Youre Not Done Until You Close The Deal(Buyers and sellers alike get excited when they circle the day on their calendar that their real estate transaction will close.)
It seems once you reach that day it is smooth sailing and everything else is merely a formality.
But it’s not a done deal yet. Yes, the hard and stressful parts are pretty much over with but there are still some important things that need to be taken care of prior to moving in or out. If something goes wring and the deal is delayed, that stress you thought was gone is going to come back with a few unpleasant friends.
The article, “Scaling the Final Steps to Closing” written by Dan Rafter on November 11, 2006 and published in The Washington Post, provides a few tips to help ensure your deal reaches and completes the closing process.
It sounds cliché but it’s not over ‘til it’s over.
Naturally, the biggest steps of the home buying or selling process are finding the perfect house or the perfect buyer, but they are not the final and therefore most critical steps. Remember, you still have to negotiate a fair contract, schedule inspections, make sure repair work is conducted and oh yeah, don’t forget the paperwork that seems to become longer the more you do.
“‘Sometimes buyers and sellers don't understand what is going on in the background,’ said Joanne Hoffmaster, a real estate agent with the Prince Frederick office of Long & Foster Real Estate Inc. ‘It may appear that nothing is happening, but that isn't true. Maybe radon was found in the house. Then we have to order a radon inspection. Maybe there's a termite problem. All these problems have to be looked at and addressed, and this often happens after an offer is agreed upon.’”
So, what can you do to help make sure the process goes through smoothly?
Sellers:
First you have to remember that you are no longer in a seller’s market. Once you have realized that you had to lower your asking price, the buyer is going to be methodical. The buyer will definitely want a home inspection, a thorough walkthrough, etc. Be patient.
“‘It is tremendously important to the seller to know that their buyer will in fact be able to financially perform,’ said Michael Turk, an agent with the Alexandria office of Weichert Realtors. ‘It is very disheartening to find out after they've already executed the contract that the buyer has to get out. That is potentially financially damaging to the sellers.’”
And do not be afraid to negotiate. Sure, the buyer is going to be stingier now than ever before but if you have a buyer offering a price, chances are they are seriously interested in your property and will be willing to pay a little more than originally stated. After all, who offers their top price to begin with? You’re not the only one negotiating.
Buyers:
First you will want to get pre-approved. Sellers definitely prefer to deal with buyers who are pre-approved for a loan web. This means that you have submitted personal information and documents to a lender and you were accepted to receive a loan web.
The, you will need to make a fair offer. Even though it is a buyer’s market and you can control the price a little more, the seller will be offended if your offer is too lower and will turn their back especially if they have another offer. Even if you are willing to negotiate higher, starting too low indicates a lack of respect.
And the last thing you need to do is a final walkthrough.
“This happens immediately before closing. Buyers travel through the home they're about to close on. This gives them a chance to make sure the home is in sound condition. Again, last-minute problems here can delay or scuttle a closing.”
It is a lot of hard work to close a real estate transaction, especially after going through all the other steps and processes; you want to be done with it.
But if you take the necessary measures to ensure the deal will be conducted with no problems, you will feel elated once you leave or move into your house.
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