What Can I Do if the Buyer Backs Out of the Deal?
Less than 10 percent of all real estate deals end in termination. That’s impressive, considering how many real estate deals occur in Ohio. However, it doesn’t diminish the impact of a breached contract on the seller, who may be in a situation where they need to sell their house fast or get out of their mortgage.
If you are trying to sell your house fast, but the buyer backed out of the deal, you may still have some options for selling your house. You can sell your house to a company that buys houses in Cleveland, Ohio. Below, we look at what you can do when a buyer backs out of the deal.
Why Do Buyers Back Out of Deals?
There are several reasons why a buyer may back out of a real estate deal.
- There were problems with the mortgage loan process.
- The buyer didn’t sell their last house.
- A last-minute home inspection revealed a previously unseen problem.
- The buyer got cold feet and didn’t want to commit.
- The buyer found a better deal.
- There were problems with the closing process.
- Buyer’s remorse
When buyers back out of real estate deals, the last thing they think about is how it affects you, the seller. Even worse, they often back out with little warning and even less communication, leaving you high and dry.
What Are My Options When a Buyer Backs Out
What happens after the buyer terminates the deal largely depends on your needs. Thankfully, you do have some options.
File a Lawsuit Against the Seller
If both you and the buyer sign the documents and seal the deal, the buyer is legally bound to the deal. Once they pull out, you may have grounds to file legal action against the buyer. However, doing so may cost thousands of dollars in legal fees, which can eat into your profits.
Put Your House Back on the Market
If you are in no hurry to sell your house, and you have more than enough money to start all over again, you can always list your house back on the market and try to find another buyer. If there are other potential buyers that bid on the house, you may be able to reach out to them. Keep in mind that doing so may cost you more money in realtor commissions and closing costs.
Sell Your House to a Company That Buys Houses in Cleveland
Selling a house is a painstaking process. Even more stressful is when a buyer backs out. So, if you need to sell your house fast and you don’t want to list it again, you can always sell your house as-is for cash to a company that buys houses in Cleveland, Ohio. A buyer can make a cash offer and close the sale in as little as a week. You pay no realtor commissions and no closing costs.
Why Is a Cash Sale a Good Option?
There are several reasons why you may want to choose a cash sale instead of re-listing your house on the market.
- You don’t have to spend any more money on realtor commissions or closing costs.
- You can sell your house as-is without any stipulations in the contract.
- If you wasted a lot of time on the last buyer, you can sell your house fast.
- A company that buys houses is pre-qualified and will follow through on the deal.
- You can sell your house as-is for cash regardless of your current situation.
When you work with a professional home buyer, you don’t have to go through the headache of making sure the buyer can get a loan and will follow through with the deal. A home buyer is already interested in buying your house and will commit to the sale.
Sell Your House As-Is for Cash to Home Buyers Ohio
If you need to sell your house fast in Cleveland, Ohio, contact Home Buyers Ohio. We buy houses as-is in Ohio. Call 440-490-4600 to get a fast cash offer.