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Real estate: How to bounce back if your sale falls through
Nearly every real estate deal hits a few rough patches on the way to the closing table. They're usually just speedbumps -- but not always. Here are a few tips for getting back on your feet if your deal implodes:
Don't panic
It may feel like the end of the world, but it's not. A home that was good enough to sell once will sell again.
If the buyer was rejected by the co-op board, find out why: Review the buyer's application for glaring errors and omissions.
Ask someone who sits on the board -- or ask the managing agent -- what the problem was and if there is anything that can be done to make the buyer more acceptable.
Check the contract
If the buyers didn't fulfill all of their obligations, such as applying for a mortgage on time, you may have grounds for keeping the deposit.
Update your apartment and your photos: If you didn't declutter or stage the first time, do it now. Freshen things up with small touches like new throw pillows and a little furniture rearranging. Take new listing photos if the season has changed so that your listing doesn't look like a wallflower.
Consider a price change
Re-evaluate the market with your broker. Your price may be too high -- or too low. Consider tweaking your price so that it falls into a new online search range (for example, just below $750k instead of just above) and attracts a new set of buyers.
Market aggressively
Your agent should contact everyone who signed in for open houses to let them know your property is back on the market. Advertise your listing as widely as possible. Create a special event to get brokers to see your apartment, and consider offering special showing hours that may appeal to the segment of buyer you are targeting.
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