Worst-Case Scenarios When Selling Your Home — and What to Do When They Happen

Selling your home comes with a certain amount of, well, uncertainty. Even if you do all of your due diligence, you can’t control every possible outcome.

But that doesn’t mean you should think twice about selling your home. It just means that as a seller, it’s important to be ready for the worst and to know how to handle it if it happens.

Here are some of the common worst-case scenarios when selling your home, and what to do to get back on track.

You don’t have a new place to go after closing on the sale of your home

You put your home on the market and, hurray, it sells right away! But now you don’t have the time buffer you thought you did to find another home to move into. Your closing day comes and you give over the keys to your old home, without a pair of keys to a new place to take their place.

 

What to do?

 

First, thank your lucky stars that you aren’t in the position of having bought a new home without selling your old one first. Being responsible for two mortgages and the costs associated with running two homes is a much worse nightmare than being “between homes.”

The next step is to find a temporary place to stay while you continue your property search. Options include staying with family or friends, finding a house-sitting arrangement, or booking a short-term rental. Remember that it’s only a matter of time until you find your new home and whatever weeks or months you spend in housing limbo will make your move-in day even more of a celebration.

Your real estate deal unexpectedly falls through

You found the perfect buyer for your home, collected the deposit, and signed on the dotted line. You’re thrilled to have the deal done and dusted and are ready to pack up your stuff and move to your next home. Then, suddenly, the buyer pulls out and the deal falls apart. 

 

Now what?

 

It’s never fun to have to go back to square one when selling your home. The good news is, if your buyer drops out, the seller is typically entitled to keep the deposit. That can help offset any costs associated with hanging on to your home a little longer and going through the steps of re-listing and showing the property.

But what to do with your disappointment? The best thing to do is just let it go and chalk it up to “life happens.” Some of the best advice on real estate involves keeping your emotions out of it, and that applies when the deal falls through as much as at any other part of the process.

Your home inspection turns up some surprises

The home inspector turns in their report, and it’s got a few, ahem, unexpected items. Mold in the basement. A roof that’s past its prime. Cracks in the foundation.

 

How should you handle this?

 

Start by finding out which repairs are considered cosmetic and which, if any, you are legally required to perform. Then, it’s time to put on your negotiation hat and explore if the buyer is open to shouldering some of the fixing themselves, for a reduction in the sale price (this can actually end up saving you some money in the form of lower taxes on the sale). Once you have a clear sense of what you’re obligated and willing to do, let the repairs begin!

 

Selling your home can be a bumpy ride. Let the experts at Pan Florida Realty guide you through the ups and downs. Reach out to us today to schedule your consultation.