I saw a post that fifteen percent (15%) of all signed residential contracts do not close. My experience is that closings do not happen for a variety of reasons such as a failed inspection, death, divorce, or job change in the buyer’s family, or the loan did not go through for credit or appraisal reasons. The seller needs to be aware that failure to close is always a possibility. Timing is critical as the seller’s plan to move to a new home may not be realized if the initial home does not close. Make sure there is time in the contract between the end of the due diligence period and the closing date to give you, as the seller, time to pivot if the sale falls through.
Mitch