Why Some LBI Real Estate Deals Fall Apart

Why Some LBI Real Estate Deals Fall Apart

You Had A Long Beach Island Buyer…and Now You Do Not

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Long Beach Island Real Estate

There are many ways for a deal to fall apart. We are fortunate that in the Long Beach Island real estate, the vast majority of transactions close, but there are exceptions. When buying or selling a home on Long Beach Island, it is helpful to know why some LBI real estate deals fall apart. Some of the most common reasons are:

  • Home inspection problems
  • A disagreement between the attorneys during the attorney review period
  • Financing problems

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Why Some LBI Real Estate Deals Fall Apart

Of the top three reasons a deal falls apart in the LBI real estate market, home inspection issues and disagreement between the attorneys during the review period are the most common. Luckily, Long Beach Island has very few problems with financing, which in a primary market can be a real concern. Most individuals looking to purchase a second home have a good handle on their finances and have done their homework to ensure the transaction can proceed. Home inspections are a more common reason for a deal to fall apart. Like anywhere, Long Beach Island has a host of environmental conditions that can impact a home. From termites to rot and damage from flooding, a home inspection is a necessary step to the process, but one that can kill a real estate deal. Surprisingly, some deals never make it out of attorney review. This occurs when the attorney or attorneys cannot reach an agreement as to changes in the contract. In my experience, using an out of area attorney significantly increases the chances of this happening. This has to do simply with the fact that every market is different and what is customary in one area may not be in another. A simple misunderstanding can, at times, be enough to terminate a deal before it even gets started.

You Had A Long Beach Island Buyer…and Now You Do Not

There are ways to lessen the impact of these unknowns when navigating a transaction in the LBI real estate market. If you are a seller, considering having a home inspection before listing the house for sale. Based on the findings of the report, some repairs may need to be made before listing. Buyers should work with their agents to be aware of as many conditions as possible before making an offer. Both buyer and seller should strongly consider using a local attorney to represent their interests in the transaction. By working with someone local to Long Beach Island, buyers and sellers often find a smoother negotiation. If you have any questions about buyingselling or investing in the LBI real estate market, please do not hesitate to contact me.

By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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