VOL. 45 | NO. 19 | Friday, May 7, 2021
The negative side of the current residential real estate market, other than the fact that, on average, 90% of the offers that are submitted are rejected, is that an inordinately number of the accepted offers are eventually terminated.
As strange as it might seem, the seller is eager for the buyers to go away in many of these transactions as the backup offers often eclipse the dollar amount of the existing offer. Plus, the market is shifting upwardly so quickly that prices have probably risen 5% or more by the time the would-be buyers terminate their offer.
Sellers have no worries about their homes being stigmatized by the sales having fallen through. Desperate buyers do not care. They are happy to see a house, any house, return to the market.
If the inspection revealed a deficiency, the sellers hire a few contractors, have their wounds licked…