If an appraisal comes back too low, the bank may reject the loan or reduce the amount they will lend. If the seller won’t reduce the price, the buyer has to scramble to raise more cash to cover the difference. Often, this leaves the buyer no choice but to cancel the purchase and find another house.
Cancelled escrows can also be caused by unforeseen repairs identified by the home inspection. If significant repairs turn up, the buyer has two choices. They can either ask the seller to make the repairs or buy the house and pay for the repairs. If paying for the repairs is not an option, and the seller won’t fix the items, again the buyer may have to cancel.
Other issues can cause the sale to fall apart such as liens, unreasonable sellers, credit problems, a change in interest rates, etc.Placing an offer on a second house comes with all of the same perils and costs. But you can protect yourself from paying full price for a second home inspection.
Available only when upgraded to Premium, Deluxe, or Elite Tier
Essential-level inspection clients will receive a $25 discount on subsequent inspections. For Premium, Deluxe and Elite clients, we will perform a second home inspection for you if your first escrow cancels for any reason discounted $100 off the regular price of a single-family home inspection or $75 off the regular price of a condo or townhouse inspection. Just schedule your second inspection within 60 days of your first inspection.
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