With the prevalence of short-sales, lending restrictiveness and guidelines, as well as inventory controls, escrows fall through with greater than historic frequency.
Austin, TX (PRWEB) November 13, 2011
Recently, real estate professionals provided Homes.org, a leading real estate search website, with insight on the top reasons that real estate contracts fall through and how buyers can avoid these issues before they happen. Some of the reasons cited are well-known problems that could happen in any market, however, some issues are due to recent changes in the real estate market that have occurred over the last few years."In today’s market environment, this is a reality with unfortunately high occurrence," says Dameon V. Russell, Dir. Business Systems at MAE Capital Mortgage. "With the prevalence of short-sales, lending restrictiveness and guidelines, as well as inventory controls, escrows fall through with greater than historic frequency."
By shedding light on these issues, the Homes.org team is helping to educate buyers on how to ensure that their contract makes it to the closing table, which will benefit individual home buyers as well as the real estate market as a whole.
Top 9 Reasons Why Contracts Fall Through
Based on feedback from real estate professionals actively working around the country, the points below are the most commonly cited reasons why real estate contracts don't close.
- Property Didn't Appraise
- Paperwork Not Being Ready/Prepared
- Nickel and Diming in Negotiations
- Special Requirements and Long Approval Period of Short-Sales and Foreclosures
- Buyer Not Qualified for the Home Loan
- Changes in the Buyer's Finances After Contract is Made
- Not Completing the Contract on Time
- Inspection Issues
- Lack of Communication Between the Two Parties
The issues addressed in the list reflect the shortcomings of the newly enacted home appraisal process, how short sales and foreclosures are affecting the number of homes sold and how some problems can easily be avoided among other topics.
To view more information on the top 9 reasons real estate contracts fall through and for more information about Homes.org, please visit: http://www.Homes.org
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.