|Home sales get hung up for all sorts of reasons.|
See what the common glitches are — and what you can do about them.Home sales get hung up for all sorts of reasons. Sometimes a buyer can't secure approval for a loan or a seller won't make repairs the buyer insists are necessary. Appraisal issues often result in delays or failed deals, as do complexities arising from short sales.
These problems are common, judging by a recent survey by the National Association of Realtors that found that 33% of real-estate agents surveyed had experienced one or more contract failures in 2011. That figure was up from 8% a year earlier.
These problems can be stressful. Granted, some sales are doomed never to close, but others can be saved with a little creativity and a lot of patience. Here's how:
Buyer financing fails
Many prospective homebuyers enter into a purchase contract with the best of intentions only to discover they can't qualify for a loan as easily as they had expected. Instead, "they get turned down,".
Documentation snafus, job losses and credit-score hiccups are but three examples of the types of problems that can derail a buyer's financing. Seemingly inexplicable delays by lenders can also stall a buyer's financing.
In some cases, the process "seems like it takes forever," dragging on so long that the buyer gives up and abandons the deal.
Still, many borrowers eventually do get a loan approval. Buyers need to stay in touch with their loan officers and buyers, and sellers need to be patient while the slow wheels turn.
Sometimes the banks just make it a living hell for all of us — and then they end up closing it.