Home Buying in Pennsylvania>Question Details

Bc3176, Home Buyer in Allentown, PA

when a buyer cannot get financing what are the sellers options?

Asked by Bc3176, Allentown, PA Tue Jul 1, 2014

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As long as you had a financing contingency in the contract and you did everything that you were required to do then usually the home will go back to active. Your contract should tell you what kind of notice you are required to give to the sellers and so on.
0 votes Thank Flag Link Tue Jul 1, 2014
Usually the purchase agreement is contingent upon the buyer getting financing. If the buyer cannot and you are not willing to provide owner financing, then the purchase agreement becomes null and void and the property is again available for sale. You will want to make sure that the sales agent changes the listing to indicate that this is again available for sale and that there are no pending offers.
0 votes Thank Flag Link Tue Jul 1, 2014
If the buyer can't perform, then the property goes back to active, and sellers must find a new buyer.
0 votes Thank Flag Link Tue Jul 1, 2014
In the event the problem was on the buyer's end and it wasn't a matter of the home not being able to appraise for the contract amount, there isn't much the seller can do to change things. However, in the event the problem was an appraisal issue, the seller might consider dropping their price to the appraisal point. Not doing so, will complicate the sale of the home because sellers at this point focus their sale on a cash buyer that doesn't need to have the property appraised and doesn't mind paying more than the market price.

Bill
0 votes Thank Flag Link Tue Jul 1, 2014
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