Once you get an offer for a home you are not done with the transaction. You still need to get through the inspection, appraisal, financing and escrow.
There are several transaction issues that can do come up! How do you solve these problems or better yet prevent them from happening?
Once the Purchase and Sale Agreement is accepted create a timeline of deadlines and send it to all parties. Follow up by confirming appointments, and progress e-mail reports. The timeline should have built-in flexibility for both the buyer and the seller. Established pre-set dates and limits.
In the Purchase and Sale Agreement we pre-negotiated limits we would pay for repairs from the home inspection. The buyer wanted their service people to fix the repairs, they did not want to nickel and dime the seller with work orders, and they did not want the work orders to slow down the closing date.
To be sure the appraisal for financing is not an issue, the seller had appraisals done on the property before listing the home to support the asking price.
So there are not any surprises at escrow, run a preliminary title search and read the title report.
Establish your closing date by asking your lender when you can close. Add a few days to that date and and have that be your closing date. Then in the Purchase and Sale Agreement say that you will close "By or before" this date. This approach is better than requesting an extension.
The buyer can also have parallel loan applications in place to ensure they will have funding by the closing date.
In order to get a sale to a successful closing, you need good project management, by preventing, or being ready to handle, and managing any issues that may arise.
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