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Why Are Buyers Backing Out of Deals?

August 01,2022 | Posted By Dinorah Carmenate in re
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From a personal point of view, it does seem that recently I have had to sell a property a couple of times due to buyer cancellations. The fortunate part is there are always 1-2 backup buyers ready to purchase should the first buyer cancel.

In my opinion, this phenomenon of buyers canceling their purchase contracts has to do with the uncertainty in today’s world. Prices of food, gasoline, and utilities which are “must have” items have gone through the roof, and with the higher interest rates, buyers are second guessing whether they should wait to buy, get cold feed, and then back out of their home purchases. This is very understandable in today's real estate market.  

Another issue that home buyers are dealing with is the fact that interest rates are rising on a monthly basis. If they are in the middle of a transaction and the rate goes up as they have recently, that buyer may no longer qualify for their loan IF their lender didn’t lock in their rate.

Fortunately, there are some great programs right now that’ll let you lock in your rate for 60 days while you shop for a home. Lenders are doing this so you are protected against a jump in rates and having to cancel your home purchase.

If you are looking to buy, please call me now so we can get you qualified and get your loan locked in before rates go up again.

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Source: Inman


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