“The buyers have decided to walk away from the deal.”
That’s obviously the last thing you want to hear as a seller. But, it’s a real possibility – especially when a home inspection is part of the buyer’s due diligence.
And losing a sale to a bad home inspection is different than losing to financing or a change of heart.
To put it simply: it’s not them, it’s your house.
So how, now that your home has documented defects, do you get back on the market, get another offer – and get through another round of due diligence?
The good news: it’s doable. And, while there will be some challenges to overcome, there are – believe it or not – some positives that, if built upon, can help you sell fast and, potentially, for more.
First, The Challenges
Any Realtor with an internet connection is going to know that your sale fell apart.
Not only will they want to know what went wrong (and there’s no point in hiding the truth – it’s going to come out one way or another), they’ll leave no stone unturned when going through your home.
The last thing any Realtor wants to do is miss something critical – especially in a home that’s been relisted.
When you lose a deal, you also lose time, momentum, and, likely, some leverage.
Buyers, even if they don’t know your situation and level of patience, are likely to negotiate from a position of perceived power.
In other words: they smell blood.
As a result, the offers you get this time around may not be as strong as your original offer – leading to an uphill climb in negotiations.
And Now…The Positives
Your Home is Attractive
This isn’t just us trying to make you feel good.
Even though your deal fell through – at least there was a deal on the table. This means your home was priced and presented attractively. Many of the right pieces are in place.
You Know What Went Wrong
A blessing in disguise, believe it or not.
Yes, it sucks to get blindsided by defects late in the game. But, aside from getting an inspection before you list, these issues were bound to surface in due diligence. They’ve been there the whole time.
Some sellers go months without getting a conclusive reason as to why their home isn’t selling; you’re not one of them.
So buck up! While this isn’t the result you wanted, you’ve got an attractive home and the info you need to relist and sell again.
How To Successfully Relist
Now that the sting has worn off, it’s time to get busy and get back on the market. Here are some basic steps to get you back on the path to SOLD.
Fix the Defects
You know what they are, where they are, and their power to disrupt your sale – so don’t let history repeat itself!
First, get a quote for the repairs (you can get one free by uploading your inspection report here). Your Realtor, based on the feedback they received, can help you decide which repairs are worth completing.
Depending on the nature of the defects, you’ll want licensed contractors to carry out the repairs. Don’t cut corners!
This way, when buyers inevitably ask why your home didn’t sell the first time, you can answer with confidence that they’re buying an improved product that will pass inspection.
Refresh Your Home
While Realtors will know your home has been relisted, buyers will be seeing your home for the first time.
So, help them fall in love!
While we’re not suggesting you renovate, anything you can do to freshen up your home will go a long way in making it even more attractive to buyers.
Painting, deep cleaning, and basic landscaping are just a few of the low-cost DIY improvements that can make a big impression, encourage strong offers – and make your listing’s history, well, history.
Listen to Your Realtor
This is where experience really matters. Your Realtor has been through this and will be able to advise on what defects to repair, what improvements to make, and how to best position your listing in the market.
Relisting isn’t ideal, but it doesn’t have to be a home-selling nightmare. Repair the defects, make some minor improvements, follow your Realtor’s lead, and feel confident that your home will sell again – sooner than you think.