in the road can seem like mountains. The good news is that the process won’t last forever. With a good Venice short sale agent you may be able to make it through the process easier.