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| :: Learn step-by-step home selling process with Kellson Team. Your knowledge is your Power! |
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| HOME SELLING >> STEP8 >> CLOSE OF ESCROW |
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Until the sale closes (close of escrow), 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. |
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DEALING WITH UNEXPECTED PROBLEMS |
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Be ready to deal with any problems that may crop up. In many cases, we can not forsee the problem; however, following ones are typical:
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.
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.
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.
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.)
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