Post-Contract PitfallsSelling a home is like climbing Mount Everest – getting a signed contract is a great accomplishment, but that's only half the journey. The typical home sale today involves more than 20 steps after the initial contract is accepted to complete the transaction.
Much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors — my role, as your REALTOR®, is to coordinate those responsibilities, helping to ensure that others do their jobs promptly and correctly and that the closing isn't jeopardized.
Many steps between contract ratification and closing involve the cooperation of both buyer and seller, and it takes attentive REALTORS® on both sides of the transaction to troubleshoot and keep everyone on track. When things go wrong, closing can easily fall behind. Here's how much time to expect on particular delays:
One-Week Delays
1. Buyer submits incorrect information to lender.
2. Source of down payment changes.
3. Escrow fails to notify parties about missing documents.
4. Principals leave town without signing all necessary papers.
5. Unknown defects are discovered in the property.
6. Last-minute liens discovered.
7. Cloud on title.
8. Move-out date changes.
Two-Week Delays
1. Lender decides at the last minute it doesn't approve of the borrower or the property.
2. Lender raises interest rates.
3. Lender requires last minute reappraisal or repairs.
4. Appraisal too low.
We have extensive experience in handling problems that may arise during the time between contract and closing; we can anticipate difficulties and address them in time to ensure a smooth settlement for all involved.
To ensure a smooth settlement when buying or selling your home, give me a call, 800-428-5239. We're here to help!
