Accepting an offer is just the first step of closing...not the last one. Until escrow closes on your Lake Havasu home, you need to make sure that you don't do something that might jeopardize the sale. Here are five ways sellers can lose a sale:
- Ignoring any contingencies. Some buyers request that certain things be repaired or replaced before the close of escrow on a Lake Havasu home. These are called contingencies. If they are not done correctly, the buyer can pull out of the deal. That's why you can't do a cheap patch-up job or ignore them completely.
- Don't fix what's broken. Let's face it, things break. It happens. However, you don't want your buyer to see something broken on their final walk-through that wasn't broken when they initially put in their offer. If your furnace goes out or the pump for the pool isn't working, you need to get it fixed by a professional right away.
- Miss deadlines. Other than a death or serious injury in the family, there is no reason to ignore deadlines. If you have to be out of the house on a certain date, make sure your stuff is packed up and out of the house on that date so you can turn over the keys on time.
- Refuse negotiations. Even though you agreed on a sales price, something may come up during an inspection that neither party may have been aware of and needs to be addressed. Sometimes, an appraisal comes in lower than the offer price. The buyers may want to re-negotiate the sales price of your Lake Havasu home. If that's the case, you need to consider negotiating with them or you may lose the deal altogether.
- Hide any liens. Just because you don't tell the buyer directly that there is a tax lien, builder's lien or HOA lien on your Lake Havasu home doesn't mean that they won't find out. Since a title search is part of the closing process, your buyer will find out about any liens that have been put on the property. These must be paid in full either by you or through an agreement with the buyer.
Talk to your real estate agent about possible issues that may come up after an offer is accepted. You don't want to lose the sale of your Lake Havasu home because you ignored the five areas discussed above. Your real estate agent can help you with all aspects of the sales process.
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Brenda & Willie Gonzalez, RE/MAX Prestige Properties, Lake Havasu real estate
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Originally posted on our Lake Havasu Lifestyle real estate blog here: http://lakehavasulifestyle.com/five-ways-a-seller-can-lose-a-sale/.