What to Do If a Buyer Rescinds an Offer to Purchase Your Home

by Carolyn Kay 08/23/2020

If a buyer rescinds his or her offer to purchase your house, there is no need to stress. In fact, there are many things you can do to rebound quickly, such as:

1. Address Any Problems with Your Home

Try to find out why a buyer chose to walk away from your residence. That way, you could receive valuable insights into any problems with your home.

For instance, if a buyer discovered myriad home problems during an inspection, you may want to devote time and resources to address these issues. Or, you may want to reduce your house's initial asking price.

You may want to hire home improvement professionals to perform assorted property upgrades as well. By doing so, you can receive comprehensive assistance with home repairs and ensure any property issues are resolved immediately.

2. Promote Your Home to Buyers

A home deal that falls through is not the end of the world. Thus, you should be ready to re-list your house and promote it to buyers. Because if you reenter the housing market, you can move one step closer to selling your home.

As you promote your home to buyers, you should keep your residence looking great both inside and outside. This will help you boost the likelihood that buyers will fall in love with your residence as soon as they see it.

Don't forget to consider the buyer's perspective, too. If you think about why a buyer might choose your home over other available residences, you may be able to highlight your house's distinct features to the right groups of buyers.

3. Consult with a Real Estate Agent

Let's face it – you may feel disappointed and frustrated if a buyer rescinds his or her offer to purchase your house. But if you work with an expert real estate agent, you can get the help you need to streamline the house selling journey.

A real estate agent understands what it takes to sell a house, and he or she is ready to assist you in any way possible. First, a real estate agent will learn about your home and ensure you can promote your residence to the right groups of buyers. He or she next will showcase your residence to prospective buyers and host home showings and open house events. Finally, if a buyer submits an offer to purchase, a real estate agent will help you review the homebuying proposal so you can make an informed decision.

Best of all, a real estate agent can help you minimize stress as you navigate the home selling journey. If you ever have concerns or questions during this journey, a real estate agent will respond to them immediately.

The home selling journey may be complicated, and ultimately, a buyer may choose to rescind his or her offer to purchase your residence. However, if you take advantage of the aforementioned tips, you can stay calm, cool and collected in the face of adversity. And as a result, you may be better equipped than ever before to seamlessly navigate the home selling cycle.

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About the Author

Carolyn Kay

As a Real Estate professional, I specialize in helping my clients buy, rent or sell properties in Westchester County. I am passionate, dedicated and committed to my clients and my first priority is to provide them with first class service and guidance throughout the entire process. It has been said that I go above and beyond for my clients to get the deal closed! I have experience working with clients who have financed their purchases with either a conventional, VA or FHA loan and have a good understanding of how they work; no sale is too big or too small for me to take on. My family and I relocated to England for 2 ½ years, this was a wonderful experience but at the same time, it was overwhelming. I have first hand knowledge of the challenges as well as the positives in discovering a new community. I was born and raised in Scarsdale and once married, my husband and I decided to raise our two daughters here. Both of our daughters successfully graduated from the Scarsdale schools and are both married, living and working in Manhattan. After living in the same house for 30 years my husband and I took the leap, sold our home and bought and renovated a condo townhouse in another town. Once again we are discovering a new community and fully understand the highs and lows of selling a home we loved and buying and making a new home. I feel that my personal real estate experiences have made me more in tune with my client’s needs and therefore better able to help them navigate through the complex process. Please call me so that I can put my knowledge and experience to work for you.