This is a contributed post.
When you’re trying to sell a home, typically, you want that sale to go through as quickly as possible. You might assume that the buyer would want the same thing, as well, but it’s not always that simple. You may find yourself asking the question, “is your buyer intentionally delaying the home sale?”
Sometimes, buyers can take steps to delay the sale, and here, we’re going to look at why that is, what tactics they can use, and what you can do about it.
Table of Contents
Requesting Multiple Surveys
One tactic that buyers might use to delay the completion of a home sale is requesting multiple surveys or inspections of the property. While one survey is standard to assess the condition of the property, some buyers may ask for additional surveys under the guise of thoroughness. These could include structural surveys, pest inspections, or environmental assessments. Although these can be legitimate requests, they may also be used as a stalling tactic, particularly if the buyer is not genuinely concerned about the property’s condition but rather trying to delay the process for other reasons, such as waiting for financing.
Lawyers Dragging Their Heels
Buyers’ lawyers can sometimes be the cause of delays by being slow to process paperwork or respond to queries. While legal professionals often juggle multiple clients, a deliberate slowdown can occur if the buyer is trying to stall the process. For sellers, it’s essential to have everything ready on their side, such as ensuring the deed is in order and all documents are prepared. By being proactive and maintaining open communication, sellers can put pressure on the buyer’s side to keep things moving. However, if the buyer’s lawyer is persistently slow, it may indicate an underlying issue or hesitation from the buyer.
Starting Price Negotiations Again
Some buyers may attempt to reopen price negotiations late in the process as a tactic to delay the sale. This often happens after surveys or inspections reveal issues with the property. Sometimes, this is a legitimate attempt to be safe when investing in property, but sometimes it isn’t. Even if these issues are minor or were already factored into the agreed-upon price, the buyer might try to use them as leverage to reduce the price further. This can stall the process as both parties reenter negotiations, potentially causing the sale to drag on much longer than anticipated. Sellers should be prepared for this possibility and decide in advance how flexible they are willing to be on price.
Why Buyers Delay the Process
Buyers might delay the home purchase process for several reasons. They may be waiting for financing to be approved, trying to sell their current home, or hoping for a market change that could benefit them, such as a drop in interest rates.
Sometimes, buyers are uncertain about the purchase and use delays to buy time while making a final decision. In other cases, personal circumstances, such as a change in employment or family situation, might cause them to hesitate. Understanding these potential reasons can help sellers anticipate delays and take steps to mitigate their impact, ensuring the sale progresses smoothly.
Is Your Buyer Intentionally Delaying The Home Sale?
At some point, if your buyer keeps delaying the same, it may simply make more sense to put it back on the market. Keep the lines of communication open so that you can be more aware of your buyer’s true intention with your property.