Why Pending Sales Contracts Cancel
Below is a great post Elizabeth wrote about canceling contracts for another site in 2007. We just had a buyer cancel on a 1031 exchange and it was out of the blue. I think this is a timely article and thought we would share it with our readers. Great writing about real estate is applicable even a decade later. Enjoy! — JaCi Wallace
Wondering why contracts cancel? Well, it ain’t over until the fat lady sings is an expression some agents use when an offer has been accepted. That’s because offers can fall apart and blow up, especially after a home inspection. Contracts cancel. But the reasons contracts cancel aren’t always about the home inspection. Sometimes, buyers freak out.
It seems normal to go out and look at homes without experiencing anxiety because after all, you’re just looking. Some buyers can look at homes for more than six months before making up their minds which home they want.
Signing an offer and waiting for an acceptance, however, is an anxious time for many home buyers. And it’s not until the offer comes back accepted by the seller that the reality of the situation begins to sink in. That’s when buyers bolt straight up in bed at 3 AM, eyes blazing and hands sweating, asking themselves, “What did we just do?”
— Elizabeth Weintraub