Congratulations!!! You’ve Accepted an offer on your home for more money than you could have possibly imagined and are excited to move on to the next chapter of your life. All you have to do is sit back and wait for a pile of money to show up in your bank account on the closing day right?
…….that depends on the team you have chosen to Represent you. Here are 3 tips for a stress-free closing.
1. Is the offer conditional on Financing?
Financing conditions are not uncommon these days, big difference from the insanity of the 2016-2017 market where firm offers (no conditions) was common practice. It is vital that your REALTOR® does whatever they can to qualify the Buyer, even if they have their own REALTOR ®. Questions that might be asked; does the Buyer have a house to sell? If so, is it listed, is it priced correctly? Which lender is the Buyer working with?
Is the Buyer pre-qualified to complete this transaction? How long has the Buyer been looking for a home? If your agent can swing it, have them call the Buyer’s mortgage broker/lender on the spot before accepting the offer. Your REALTOR® should have the ability to work with the Buyers REALTOR® to help them get their clients over the finish line. This can ensure that there is no delay removing the financing condition in the allotted time frame. Just because someone has signed off on their condition, does NOT mean that they necessarily have the ability to close the deal. Often time appraisals are done after the removal of conditions. At The Doyle Team, we encourage Buyers to have the appraisal completed during the conditional period to avoid any issues later on.
- Is the offer conditional on Inspection?
An offer conditional on a home inspection is also very common. Surprises for the Seller can often appear in a home inspection. Although many people are willing to accept small defects on an inspection, larger big-ticket items can cause a deal to fall apart or be renegotiated. Some examples are:
- Bathroom fan venting directly into the attic causing mould to grow
- Unnoticed water in the basement due to grading/downspout issues
- Asbestos wrapped pipes on radiator systems
- Electrical violations/dated wiring.
- Foundation issues impacting structural integrity.
A pre-listing home inspection is strongly encouraged so you as a Seller can remedy any potential issues well in advance of your listing being active. Being proactive is this regards can avoid a lot of surprises.
- Are you working with the right Lawyer?
Working with the right Lawyer is key. You should be getting referrals from your REALTOR® for top-notch legal service. The lawyer you choose should specialize in residential real estate and do it all day every day and have litigation experience or a litigation department should the need arise. A good lawyer is worth every penny when a transaction runs smoothly and even more so when there are bumps along the way.
Thank you for taking the time to read this article. Our hope is that you gain the confidence and know how to enter any Real Estate Transaction you desire. As Director of The Residential Sales Division at the Doyle Team, my goal is to help you to achieve your personal, professional and financial goals through Real Estate. When you’re ready to make your next Real Estate decision we hope The Doyle Team, Your Real Estate Professionals have earned your trust to guide you through it. We aim to exceed our Clients expectations in all that we do. Please do not hesitate to call or email us to find out all the different way we can help you.