Should you continue showing your home if you are in contract?
The saying “It ain’t over till the fat lady sings” sums up the answer the best. You hope the buyer does actually buy your Spring Texas house. But there are a lot of things that can and sometimes do go wrong.
To begin with you have to go through the option period. The option period gives the buyer the unrestricted right to terminate the contract. He does NOT have to have a reason for termination. He can simply change his mind and now your house is back on the Spring Texas real estate market.
Then there are inspections to deal with. You hope the buyer is reasonable but there is no guarantee he is going to be. He may demand you do things to the house that are not mechanical nor structural related. You may decide not to cave into his list of demands and then the buyer terminates the contract.
Next up is the appraisal. You have probably heard a horror story or two about appraisals coming back significantly lower than the agreed upon sales price. If you are not able to work out the appraisal issue with the buyer, the buyer won’t be able to get the loan and your house won’t be sold.
But that’s not all that can go wrong. The buyer still has to get final loan approval. You probably received the buyer’s pre-approval letter from his lender when you signed the contract. But pre-approval is not full loan approval. If the buyer can not fulfill the ever increasing documentation requirements of his lender, the buyer will not get the loan and you will not have sold your house.
Even though it’s a hassle and an inconvenience, you need to keep showing your Spring Texas house until the closing documents have been signed and you are in receipt of the buyers funds. Until then, it ain’t over till the fat lady sings.
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