“Ooooh, this property just came back on the market after a pending sale. There must be something wrong with it, right?“
Well….not necessarily! And yet we hear this all the time. From buyer clients to other realtors, there seems to be a huge stigma attached to homes that return to the market after a conditional sale.
Of course, one reason for a failed deal might be that the home inspection revealed a serious defect with the property. But that’s not always the case.
Sometimes, a failed deal has nothing to do with the property at all.
Some other reasons a home might come back on the market include:
- Financing: the buyers just can’t get the money.
- Buyer’s Remorse: they simply got cold feet.
- Dealing in Poor Faith: the buyers submitted more than one offer to purchase on more than one property. (Which is completely fine if you’re intending to OWN more than one home, btw)
- Dishonesty: perhaps they were less than forthcoming on their actual situation – like failing to mention that they must first sell another property in order to buy this one.
Hey, all kinds of things happen. Especially in competitive markets like this year’s. One of our own listings come back on the market TWICE – both times having nothing to do with the home.
So if you think you’ve found your dream home but are concerned because it’s returning to the market after a failed deal, don’t be too quick to rule it out. Check it out!