Year-End Home Sales: “The Waiting is the Hardest Part” (Apologies to Tom Petty)

Every day you see one more card
You take it on faith, you take it to the heart
The waiting is the hardest part

–“The Waiting“; Tom Petty, lyrics

Buyers have certainly been known to wait — sometimes for years — for the right house.

At least to Realtors, however, it is Sellers who seem to have the worst of it — and not just because they have to wait for Buyers to show up with an offer.

Two Post-Deal Hurdles

Once a deal is consummated, Sellers have to wait twice more:  1) for the results of the Buyer’s inspection; and 2) for the Buyer to secure their financing (unless they’re paying cash).

Most inspection issues get resolved, for the simple reason that any material problems that come to light — which is what the inspection negotiation is supposed to be limited to — have to be disclosed by the Seller to the next Buyer if the current deal tanks.

However, it’s still stressful waiting to find out what (if any) issues the Buyer is going to raise.

Hurdle #2

The deadline for the Buyer’s financing can be another nail biter for Sellers.

However, the heftier the Buyer’s down payment, the less risky the loan is to a lender — and the higher the odds that it will be approved.

And if the Buyer isn’t putting much down?

Most Sellers insist on a fast deadline — usually 10-15 business days — for the Buyer to secure their financing; that way, the Seller knows if they have a deal (or not) relatively quickly.

See also, “You mean, there’s no deal AND they get their earnest money back??“



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