Yes, some home sales do not make it to closing. There are a number of situations that may derail a deal, and it is a nightmare-come-true when it happens.
The good news is that the percentage of failed home purchases is only around 9%. This means there is a 91% chance that you will be sitting at that closing table!
As a seller, you have several opportunities to head off any problems that may cause a delay in or a cancellation of escrow.
If you suspect major problems in the home, consider a pre-sale home inspection. This will give us an idea of what the buyers & inspector will find and what will need to be fixed. Many of these items can be taken care of even before your home is listed and ready for showings.
Appraisal issues are one of the most common reasons a home sale can fall apart. If you know of why an area home sold for less than it should have, we can communicate that to the appraiser, but it's not always that easy. Appraisal issues are also common when homes are listed too high and buyers are desperate. Remember, a property will only sell for its current market value unless a buyer is able to waive the appraisal AND has sufficient funds to "overpay" for the property....which is never recommended.
Other possible issues lie in the contract contingencies. For instance, a buyer may make the purchase contingent on selling his or her current home. If that sale does not happen by a certain date, the deal usually then falls apart, which then turns into another emotional moment for all of those involved.
I will be there to help you review purchase agreements to ensure there are no possible pitfalls contained in the contingencies. Rest assured, I will be there every step of the way to help you choose the best offer for your property.