How to handle the Snap, Crackle and Pop of home selling.
You’ve decided to list your home for sale, you’ve selected a Real Estate Agent to get your home sold and your home has now just hit the market and already “SNAP” a Buyer’s Offer comes in and then another - WOW, did you ever think it would happen so fast?
The “SNAP” has likely happened because you hired a Real Estate Agent who is skilled at selling homes. So remember to get that “SNAP” out of the gates when selling your home by hiring the right Real Estate Agent. Just like when you first pour that icy cold milk on your bowl of Rice Crispies cereal, you look forward to that first sound of “SNAP” in your cereal bowl.
Your Real Estate Agent has gotten this quick “SNAP” for you, like I would, because she or he has done their job in recommending the right selling price for your home that will likely generate multiple offers that can often push the offering price above the original list price, has recommended tips to get your home ready to sell, has premier internet marketing exposure and lastly, makes sure any Buyer of your home has presented a Pre Approval letter verifying their ability to purchase your home by having their credit, income and debts thoroughly reviewed so you know of their financing strength or if they’re paying cash, you’ll know they have available cash on hand.
Fantastic, you now have selected the best offer from the Buyer’s offer’s submitted and you have an executed Real Estate purchase contract. Great! You’re now on your way towards closing on the sale of your home. Now what? You can now expect a number of steps to go through before you get to the closing date. First, typically, will be the Buyer’s inspection of your home. The inspection will reveal any potential needed repairs of your home that can reveal a few little things that don’t amount to great repair costs or the inspection could reveal items in your home that need repair at a greater expense not always welcome or expected by a Buyer. This is where the “CRACKLE” can begin during the home selling process. Don’t get discouraged however, as usually a bit of give and take by you and the Buyer can bring both parties to an agreement on resolving any needed inspection repairs. You can also keep any problems to a minimum, by making any needed repairs prior to selling your home or if you’re not able to make the needed repairs make sure your home is price accordingly or anticipate price concessions coming from the Buyer.
Are there any other “CRACKLE”’s that can happen when selling your home? If your home is not priced right, an Appraisal can cause a “CRACKLE” when the Buyer’s Lender’s appraisal comes back below the selling purchase price. Most Buyers do not like to pay above fair market value for a home which again, I can’t emphasize enough the importance of setting the price right from day one of listing your home for sale so you can avoid this “CRACKLE”. However, sometimes an appraisal that comes in below the agreed upon purchase price can bring about an adjustment between you and the Buyer by settling with some give and take on both sides if the fair market value is not too far off from the purchase price. Or if you’re fortunate, you may have a Buyer who truly loves your home and is willing to bring the extra cash to make up the difference between the Purchase Price and the Appraised Price.
A “POP” in home selling can come along at any moment when you want to get your home sold. Something unexpected can suddenly appear that could possibly burst getting your home sold or it just may be something that needs to be addressed right away so that the “POP” won’t allow the home sale to be trampled upon. So remember a “POP” can be okay and it’s a matter of how the “POP” is handled by your Real Estate Agent and all parties to the home sale. Communication, diplomacy and negotiations will be a required skill from your Real Estate Agent to possess at this time, as this can be all the difference in keeping the home sale on track without the “POP” bringing all to a screaming halt. Moreover, the best “POP” of home selling is that sudden burst of relief you feel when you’ve received funds from the Buyer for the purchase of your home and you’ve handed over the home keys to the new owner of your home; that’s a “POP” you’d welcome any day - just like the “POP” you enjoy while munching on your snap, crackle and pop bowl of Rice Crispies Cereal.