As a Phoenix homeowner, buyers who back out on you can feel like a major blow on top of the hurdles of preparing your house for the market. It can be discouraging, as all that hard work was done in preparation for a smooth sale only to have it wasted with last-minute withdrawals.
However, all is not lost! There are several ways to deal with a buyer backing out and still successfully selling your Phoenix home. In this blog post, we’ll discuss some options, including the benefits of selling your house by yourself.
1. Take a deep breath and regroup
It can be tempting to let your emotions take over when a potential sale falls through, however, it is important to take a deep breath and keep a level head. Things can change quickly in the real estate market – so instead of panicking, get ready for what comes next.
Focus on the practical steps you can take to find another buyer or renegotiate with a potential one; whatever the case may be, direct your energy into the positive actions that you are capable of taking. At times like these, it is important to maintain an optimistic mindset and remember that sometimes things have to fall apart before they come together again.
2. Review your contract and assess your options
Take the time to review your contract with the buyer and consult with a real estate attorney if necessary. You may have specific terms that address situations like this, such as an earnest money deposit or a specific performance clause, which can help protect you financially.
3. Put your house back on the market
When a buyer backs out, it’s important to quickly put your home back on the market to avoid losing momentum. Update your listing, notify your real estate agent, and start showing your house again as soon as possible. You may even consider lowering the asking price or offering incentives like paying for closing costs, depending on the circumstances.
4. Consider the benefits of selling your house by yourself
One option to avoid the uncertainty of dealing with buyers who might back out is to sell your house yourself. This option, known as “For Sale By Owner” or FSBO, allows you to retain more control over the selling process and potentially save on real estate commissions.
Here are some more benefits you’ll experience if you choose to sell your Phoenix home by yourself:
- Avoid real estate agent fees: By cutting out the middleman and not spending on a standard 5-6% commission fee, more money ends up in your pocket.
- More control over the selling process: Selling your house by yourself allows you to be more involved in the process, including setting the asking price, negotiating with buyers, and handling the closing details.
- Faster closing timeline: In some cases, a private home sale can close more quickly than one involving a real estate agent. This is a great option if you’re in a hurry and need the money urgently.
5. Reach out to cash home buyers
If you’d like to avoid the uncertainty of dealing with a buyer who may back out, consider working with a cash home buyer like Beneflip Home Buyers. This option allows you to quickly and easily sell your Phoenix home without the need for a real estate agent or a traditional home sale process. Cash home buyers can close quickly and often offer a fair price for your home in its current condition.
In conclusion, while having a buyer back out of your Phoenix home sale can be frustrating, there are several ways to move forward and successfully sell your house.
Want to sell your Phoenix property but don’t want the hassle? Beneflip Home Buyers has you covered – because we buy houses in Phoenix using our own money, we can streamline and simplify the whole selling process. Our typical closing period is just 14 days, so you won’t be waiting around for months!
As a bonus, you won’t have to worry about paying any realtor fees either. Get a no-obligation offer from us today and start your journey toward a quick sale of your Phoenix home.