When buyers find themselves in a multiple offer situation, it is tempting to waive contingencies. A year or so ago, many buyers felt comfortable waving contingencies for financing and property appraisal because there were so many loan options and products out there that appraisals weren’t an issue.
This is no longer the case. Most lenders have stopped doing easy-qualifier, no-cash loans and pay-option mortgages, to name a few. Lenders have also tightened up on appraisals, credit score and verifiable income requirements.
Buyer’s remorse is a more serious issue in a slow market where home prices are often soft than it is in a market where prices are escalating. Sellers can help prevent buyer’s remorse form sinking a deal by properly preparing their homes for sale. This includes pricing accurately for the current market so that the buyers don’t feel they overpaid when they see the inspection reports.
As the #1 Team in The Woodlands 3 years in a row, The Chappell Team has had a lot of experience closing deals on time, without major hiccups. Call us today and let us answer any questions you may have!
