June 20, 2019
Congratulations on the sale of your house! Or are congratulations in order just yet? If you’ve received an acceptable offer and the Purchase and Sale Agreement has been signed by all parties to the agreement, have you sold your home? Most people would say yes, and congratulate you!
But the home isn’t sold, only Under Contract or Pending.
There are several reasons why this Pending period, and the actions taken during this period, are vital to the actual sale and closing on your house.
Unless the offer is all cash you will most likely find a clause concerning the buyer securing an acceptable loan within specific guidelines of what “acceptable” constitutes.
This means the interest rate, the monthly payment and any upfront payments have to be acceptable to the buyer. It also means the buyers credit history and current financial situation have to be acceptable to the lender!
This is an important area where your local marketing specialist can offer insight you may not have access to.
- Are the expected loan conditions reasonable?
- Is the lender reputable?
- How do these conditions affect your sale?
Then there is the Home Inspection. Even in the best maintained homes there could be hidden issues that a buyer’s inspection may reveal. Finding any problems often isn’t the real problem.
- Who will be responsible to pay for and arrange repairs?
- What are those repairs worth?
- Will a buyer walk away from an agreement over a small repair issue?
These are the main concerns that an experienced negotiator will handle on your behalf, not just to satisfy the buyer and maintain your sale, but also to protect your interest in the process.
Congratulations on that Purchase and Sale Agreement! Now, let’s get to the real work of closing your real estate sale.