5 Reasons a Phoenix Home Deal Falls Apart Under Contract

By Arizona Home Group

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Getting an offer accepted is a milestone, but it’s really just the beginning. Many moving pieces still have to fall into place between going under contract and getting the keys. We’ve talked plenty about what buyers should do before making an offer. Here, we’re turning to what comes after it and five of the biggest reasons a buyer may cancel.

1. Inspections can uncover expensive surprises. You might love the house, make a great offer, and get it accepted, only for the home inspection to uncover something you weren’t expecting. The house might need a new roof or HVAC system, or have plumbing, electrical, or structural issues. Learning any of that doesn’t necessarily make it a bad house, though it can change how you feel about moving forward. Thankfully, the inspection is a built-in contingency within the contract.

2. Financing and appraisals can derail deals. Sometimes a buyer’s financial situation changes during the transaction, or a loan issue keeps them from qualifying. A financing contingency covers that scenario as well. The appraisal can also come into play. When a home appraises for less than the purchase price, the buyer and seller have to figure out how to handle the difference. If they can’t agree, the buyer may be able to cancel.

3. HOA rules can be dealbreakers. In Arizona, this one is big and can catch buyers off guard. Most people don’t dig into the HOA documents until they’re under contract, which is when they start reading the rules and restrictions closely. Some discover limits on pets, rentals, parking, or exterior changes, or something else that simply doesn’t work for their lifestyle. We tell buyers to read through those documents and look at those rules rather than assume everything’s fine because they like the house and the neighborhood.

4. Buyer’s remorse is very real. Once the excitement of an accepted offer wears off, some buyers suddenly start wondering whether they made the right decision. It’s so important to understand the house, the neighborhood, the numbers, and your goals before you make an offer so you don’t get caught up in the moment.

5. Sometimes life just happens. A job change, a family situation, or some other unexpected event can affect a buyer’s ability to move forward with the purchase. In some cases, it changes whether they want to move forward at all.

You can identify many of these potential problems early with the right professionals guiding you through the process. Arizona buyers have a lot of outs, so when you’re house hunting, the contract period deserves as much attention as the search itself.

We’re here to guide you through all of it. If you’re thinking about buying or selling in the Phoenix metro area, call us at (602) 571-3730, email us at john@arizonahomegroup.com, or visit ahgnationasks.com. We’re always happy to answer your questions and help you understand what to expect.