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Why do residential real estate closings fall through?

Whether you are buying or selling a home in Florida, nothing is worse than having what you think is a finalized deal, only to have things fall apart when it comes time to close. It happens more often than people know. Why?

Below are some of the most common reasons. If you can take steps to address them ahead of time and nip them in the bud, you may be one of the smart (and lucky) ones who has a closing that goes smoothly.

Buyer's Remorse

Buying a home is major life event for most people. It's probably one of the largest purchases they will ever make - and it's not uncommon for buyers to get cold feet when it comes down the closing date. Even it means losing their earnest money, buyers may still find reasons to back out.

It's also more common for first-time homebuyers to experience buyer's remorse. If the person or family buying your home has purchased a few homes in the past, they are much less likely to back out of the deal due to stress or nerves.

Closing Document Problems

As the closing date approaches, many closing documents are reviewed - and some may have issues. The most common issue is typically with the title of the property. There may be an outstanding lien on a home that the homeowners might not even be aware of. These issues can delay a closing, or lead to the deal completely falling through.

Mortgage Falling Through

Knowing that the potential buyer of your home is preapproved for a mortgage can help solve that problem - to an extent. But what if something unexpected happens, such as the buyer losing his job - or separating from his wife? Any number of random occurrences could affect his ability to get a mortgage.

Home Inspection Problems

If you are buying a home, it's important to have an inspection of the home done to ensure there are no major structural issues with the home. But what if there are some issues that the homeowner must repair prior to the closing? Will he get them repaired in time, and to the satisfaction of the inspector? If not, the deal may fall through.

Buyer Contingencies

Buying and selling a home at the same time happens all the time, and yet it can be tricky. If something falls through on your buyer's end - for instance, their mortgage falls through - it is obviously going to affect your end of the deal as well.

Some of these issues may be completely out of your control, but working with an experienced professional - one who has had years of handling problems just like these - may give you the best chance of avoiding them altogether.

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