had my eye on a house for a while now, 80 days on the market, today the agent working with us called to say the house is under contract. Nothing in this complex has sold for 10 years so i thought we would have a little more time, i know, big mistake. Is making a back up offer even worth it? how likely is it usually that contracts fall through?
How likely is it that a home under contract would fall through?
byu/lamscake inRealEstate
Posted by lamscake
3 Comments
Often enough to pay attention to it but not often enough to get your hopes up.
Google says approximately 15% of contracts are cancelled. I would focus on the 85% likely side of the outcome
Just in general for 100 homes under contract probably 80 close on time without issue, 10 close with a slight delay. About 10 fall through. So not very often in general.
If you make a higher/better backup offer it’s possible the current buyer backs out. Because the seller can refuse all repairs, concessions, extensions.