Four Common Reasons A Scottsdale Real Estate Sale Is Pending



When pending Scottsdale real estate sales go bad and become active in the market again people will start to suspect. They will wonder what has gone wrong. Here are the common reasons why a home sale gets a pending status.

Buyers Have Second Thoughts

Property buyers are given a few days to carry out a home inspection. During this time, they can choose to cancel the transaction; however, the majority of `them have fear of purchasing a house. So they tend to take the deposit back upon cancellation. And the thing is most of these buyers cancel the sale without any reason. This is the type of buyer is who very likely to regret his decision in the years to come.

Those who are buying homes for the first time can benefit from the services of an experienced Scottsdale real estate agent. The professional will walk them through the buying process. And when they see signs of buyers’ remorse, they will give counseling services and help them avoid making a big mistake.

Low Appraisals

The majority of house buyers take out a mortgage. In order to protect the position of the lender, the latter will ask buyers to pay for an appraisal. In case the result of the appraisal indicates less than the sales price, the buyer can:

• Shell out money from his pocket to pay the difference.
• Take out a second mortgage.
• Hire another appraisal for a second run.
• Request a price reduction from the seller.

The pending sale will fall apart if both seller and buyer can’t agree to work out any of these options. It makes sense for buyers to ask a Scottsdale real estate agent to give comparable sales before writing a purchase contract to ensure their offer is in line with latest sales.

Home Inspections

For home inspectors, every little flaw in a house can spell trouble. Failing roofs, faulty HVAC system and wet basements are issues an average home buyer cannot discover without the assistance of a professional home inspector.

When an inspector points out issues on a property, buyers will panic. Every home has a problem no matter how new a house is. There are times when buyers request a replacement for appliances or a reduction of the asking price to cover the cost of repairing the flaws of a house. The refusal of the seller will mean a cancellation of the pending sale and return of the home to the market.

Rejection of the Mortgage Loan

A lot of buyers, especially those who don’t work with an agent, don’t know what they need to do to ensure their mortgage loan won’t get rejected. Many of them end up increasing their debt ratios by financing big purchases as they wait for the approval of their loan. However, financing the purchase of an expensive appliance or taking out a car loan can disqualify a buyer for a mortgage loan. In case of a loan rejection due to the impulse financing of the buyer, the pending sale will fall apart and becomes active again.

Contact SCOTTSDALE REAL ESTATE AGENT Jen Wehner today at 480-748-6925 or if you want to see more Scottsdale homes for sale and properties.