When a buyer and seller sign an offer to purchase, everyone hopes things will go according to plan. Unfortunately, this doesn’t always happen.
Sometimes the property will come back on the market. This is not always because there is something wrong with the property. There are many other reasons why a sale may fall through.
Some of these reasons could be:
The bond approval may be withdrawn at the last minute. Sometimes financial institutions change their minds due to more information coming to light.
There is a problem with the home inspection. Perhaps they find some some serious issues. These may need to be dealt with before the transaction can proceed. For example, faulty water supply or plumbing, mould found in the home or insect infestation.
The buyer defaults and walks away, forfeiting the deposit.
Failed suspensive conditions. Buyers and sellers may agree to make a sale contingent on certain conditions. For example, a sale may be contingent on the buyer being able to sell their current home first. If the buyer is unable to sell their home within the allowed time, the deal may fall through.
Misrepresentation. The buyer discovers that the seller has misrepresented some aspect of the property. Examples might be issues with the plot size or the property boundaries. This could cause the deal to fall through.