Lock in your sale and sell quickly by looking for buyers with cash offers.

How do you stop a buyer from canceling on you? We have a story we think many sellers can relate to. 

Not too long ago, we were under contract for a property when the buyer decided to cancel before even completing the inspection. Our seller was confused as to why, even though we had prepared them for the possibility that this could happen. Today, let’s focus on the inspection period and how it impacts everyone involved.

What Is an Inspection Period? The real estate contract has different parts, including the sale price, closing date, deposits, and the inspection period. The inspection period is the window through which a buyer can back out of the purchase, and they don’t need to provide any specific reason for doing so. Naturally, this can leave sellers frustrated and disappointed.

“Time is money, and understanding your needs helps you create the best approach for your situation.”

What can we do to prevent buyers from backing out? There are three strategies we can do:

1. Traditional full-condition offer. Go with a full-condition offer where the seller is responsible for any repairs found during an inspection. While this can be a safer route, it means extra and potentially expensive repair costs for sellers.

2. Pre-inspection. Sellers can identify and address any major repairs before the property goes on the market, which helps avoid surprises later on.

3. Build in a credit. We can build in a credit with the inspection to offset potential major repairs. This creates a clearer picture for both parties and can ease concerns.

Setting realistic expectations is needed so sellers don’t feel overwhelmed by the amount of information they receive. We strive to communicate clearly at each step so they know what to expect, even if it’s not always the best outcome. This also assures the sellers that we’re here for them and are trying our best to make it work.

A strategic approach is needed in case the seller needs to sell quickly. We don’t want to just drop the price and hope for the best. Instead, we can either lower the price or look for investors or buyers with cash offers and are okay with minimal inspection periods. This lowers the risk of backing out since their escrow deposit is in place.

If we find the right buyer, you get a foolproof contract with favorable terms, and we can close in less than 30 days. This is also attractive to buyers, who might even get a 3% to 5% lower than the market price. The good thing about this is that you, as the seller, won’t have to deal with the headaches of repairs or carrying costs like taxes, HOA fees, and insurance.

Time is money in real estate, and understanding your needs as a seller allows us to advise on the best approach for each unique situation. If you have any topics you’d like us to cover or questions about the process, please don’t hesitate to reach out. Call us at (561) 843-4464 or send an email to DanKarp@kw.com. We love hearing from you.