In the final discussion of the four-part series 62 Helpful Hints for Maximizing Selling Profits, we'll conclude with Transaction Closing and Possession Coordination.
TRANSACTION CLOSING
Once a buyer has been found for the property and the contract is completed, the activity transitions from the marketing process to the more technical process of closing the transaction. Follow the closing process very closely. It will help avoid being involved in a transaction that takes the home off the market for an extended period of time and fails to close. Find and use the services of the best possible service people.They will make the transaction move smoothly to a successful transfer of title.
1) Loan approval: It is wise to call the lender periodically to assure that the loan is being processed expeditiously and that all is going well.
2) Contingencies: Pay close attention to contingency removal dates. Are contingencies being removed on time?
3) Inspections: Are the needed inspections being done promptly? Are the inspection reports being provided on time and are you being kept abreast of any corrective work that may be required? Be sure the buyer is approving all inspections in writing unless silence deems his approval.
4) Closing agent: Call your closing agent at least weekly to assure that your file is progressing smoothly and that all required paperwork is being completed. Is the buyer completing and returning his paperwork promptly? If not, find out why he is not doing so.
5) Deposits: Has the buyer placed the required initial and other specified deposits into escrow?
6) Buyer remorse: It is very common for a buyer to suffer remorse after signing a home purchase agreement. Because of the nature of a real estate transaction, with 30 to 60 days often passing between the decision to buy and the actual closing, buyers have a lot of time to question whether or not they are doing the right thing by buying the home. A home seller needs to be aware of how common this problem is and have a plan to react to the potential problem.
7) Appraisal: If you did not price your property correctly, there is the possibility that it may not appraise at the value needed for the buyer to obtain the necessary financing. Encourage the bank to complete the appraisal process as quickly as possible. Have a list of comparable closed sales, ones that justify your selling price, on hand when the appraiser arrives. If the home does not appraise at the selling price, have a contingency plan in place to resolve the problem.
POSSESSION COORDINATION
Be very specific as to when the seller is to vacate the property and possession is to be delivered to the buyer.
SUMMARY
Hopefully, you have found this four-part series helpful. It is our goal to offer to you the finest service available in the real estate industry.
Please keep in mind that six determining factors will cause a home to sell, or to not sell. Once again, those factors are: Price, Terms, Condition, Location, Market conditions and Marketing. If a homeowner, who wishes to sell, focuses his attention on making as attractive as possible each of these factors, he should be successful in marketing his property.
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