Up to this point I have met with the buyers, viewed properties with them, researched those properties, presented an offer to the seller's agent or seller and negotiated the offer to reach a legally binding Contract for Sale and Purchase. (See Part 1 and Part 2 to this post.)
Once the contract is signed the specifics of the contract have to be met. Usually there is an inspection period. It is during this time period when the buyers hire a home inspector to perform an inspection, an inspector to perform a wood-destroying organism inspection and any other inspections the buyers require. As a rule I attend these inspections with the buyers. I attend in order to represent the buyers' best interest. I also attend because I learn so much about construction and the operating systems of a home.
Hopefully the home inspection does not reveal any major defects. But if it does, I explain the buyers' options in this situation. If the buyers want the defects to be remedied I present an addendum to the contract stating exactly what remedy the buyers' desire. The seller may or may not agree to accept the addendum. Once again there are negotiations where I represent the buyers to reach an equitable solution.
Once an agreement is reached and we are still under contract I continue to work for the buyers. Most of this work is behind the scenes and typically involves checking in with all parties to make sure the specifications of the contract are being met, financing is in place, the title is clean and everything is still on track to close on the specified date.
Sometimes this period is quiet as everything smoothly progresses. Other times I can be on the phone or running from one place to another trying to resolve an unexpected issue.
As an example, recently I had to locate a contractor to complete a repair required by the lender prior to closing and negotiate with the seller's agent an agreement to get this done. The contractor I originally had scheduled failed to follow through and I had to find a substitute who could complete the repair in 72 hours. I did find a substitute but in the meantime negotiated with the lender to close and hold back funds in case the repair could not be completed. I spent no less than thirty hours over a two week period resolving this one issue while still working to make sure not only this buyer would close on schedule but also working with other buyers.
Prior to closing I have received and examined the settlement statement. The settlement statement shows exactly what money went where. The settlement statement (or HUD as it is commonly called) has one column for the buyers and one column for the sellers. Each column has debits and credits relating to the transfer of the property.
On the way to closing I accompany the buyers on a final walk-through of the property. This is done to make sure the buyers are receiving the property in the condition under which the contract was made. This is an important step. You really don't want to know what I have seen to convince me this is absolutely necessary.
Hopefully all the above has worked out and the buyer and I arrive at closing. I don't appear to do much at closing beyond sit there, however I am there to make sure there are no surprises. I am pleased to report that it is only on rare occasions that something comes up to prevent closing and even if something does come up it only delays closing.
At this point I hand the keys over to the buyers and welcome them home.
Several days after closing I call the buyers and make sure their move went smoothly. I answer any questions they may have and let them know I will check in with them periodically.
I hope this series of posts has been helpful.
Interested in buying or selling a home in northeast Lake County Florida, including Eustis, Mount Dora, Howey-in-the-Hills, Tavares and Sorrento contact JoEllen E. Stranger-Thorsen, REALTOR® for all your real estate needs. Visit my website.
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