Sellers of properties are known to experience sale deal failures in the nick of the moment. This is predicament which every seller of property wants to avoid or prevent from happening.
Experts who have studies this frequent phenomenon have come up with the underlying four different kinds of reasons which sellers should become aware of for preventing themselves from meeting with such an eventuality.
Faults in property discovered during inspection.In great many number of cases, the buyer discovers several or some critical but hitherto unknown defects in the property during his inspection of the property at site. These defects could be lack of good design features, leakages or seepages, infestations by pests and faulty installations etc. In order to guard against these possibilities, the seller may be well advised to undertake regular maintenance and repair activities particularly before the inspectional visit of the buyer(s).
Indian home-buyer may have his own savings to part finance his purchase. But the major part of financing is done through home loans. It is not uncommon for the buyer to back out from the closure of a deal in the nick of the moment because the financing institution rejects his loan application. The reasons for this kind rejection may range from poor track record to incorrect furnishing of details.
There is another kind of happening wherein, the buyer comes across a better property in terms of lower price or additional benefits offered to the buyer for a seemingly similar property. So sellers are advised not to decline other buyers until the paper work is done for the current deal underway.
The fourth and final kind of happenstances is unexpected transfers, unavoidable divorces, unanticipated medical emergencies, etc., that can cause the buyer to walk out of the deal that is close to closure.