Buyers are backing out of home purchase deals at a record rate — but real estate agents say deals are falling through on flimsy grounds.
“We’re seeing nightmare scenarios where deals are getting canceled at the last minute for the most minute reasons,” said Rafael Corrales, a Redfin Premier agent in Miami, where about 2,500 home purchases were canceled in June (or 17.6% of homes that went under contract).
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However, Corrales adds there’s a bigger problem that’s giving buyers cold feet.
“Buyers often back out during the inspection period because they find something they don’t like, but affordability is really the underlying issue.”
Home purchases getting canceled at a record rate
A recent Redfin report reveals around 56,000 home purchases fell through last June — or, nearly 15% of homes that went under contract — marking the highest percentage of any June on…
