Homebuyers Ditching Their Purchase Contracts
Even after their home purchase has gone to contract, about 7% of current homebuyers are canceling the deal. The standard home purchase contract includes a due diligence/inspection period that allows buyers to cancel the contract for almost any reason, leading many to back out when they find a better deal. Cities where the contract-cancel practice is particularly bad include Atlanta at 10.3%, Las Vegas at 10.1%, San Antonio at 9.6%, Riverside at 9.3% and Phoenix at 9.2%.
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