Why Homes Come Back on the Market: The Top Three Reasons Explained
Seeing a house come back on the market can seem like a huge red flag for many buyers. Over the past couple of months, cancellations have become more commonplace and buyers may find themselves considering a home that was previously under contract with another buyer. However, there are several common reasons why this might happen. Here are the top three:
Buyer's Cold Feet: One of the most common reasons a house returns to the market is that the buyer gets cold feet during the inspection negotiation phase. In Minnesota, buyers can back out of an offer if they change their mind during the inspection contingency, so a house reappearing on the market could be due to this.
Inspection Disagreements: Sometimes, the buyer and seller cannot come to terms after the inspection. This doesn't necessarily mean there's something wrong with the home. The buyer receives a lot of information during the inspection, and what one buyer is willing to accept may be too much for another. This can lead to the deal falling through.
Financing Issues: A common reason for a house to come back on the market is the buyer losing their financing. For example, if the buyer loses their job during the home-buying process, they may no longer qualify for the mortgage. This loss of financing can result in the house returning to the market.
If you're interested in a home that has come back on the market, it's best to seek out the reason behind it. This way, you can make an informed decision and avoid missing out on a potentially great home for you!
