When Buyers Consider Walking Away: Revisiting the Financing Strategy

When Buyers Consider Walking Away: Revisiting the Financing Strategy

I received a call from a client this morning:

“Hi Vera, I’m backing out of the contract. The new construction won’t be finished until November, and the numbers just don’t work anymore.”

It’s the third call I’ve received since last week from a buyer considering canceling a mortgage application.

I’m not surprised. When construction delays stretch on while bond markets reprice, a buyer’s financing picture can change before the home is ready.

If you have a buyer in this position, let’s revisit the financing strategy and see what options could make the numbers work.