You thought your home was sold with a conditional offer, and then you received the unfortunate news that the offer fell through. So, what's next?

Consider if it makes sense to renegotiate. Failing that, have your lawyer review the purchase agreement to understand your rights and obligations. Typically, the buyer will get their deposit back, which is usually protected by contingencies. If you have multiple offers, your realtor should contact them immediately.

Understand why the offer fell through so you can course-correct if needed. Additionally, your REALTOR® can reach out to previous prospective buyers who had expressed serious interest for feedback on why they didn’t move forward with an offer.

Your REALTOR® can advise you if you should continue to show your property during the conditional period, provided you have an escape clause, which allows you to entertain other offers.

While it can be a big letdown when an offer falls through, it’s important to stay focused on your end goal of a successful sale and trust that the right buyer is on their way.

Just because you get a home inspection report that appears to be A-OK, it doesn’t always mean there are no issues. Certain issues can be overlooked in a typical home inspection, such as:

• Water damage, like water stains and musty smells, can be masked by paint or a diffuser. Internal leaks cannot be seen, possibly causing mould or mildew.

• Structural issues, like wall cracks or sagging floors, can be hidden by flooring or drywall, and rotted wood can go unnoticed if it’s inaccessible.

• Electrical issues, like outdated wiring, a faulty panel, or insufficient grounding, can go unnoticed, as inspectors may not have the specialized knowledge and cannot see behind walls.

• HVAC issues, such as leaks, can go unnoticed because specialized HVAC knowledge is outside the realm of a general inspector.

• The roof. Many inspectors may inspect it from the ground, potentially missing issues such as missing shingles or leaks.

• Pests — because they are good at hiding. Sometimes it’s easier to find evidence such as droppings, scratching sounds, gnaw marks on baseboards, chewed wiring, or little “sawdust” piles around the wood structures of your home (which could indicate termites or carpenter ants).

• Asbestos, lead paint, and lead pipes all need specialized tests. If the home was built pre-1990, you may want to test for asbestos and lead.

• In rural areas, septic system issues are often overlooked because they are underground and thus require a separate, specialized inspection.

So, while you can’t possibly know everything about the home you want to buy, being aware of what can be overlooked is important. Speak to your REALTOR® about investigating the property more thoroughly so that you can make an informed decision and have peace of mind.