Don't Lose at Real Estate Dominos in Greater Cincinnati, Ohio!

Don't Lose at Real Estate Dominos in Greater Cincinnati, Ohio!

February 26th, 2008 categories: Cincinnati, Ohio, Real Estate News, Real Estate Selling

In today's slower market, receiving a decent offer on your house is only the first step toward closing!

Before you make repairs, change utilities and order the moving van, make sure your closing doesn't collapse because of problems with buyers and sellers upstream of your deal.

In the normal real estate deal, the seller and buyer come to terms on price, closing dates, inspections and more.  Typically the buyer has a home to sell and/or close.  Their  contract to purchase your home spells out for a certain number of days to apply for a loan and then a loan commitment date.  When the buyer's lender notifies their agent that the loan is approved...everybody sighs with relief.  Unfortunately it isn't quite that easy.

Picture this:

You are selling  "A".  In order to purchase your home, the buyer is selling  "B".  The buyer of "B" is selling "C" and so on.  The first two properties have purchase contracts and closing dates scheduled.

As the third house downstream , you (if you are a  FSBO -For Sale By Owner) or your agent need to actually review the upstream purchase contracts to ensure all the dominos are lined up correctly.  

The counter offer is a best time to request a copy of the contract(s) to ensure dates and conditions can be met prior to your buyer closing with you.

The sales usually line up like dominos.   

If the first sale does not fall into place..the rest of deals may be delayed or not happen at all.

As the seller you need to understand that many things affect the closing and while your buyer has done everything correctly, they may not complete their deal with you because one of the upstream sales did not close.

Home sales fall into place like dominos....but only if the first domino falls correctly and the rest of the blocks are lined up correctly.

Take some time at the beginning of the deal to make sure your home sale is lined up for success.If you feel you need help with "proper alignment" call or send an email.

This and other articles can be found at "the cincy blog".