Thanks for listening to our Santa Clarita real estate market podcast. We have ventured out and talked about the properties that have entered into Escrow during the past 24 hours within the Santa Clarita real estate Cities. Of Those Escrows – about 1/3 of them will fail and those properties will either get placed back onto the market for sale because of some “buyer” issue.
To access our Santa Clarita daily show and past episodes – head over to our Main Santa Clarita real estate website and type into the MacBoX the word “daily” without the quotes.
Let me break down the “buyer issues” that I spoke about in reference to the properties entering escrow and failing to finish.
- Buyer could change their mind: This happens, maybe the buyer view and wrote too fast. Maybe they were working with a real estate agent that was too well versed in “high pressure sales”. They could of found that their X lives across the street. It may have to do with some other type of discovery during the ‘inspection’ period.
- Buyer could have lost their job.
- Buyer could have had their income reduced.
- Buyer could have become “not approved”: This one can come about with a buyer’s DTI, Debt to Income ration changing. If you are in escrow, we always tell our buyers not to buy anything on credit. Don’t do anything that would change your credit profile. That includes buying a bedroom set form Pottery Barn on credit. It may just sink your ship when it comes to closing escrow.
- Seller may not desire to respond to the buyer’s request for repairs and the buyer may not want to press forward with the purchase.
- The Seller could have of themselves encountered a situation in their life that forces them to cancel escrow. However, there could be legal consequences for this action. Talk to a real estate lawyer if this is the case.
There are a multitude of reasons why properties fall out of escrow. Some of those properties are the best for your real estate agent to set their sites on when it comes to some of the “more difficult” real estate markets.
We want our clients to have a better perspective. Real Estate is a very interesting industry. When the market constricts, the more games we see being played on all sides.
We see the agents developing clever marketing campaigns to attract more sellers as in the “I’ll sell your home in 59 days or less, or I will buy it…”
Agents are also touting “buyer programs” that do not exist and that they would never dream of placing in writing.
We see buyers and sellers coming up with games of their own. However, when having a trusted adviser, we find that those are more as a result of “ignorance” and not “savvy deceit…”
Be Safe – search well and let my Santa Clarita real estate team and I know when you are ready for our help.