Buying A Home
meg_2006
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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how often contracts fall through
We're first time buyers and found a house we LOVE- but today it just went under contract. The agent said we could make a back-up offer in case the contract fell through. How often does that actually happen? I feel like just my luck, it won't. I'm a little discouraged right now. It took us forever to find a house we like, has what we need, is in our budget, and isn't in a crappy neighborhood- all very difficult things in the area we live in.
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Re: how often contracts fall through
As a real estate agent, there are numerous reasons a contract could fall through. We just accepted an offer late last night on our clients' listing. The home still has to go through all the contingencies - inspection, appraisal, loan approval/committment.
If the inspection comes back and the seller/buyer can't agree to terms of things that (MAYBE) need to be corrected, the house could come back available.
If the appraisal doesn't come in where it needs to be, the loan can't be funded, unless the client is able to put more money down to make it work.
It has happened. We have agents still showing said listing even though it just went under contract as they know the contingencies could still cause it to become available.
Good luck and I hope this helps! It's too bad that if you'd seen the house already that the listing agent didn't let your agent know that an offer was coming. We extended that courtesy to the agents showing our listing and if they were to write up offers it could've provided to be lucrative to our clients as they could potentially get more than they were asking with multiple offers.
I had the same thing happen and had our realtor just tell the listing agent that if anything should fall through to keep us in mind and we'd keep looking. Two days later the listing agent called and said the deal fell through and we had an offer acceptance later that day! We moved forward but cancelled the contract after the inspection and found "the one" a few days later. We are closing later this week.
I don't know about how often it happens but we had it happen to us. Good luck
My husband and I are in the SAME exact situation!! I feel your pain...I saw myself in this house 100% and now every other house we look at I compare to it and nothing measures up....
Hope the deal falls through for you guys! Not sure how often it happens though, im hoping very often lol.