How often do real estate deals fall through?

Question

I'm putting a "back-up" offer in on a house, and I'm curious how often the initial offer collapses. I'm looking for a percentage of deals that fall apart and go to the next buyer.

Answer 1

I don't have percentages available, since such data is not recorded or tracked. However, I can tell you it happens with some regularity. In my market, the key to that information comes from the listing agent. If I call for a showing on a property, the agent is obliged to inform me that there is an accepted primary offer. However, if the agent has doubts that the offer is solid (financing issues mostly), they will comment "That property has an accepted offer, BUT......." That's the first hint that something may be askew. The agent cannot divulge any of the elements of that offer, but can certainly inform any other agent whether or not they think it would be useful to write another offer in secondary position.

I sell several properties annually in this fashion. In my state, all secondary offers are treated equally, with no prioritization. The seller can select any one of the accepted secondary offers as the offer of choice, regardless of when they were tendered. That process may vary from state to state.

Answer 2

It is hard to give you a % but it does happen. You should be able to get a good indication from the Listing Agent how soild the first offer is. Do they already have a pre-approval, how soon is it set to close, have they performed the nessasary inspections?

I would also advice you to make sure your Realtor is aware of the deadlines in the first contract so they can stay on top of it and monitor the situation. For example: If the contract stats the buyer is required to have a pre-approval by June 29th then after that date I would be calling to find out if they did meet that requirement.

If they are moving forward with the contract it becomes more and more unlikely that it will fall apart. But some do get all the way to closing before they come undone.

The question is do you have time to wait? If you do then great wait it out and see but I would know for sure how long that is.. when are they set to close?

Best of luck!!

Answer 3

Its no longer difficult to alter right into a actual factors agent, in spite of the undeniable fact that it takes multiple difficult paintings to make money at it. You fairly paintings for your self, and could pay your broking provider for advertising and different costs linked with advertising factors. brokers at the instant are not paid until the sale closes, no depend how plenty time and attempt they positioned right into a transaction. deals can disintegrate by way of fact the customer has hassle getting financing or advertising an present homestead, and in those circumstances, you get no longer something. the internet has additionally replaced the actual factors company, and is putting tension on brokers to decrease their fee costs. multiple archives that used to in basic terms be attainable via actual factors itemizing centers can now be chanced on on line for loose. between the positives of this profession is the earnings skill is endless for a individual with superb company, interpersonal and economic skills as long as they have the ambition andchronic to do the paintings.

Answer 4

Any overall percentage would be meaningless, since I'm sure that statistics vary by location, by type of property, and by cost of property among other things.