
What to do if the buyer's financing falls through?
Unfortunately, this situation is not unique in the current market climate. Rising interest rates, high inflation, and the associated increase in household expenses have made banks reluctant to grant loans. This makes real estate transactions extremely difficult for all parties involved. But what can sellers do to prevent such a disastrous situation from arising in the first place?
Don't stop marketing too early
It is important that you do not completely stop marketing your property, even if you have reached an agreement and made an appointment with a notary. If the financing falls through at the last minute, the whole process starts all over again. This costs more money, work, time, and nerves. So only turn down other prospective buyers once the final hurdles to a successful transaction have been overcome and the purchase agreement is in place.
What about creditworthiness?
Play it safe and check whether your prospective buyer can really afford your property. For private sellers, asking this question is usually uncomfortable, but it is essential information. You can ask the prospective buyer for a current self-disclosure or submit a request to Schufa yourself. The latter is not so easy for private individuals and involves costs. For us as real estate agents, it is routine. And make sure that the financing confirmation is available at the notary appointment.
Support from the real estate agent
It takes a considerable amount of effort to maintain contact with all interested parties until the sale is completely finalized. Credit checks are also difficult and costly. Working with us as your real estate agent means you always have our support. We take care of your prospective buyers throughout the entire marketing phase. We also check their creditworthiness. This reduces the risk of the sale falling through at the last minute before the appointment with the notary. by the way: The costs for canceled notary appointments are paid by the person who made the appointment—usually 0.5 to 1% of the property price.
To ensure that your sale actually goes through, you should not forego the expert advice of experienced real estate agents. Contact us! We look forward to hearing from you.