ScottR
Chief Bottle Washer
Joined: Feb 11, 2006
Posts: 332
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 Posted: Mon Aug 01, 2011 1:23 pm Post subject: Are Too Many Real Estate Deals Falling Apart? |
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Below is an article talking about something that is only whispered about in both local and national meeting rooms, in my opinion. Whter the initial numbers wee inflated, or financing is becoming tighter, one thing that is important in my opinion is that by utilizing an agent that has MORE experience versus less, some of these happenings could either be prevented or realized sooner to lessen both anxities and monetary expenditures.
Recently, we were working with a seller that had four offers. One offer was already accepted prior, and three new parties were writing offers. The first offer was contingent, needing to first sell a home. The three offers that came in later were all within 2%-4% in price offered, but the terms, not only related to financing, were all different. Experienced agents can better recognize and make suggestions. SAR
| Quote: | One of every six real estate professionals reported in June having signed contracts canceled before closing — which is up from one in 25 the month prior, according to the National Association of REALTORS®.
The average cancellation rate for the past 16 months has been between 8 percent and 10 percent.
Lawrence Yun, NAR’s chief economist of NAR, says possible culprits could be lowball appraisals and tightened mortgage underwriting rules. Some real estate professionals also point to lawmakers’ indecision on the national debt ceiling the last few weeks and an increase in short sales-related cancellations due to buyer frustration at the lengthy process or banks not approving the short sales.
And some real estate professionals say that buyers simply have just gotten more picky.
Home inspections often turn up some problems in homes, but “lately buyers seem to be holding out for perfection,” Jessika Mayer, manager of professional development at Coldwell Banker Plaza Real Estate in Wichita, Kan., told The Real Deal. She says that minor problems surfaced by inspections that buyers once let pass are now derailing deals, with buyers’ increasing demands for replacements, repairs, and price discounts.
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