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Question from California here: My house has fallen out of escrow four times. Do we throw in the towel?

I kid you not, the above question is from Trulia Voices .

Here’s my answer: It is hard not knowing what area of the country you are in, but clearly, you are going to contract too quickly. Try dating a little while before shacking up. There are probably things that need to be done on both sides — when your buyers present their offer, is it attached to real-life loan financing? Do they attach evidence of their ability to finance their down payment? Employment letters stating salary? Or are you just taking their word that they have money?

On your end, there may be something about the house that “pops up” a little late in the game. One way to deal with this is for you to pay for a pre-inspection report (I would recommend using someone from the National Association of Home Inspectors so that the buyers have some idea of what they’re getting.) You and your broker should suggest that this report is no substitute for the buyers hiring their own home inspector, but it might ease some of whatever their concerns are.

For New Yorkers, obviously, escrow isn’t an issue, but co-op boards are, so sellers should give themselves an extra month or two for properties to fall in and out of contract.

Posted in For Sellers 12 years, 6 months ago at 8:46 am.

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