Buying a house in the current marketplace offers significant challenges: high prices, rising mortgage rates, and a scarcity of homes on the market. Among the many concerns buyers may have is that once they've found a house they want, the sale could fall through. Fortunately, fewer than 4 percent of home sales collapse, according to the online real estate marketplace Trulia. But, it still happens.

If you've got a house in your sights among Beavercreek homes for sale, you need to be aware of what can precipitate a failed home sale. Happily, our REALTORS® are available to warn you of the pitfalls. Here are some.

1. A home inspection reveals problems.
   The home inspection can protect you from buying a home with major problems. Despite there being a home purchase contract between you and the seller, your lender will deny a loan if an inspection reveals the home you're looking at has serious issues. Or, you can fall back on a contingency from the home purchase contract. However, you might want to renegotiate the sales price or continue with the sale despite what was found.
   
   
2. The appraiser finds the home's value is less than the sale price.
   If the appraisal shows the home is worth less than the sale price, the seller may agree to sell for the lower price. Hooray. You get the home for less. But if the seller believes the home is worth the sale price, then the seller probably won't budge. What are your options? Appeal the appraisal with the lender, although you'll likely have to pay for a second appraisal. You might also switch lenders. But again, you'll end up paying for another appraisal.
   
   
3. You've had second thoughts.
   It's not unusual for buyers to get cold feet. The contingencies in the home purchase contract may offer a way out. Of course, you should honor the terms of the home purchase contract, but there may be good reasons why you need to back out. You may get out by way of the home inspection report, or you might not get financing. A legitimate invocation of a contingency will get you out; at the same time, it would be hard for the seller to prove that your use of the contingency is not legitimate.
   
   
4. The seller has a change of mind.
   It happens — not often — but it may, even though purchase contracts don't leave much room to get out of a sale. You may have a good chance of challenging this change of heart in court, but why expend time and money trying to force the sale? It's probably best to move on. Here's hoping the purchase contract provides you with something from the seller for your expenses.
   
   
5. Buyers can't sell their house.
   Among several common contingencies is one that calls for the buyer to sell their home before they buy a new home. While this is a bit risky for sellers, it's still not unusual, as homeowners generally need to sell their current home to get financing for a new one. If the buyers find a home they want before they've sold the other home, they may need to rely on a contingency that allows them 30-60 days to sell their existing home. If the home fails to sell in that time, and the buyer backs out, then the seller is out of luck. One thing a seller can do is research the average Days on Market in their home's area to guess how quickly the home will sell.

More questions about why home sales don't work out? Contact Wright-Patt Realty today.