How to Keep Your Home Sale Intact

By
Real Estate Broker/Owner with SD Home Source Realty BRE #01363537

Finding a buyer for your home is just the first step to home selling. Keeping the transaction intact involves some care, cooperation and negotiaton.

1. Honor All Contingencies in the Contract

If your contract requires you to do something before the sale, do it. If the buyers make the sale contingent on certain repairs, don’t do cheap patch-jobs and expect the buyers not to notice the fixes weren’t done properly.

2. Fix Everything That Does Not Work

The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn’t in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a professional to fix it, and inform the buyers that the work was done. When you fail to maintain the home, the buyers may lose confidence in your integrity and the condition of the home and back out of the sale.

3. Honor All Contractual Deadlines

Treat deadlines with respect. If you have three days to accept or reject the home inspection, make your decision within three days. If you’re selling, move out a few days early, so you can turn over the keys at closing.

4. Be Prepared for Ongoing Negotiations

Once you’ve negotiated a price, it’s natural to calculate how much you’ll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.

 

5. Disclose EVERYTHING

Did you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowners association fees? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off). If you can do that with the sales proceeds, great. If not, the sale isn’t going to close.

Comments (4)

Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Sellers have to be ever aware of the house and continue to maintain it as if it were not under contract or even for sale.  If they don't they could end up staying in the house for far longer than they expected.  Good Post

May 07, 2015 09:17 AM
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Hi, I enjoyed your read today.  With  the help of Active Rain members it brings to light great information.

May 07, 2015 12:17 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

You are so right, getting a property under deposit is just the first step, there can be many more to follow and on the mortgage side as well.

May 17, 2015 04:31 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Cindy, sometimes the easy part is finding the buyer, the inspection is usually the huge hurdle and maybe the appraisal! 

May 21, 2015 11:31 PM