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Santa Monica Real Estate, What Buyers & Sellers Need To Know

By
Real Estate Agent with Sotheby's & Knipe ERA 201232626

Santa Monica Real Estate, What Buyers & SellerSanta Monica Ocean Park Craftsman Homes Need To Know

Dear Santa Monica Home Buyers and Sellers,

We feel very strongly that if we properly counsel you about your real estate transaction, we will avoid most problems and dispell any false expectations.

First, if you are a home or condo buyer, do not to use or open any new credit after an escrow is opened.  That new credit may negatively affect your chance to get a loan and therefore make your deal harder to close.  This advice was emphasized to me later in the week when a Santa Monica buyer’s agent who had this very problem. After opening an escrow, the buyer then went out and bought a new car.  Of course, that purchase was financed and, when the mortgage lender found out about the car loan, problems arose.  The only way the buyer could qualify for his new mortgage was to pay off the car loan immediately and close out that new credit account.  As a result, he had to borrow $12,000 from family, pay off the car and then close his real estate deal.  So please talk to your real estate agent, and mortgage lender before making any big financial decisions before or during buying a home in Santa Monica.  

Next, if you are a seller,  no matter what the contract says, close of escrow is a “floating” or “flexible” date and often does not occur when scheduled. This understanding prevents a real problem of disappointed expectations, especially if you make plans around it and then get stuck when there is a delay.  Loans are hard to get and take a long time.  Repairs may take longer than expected, or that the buyer could get cold feet and even breach the contract.  Understand this is why the buyer has contingencies, because nothing is definite.  Our intention in counseling Santa Monica home seller's in this way, is to prepare you for all eventualities and so you will not have to deal with the disappointment if something happens.

In short, by counseling our Santa Monica home buyer's and seller's on these two issues, you can take easy steps to avoid problems.

As always, feel free to contact us with any questions you may have. 

Posted by

Kim And Kristine Halverson

Compass

2115 Main St

Santa Monica, CA 90405


call: 310-737-8173
web:  www.KimAndKristine.com

 

The greatest compliment we can receive are your referrals, thank you in advance for having the confidence to refer your friends & family to us.

  

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Comments (4)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I was at a closing last week where the lender was telling the story of a buyer that told everyone at the table he just bought a car, and the closing stopped, and he did not get his house!   This is such great advice!

Aug 28, 2012 12:09 AM
Bas Panch
SCV Home Buyer - Valencia, CA

Very informative post here. Thank you for sharing to us an important article. Keep it up!

Oct 25, 2012 12:38 PM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Great thinking here. I'm sure alot of homeowners or interested buyers had a more clear understanding in regards what buyers and sellers need to know. Good job! Stay being top notch Santa Monica Short Sale Agent.

Oct 25, 2012 12:44 PM
Kim & Kristine Halverson
Sotheby's & Knipe ERA - Bend, OR
Sisters, Realtors

Joan, how sad for the buyer, car or house?  car!  Hope it was a Porsche.  :) 

Bas, thanks for reading.

Katerina, it would be great if it helped a buyer or seller.  Thank you, Kristine

Oct 26, 2012 11:54 AM