Back in Escrow! | Why Do Properties Fall Out of Escrow?
When I called my Seller and stated “We are back!” into the phone emphatically, we both took a collective sigh of relief.
I recently went through the tumultuous ride when one of my listings fell out of escrow — not once, but twice! The first time almost 60 days later, the second gratefully only 15. Both for different reasons unrelated to the property.
Although we are still in a hot market where listing are receiving multiple offers, properties can and do fall out of escrow.
Why Does a Property Falls Out of Escrow, You Ask?
As my peers and I know, we as professional realtors can do everything possible before and during an escrow from preparing our sellers with pre-listing punch lists and staging, negotiating multiple offers and vetting the buyers to monitoring contingencies closely, with every good intention of moving the sale along helping our Sellers reach the ultimate goal: SOLD.
But Sometimes “Stuff” Happens
In my 20+ years as a Realtor, I have personally experienced every reason a property falls out of escrow below, and then some!
- Home inspection issues
- Home doesn’t appraise
- Buyer can’t sell their home
- Liens or title issues
- The buyer is inexperienced
- The buyer gets cold feet
- Health and family
- Divorce or death
What to Do When a Property Falls Out
A good rule of practice is to secure a back-up offer or even two! These patient Buyers sometimes win the prize! But some also find another Property if too much time goes by. So as every Professional Realtor I know does, we dust off the “Stuff” and start over, from Advertising to holding more Open Houses and Showing Appointments. The ultimate goal: to go right back “In Escrow” status as quickly as possible, helping our valued Clients to a successful Closing and that sweet word: SOLD!
Aloha, Gina 💫