At our weekly sales meeting, CT Hancock our NW Austin Coldwell Banker Mortgage Loan officer, brought up three important “problem prior to close conditions” we can ward off before they become insurmountable!
1. Do not write in the contract repair items: Put them on an Amendment after inspections are done. This opens the door for underwriters to examine repairs and they may have them added to the appraisal, which would need to be re-certified after repairs are completed.
2. Do not turn in the seller’s disclosure with the contract to the lender: This again opens up unneeded underwriting scrutiny.
3. Do not add non Realty items to the contract: For example asking for the refrigerator and washer and dryer. In Texas these items are considered personal property. Create a separate bill of sale for items between the seller and buyer. This can cause problems with appraisals and again opens the door to the underwriter for additional examination.
Conditions to close should be kept to a minimum. Agents need to be aware of what issues can cause problems and how to avoid these costly mistakes. If you want a smooth transaction, keep the contracts simple! Don’t muddy the waters.
Helping buyers decipher real estate information is just one of the many reasons to employ the services of a well-qualified NW Austin Real Estate Professional! Twenty-seven years of successful representation for buyers and sellers allows me to offer excellent service. My dedication and determination will be an asset in reaching your goals. I have systems in place, references and am a good listener and communicator.
If you are considering the sale or purchase of a Canyon Creek or NW area home, I would appreciate the opportunity to earn your business and exceed your expectations. Contact me at 512-346-1799 or dillard@reloaustin.com to schedule an appointment.
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