| Close the Sale |
| At this point, the buyer is busy with financing; until the sale
closes, you are responsible for keeping your property in the
same condition it was when the buyer saw it last. The closing
date should be clearly specified in your sales contract, which
should include deadlines for the buyer to sign off on contingencies.
Make sure the buyer meets any deadlines you've set. |
| Be ready to deal with any problems that may crop
up: |
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Problem: Unsatisfactory home inspection
Solution: If the fix is major, you may want to split the cost
of the repair with the buyer, or give the buyer a cash credit
at closing to cover the repair. If the fix is minor or you
are selling in an active market, your sale might go through
without any concessions on your part.
Preventive measure: Make sure that your sales contract is specific
in its inspection contingency and doesn't allow for the entire
transaction to be renegotiated on the basis of the inspection. |
|
Problem: Low appraisal
Solution: Your deal could fall through if the buyer's appraisal
comes in lower than the agreed-upon sales price and the lender
refuses to issue a mortgage. Ask for another appraisal if you
think the buyer's appraisal was wrong, or renegotiate your
price. Another option is to offer seller financing for the
dollar difference.
Preventive measure: Give the appraiser the most recent comparable
sales from your neighborhood, and make sure your home is in
top condition. |
|
Problem: Cloud on the title
Solution: Title problems can take several forms, including unsatisfied
liens against your property, delinquent taxes, and encroachments
on the property line. In order to clear the title, you will
have to pay any liens or delinquent taxes. Title companies
are used to dealing with encroachment issues, which may be
resolved with some kind of insurance policy.
Preventive measure: Check your title before you sell and make
sure it is clear. |
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Problem: Buyer's remorse
Solution: Occasionally, an uncertain buyer will decide to pull
out of the deal regardless of the consequences. Try to work
with the buyer's agent to determine the problem. You may be
able to suggest a solution that reassures the buyer and rescues
the deal. (If not, you may be able to keep the buyer's deposit.)
Preventive measure: Learn all you can about the buyer's motivation
before you accept an offer. Also, be sure the sales contract
allows you to keep the security deposit. |
