You have wasted all that negotiation time. You get to tell the seller the bad news. You need to get the marketing up and running again. You need to fill the income hole because you may have grown fond of the fact you are getting a check. You need to find the energy to forget it and move on. Now, what could we have done to prevent it in the first place.
1. You should have a post listing inspection to know how bad it really is.
2. Thing 5 times the normal deposit in this market. No, I don’t care about the deal. If someone wants the house they can put their measly down and some closing costs as part of the earnest money deposit. Give em a great price but set the hook tightly.
3. Shorten the closing and contingency times
4. Get a lender you trust to pre-approve and do anything you can to stay away from high LTV. If it is high LTV then do not depend on it closing.
But if it still falls out:
1. Prep the seller that it was because the price was retail in a wholesale market and there was little to keep the buyers interested.
2. Get a price reduction if warranted.
3. Re-establish the expiration date
4. Remind them that their goal of __________________ has been put off and that price is 95% of any marketing plan.
Try to make these more prevalent fall outs more positive.