Red flags that say a buyer is likely to pull out of a deal

| Feb 3, 2021 | Residential Real Estate

When you’re ready to sell your home, it’s natural to hope that a buyer will come along quickly. You may even greet the first offer that comes along with a huge sense of relief because it eliminates any anxiety you may have about finding a buyer and lets you start planning.

But not all buyers are alike. Watch out for any serious red flags that could be warning you that your home sale may fall through.

What are the signs of a problematic buyer?

While every situation can be a little different, here are the main signs of problems to come:

  • They seem to have a shaky financial situation. If the buyer isn’t prequalified, they balk at putting down enough earnest money on the offer or they seem reluctant to provide proof of their funds, that’s a huge issue.
  • They act like they are hiding something. Real estate deals require total transparency. If your buyer gives inconsistent information or seems secretive, you have good reason to question what they may be hiding.
  • There’s a lack of communication. Absent emergencies, you should expect a buyer to respond to your agent’s messages fairly promptly. If they don’t, that’s a sign they may be looking around or ready to back out.
  • The buyers are a couple and one just isn’t into the deal. If one spouse is thrilled with the home and another seems to pick at every detail, that’s a sign that there’s trouble in the relationship — and that can translate to trouble with your deal.
  • They suddenly are unhappy about almost everything. Sometimes a buyer will get almost immediate remorse after making an offer. They want out, but they don’t want to lose their earnest money, so they start looking for faults.

When you’re about to make one of the biggest financial transactions of your life, it pays to be cautious. Working with a New York real estate attorney is the best way to protect your future — and your wallet.