Buyers back out of buying a home for a variety of reasons. Some common reasons include: đ¸The home appraisal returns a lower value than the asking price. If the seller isnât willing to negotiate down, then most people wonât move forward with the sale â unless theyâre desperate to find a new home.
đ¸The inspection returns unattractive results A home inspection may come back with fundamental issues that may cost the new buyer a pretty penny.
đ¸The buyer didnât secure financing If the buyer failed to prequalify for a loan or the buyerâs financial circumstances change, then the buyer may not be approved for a loan and will not be able to finance the home.
đ¸Title issues Before closing, the buyer should request a title inspection. If there are any liens or claims to the house that are not cleared up at the buyerâs convenience, they may walk.
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