Home sellers have a right to feel optimistic about selling a house today. Demand is high, and with low levels of homes for sale, eager buyers will do almost anything to get their hands on your property.
Overall, this is good news for home sellers, who can expect high sales prices with few strings attached. Yet although sellers are poised to ride a gravy train to the bank, the reality is that this frenzied seller’s market is causing buyers to make some desperate moves. And those can considerably complicate home transactions—not just for buyers, but sellers, too.
Curious about what dangers might be lurking amid all these cutthroat buyers battling to outbid one another for your house? Here are a few key things buyers are doing today that could cause problems for sellers—and how you can sidestep these potential pitfalls.
1. Homebuyers are skipping home inspections
Buyers typically include a home inspection contingency with their offer. This is a safeguard where a home inspector would check out a house for problems, which might lead to more haggling for repairs before the deal is done. Today, however, a growing number of homebuyers are waiving this contingency in an effort to woo sellers in a highly competitive market with a smoother (and faster) sale.
While waiving a home inspection is certainly a substantial risk for buyers, it can be risky for sellers, too. Why?
Because if homebuyers discover an issue after they move in that requires expensive repairs, it’s logical that, in many cases, one of the phone calls a buyer would make is to an attorney to find out if they can pursue the seller to recoup some of the losses.
This is particularly true if a home seller knew about an issue and didn’t mention it to the buyer. In fact, most states require sellers to submit a seller disclosure revealing certain problems in a home’s past, from flooding to pest infestations. Keep quiet (or just forget to mention the problems), and you could face some severe consequences.
The fix: Regardless of whether an inspection is happening or not, sellers must always be honest about known defects to the property that may impact value and disclose where appropriate. You can also get your own seller pre-inspection to get a handle on what problems could come back to haunt you.
Sell your Lynchburg VA house with a direct sale to Linken Investments, We buy as-is, meaning that there will be no expensive repair costs coming out of your pocket before the home sells. You don’t have to worry about discovering hidden problems behind the walls or under the floor when renovations begin. Linken Investments LLC. takes on all of the risks, allowing you to walk away with cash from closing. You don’t even need to clean up before you leave. Just pack whatever you want to take with you and leave the rest of your troubles behind at the closing table.
2. Homebuyers are waiving the appraisal contingency
Another common safeguard buyers often rely on is a home appraisal contingency.
A home appraisal is where a lender evaluates how much a house is worth, and offers to loan buyers only that amount. If the appraised price ends up lower than what the buyer offered to pay you, then the buyer must make up the difference—or ask the seller to lower the price.
Today, more homebuyers are waiving their home appraisal contingency to help make their offer successfully stand out amid intense bidding wars, and to speed up the buying and closing process.
The problem, though, is that in hot markets where bidding wars are common, homebuyers often find that the price they’ve offered is a whole lot higher than what the appraiser says the home is worth. As a result, it becomes harder than ever for buyers to cover the difference. And this, in turn, could cause the deal to fall through.
The fix: If a buyer waives the appraisal contingency but then can’t pay for the house, sellers do have one strong consolation prize: In most cases, they get to keep the buyer’s earnest money, the deposit offered upfront to show they’re serious about following through.
But keep in mind that the prospect of putting your house back on the market after a failed sale could hurt you much more than any earnest money can make up for. As a result, before accepting an offer, make sure the buyer has financing in order and is pre-approved for a loan.
At Linken Investments we are cash home buyers, we don’t need appraisals. We have been buying houses for cash in the Lynchburg area since 2005. Our years of experience are one reason clients trust Linken Investments to complete the sale of their property quickly with honesty and integrity.
3. Homebuyers are racing to close the deal
Waiving contingencies such as home inspection or appraisal generally turbocharges the closing process. And this is supposedly good for sellers, except for one problem: What if you had hoped to buy a new home before moving out? Then you may suddenly find yourself in the same crazy seller’s market as your buyers—and it may take you much longer than you’d ever imagined to buy a new house.
The fix: This is one area where home sellers would be smart to add a contingency of their own to their real estate deal. Many home sellers are realizing that they should include a contingency in the purchase agreement that they have a certain amount of time to locate a house of their own. Due to market conditions, home sellers should request more time than usual to buy a new place. We suggest adding a contingency giving you 45 days minimum to find another property.
Because Linken Investments LLC. will be renovating the house and we are not concerned about the move-in date, we can guarantee closing will be on a convenient date for you. This gives you the flexibility to look for a new home without feeling rushed.
Another way to Sell Your House in Lynchburg VA with No Risk
Avoid listing and all the competition on the Lynchburg real estate market – sell your Lynchburg VA house with a direct sale to Linken Investments, we pay fair prices. We will walk you step by step through comparable homes that have recently sold and all the data used to determine our offer for your property. We also detail all of the costs you would encounter with a traditional listing to compare yourself and decide what sales method is best for you and your circumstances. At Linken Investments LLC., our goal is to ensure you get the best price possible for your home.
Our process is simple when you sell your Lynchburg VA house to a professional buyer from Linken Investments LLC.. There is no complicated contract, and there are no hidden fees. At Linken Investments LLC., we take the time to answer any questions you may have about your written agreement or any other questions, all the way through to closing.
Linken Investments, Lynchburg’s Trusted Home Buyer
Linken Investments LLC. is a local real estate solutions company based out of Lynchburg, VA. We are Lynchburg’s Trusted Cash Home Buyers. We have been buying houses for cash in the Lynchburg area since 2005. Our years of experience are one reason clients trust Linken Investments to complete the sale of their property quickly with honesty and integrity. We’re a family-owned business and focus on helping homeowners like you find solutions to your problem whether you’re going through a foreclosure, selling an inherited property, or just need to sell your house fast for any reason. Linken Investments offers you the chance to sell your home in a simple, stress-free, cash transaction.
Linken Investments can buy your home exactly as it is, no repairs or cleaning needed, and we pay all cash and close fast, in as little as 7 days or when it works for you. Plus, we don’t charge commissions, and we pay all closing costs. Think of all the time and money that can save you. There’s no easier or quicker way to sell your house and get on with the next chapter in your life.
It won’t cost you any money and only about an hour of your time to find out how much cash we’ll pay you for your house. And you’ll be under no obligation to accept our offer, so you have nothing to lose but a house that’s standing between you and the life you want to enjoy.
Give us a call or text anytime 434-390-2906 or fill out the short form here today!