Congratulations...Not So Fast

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

So you have an offer. It's been negotiated, agreed to by all parties, and ratified.

Congratulations! 

congratulations

 

 

Whoa!  Not so fast.

Getting the property under contract is the first big step, but it's far from sold.

Now the work begins. There are general home inspections, radon, septic, termite, etc. There is still more... title exam, survey,  review of condo and HOA documents. There is loan approval, appraisal, lender requirements, and many others. Each one has a time and date to move forward and sometimes you have to stop!  

 

stop

 

Have you heard of buyer's remorse?

 

 

When that buyer can not make up their mind, it may be called analysis paralysis. They are always wondering if they made the right decision. They then look for ways out of the contract. They have their attorney review and then have another attorney review that attorney. They put in clauses that allow them to get out for any reason.

Make sure your agent understands the contract and the extras that might be added. And with multiple offers-  choosing the right one is not always about price. Make sure that you consider each buyer each agent, and all terms.

Watch those dates!

Selling is going from contract to closing.

  

 

contract to closing

 

 

It is not sold until it is sold!

 

not sold

 

Questions about real estate, questions about selling your home?

Call Margaret Rome

 

Margaret Rome

 

 

Comments (24)

Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Margaret Rome, Baltimore Maryland the process isn't over until the "fat lady sings"... at the offer stage, she's just clearing her throat....

Aug 20, 2019 05:35 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

So true... there are many obstacles to overcome, prior to the actual closing.

Aug 20, 2019 05:42 AM
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

"They have their attorney review and then have another attorney review that attorney." I like this line because I actually saw that happen. I couldn't help but chuckle when I saw you included it.

Aug 20, 2019 06:19 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This reminds me of when I used to dream of monies to come from escrows, bonuses, investments etc. The fact is until they do come just what do you have?

Aug 20, 2019 06:34 AM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
Relocation to NW AZ with elbow room & more freedom

And when there is a clog in the Due Diligence Wheel, the accepted contract can quickly go south. Working with a non responsive private rural water company right now and everyone in this transaction including the listing agent, the escrow officer, the buyer and myself are beyond frustrated as the clock is ticking.

Aug 20, 2019 07:07 AM
John Henry, Florida Architect
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

Love this.  Especially: They then look for ways out of the contract.

Omigosh.  I have seen a lot of buyer's remorse over the years.  Some will try to get you going by not signing even!  Amazing.  Thanks very much! 

Aug 20, 2019 07:27 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Margaret:

Great advice here. Getting the contract is just the very beginning and things can get very complicated after that, and quickly. Sellers need to be educated, and prepared. But then buyers do as well!! It's a time of high emotion!!

Jeff

Aug 20, 2019 07:36 AM
Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

So true, this gives a true understanding on the process. Thanks for sharing, I hope you have a great afternoon.

Aug 20, 2019 09:41 AM
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

Great post, it is not done until  the Skinny girl sings. 

Have a great day. 

Aug 20, 2019 10:34 AM
Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Hi Margaret Rome, Baltimore Maryland oh no the contract ratification is just the first step - towards closing. And as you mentioned, there are many steps in between. It's not done until it's signed and then recorded at the county. Then it's done and congratulations are in order!

Aug 20, 2019 11:01 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good evening Margaret Rome, Baltimore Maryland -in the words of Yogi Berra, "It ain't over until it's over."

Aug 20, 2019 04:59 PM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

You are on to something with your words in this post, Margaret.  I am often taken aback when I do real estate market reports in my area.  There are the listings, and there are the sold.  But, the pendings often outnumber the solds consistently.  That should tell us our work isn't over when we have a signed contract.  It's no time to spike the ball.

Aug 20, 2019 05:20 PM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Aug 20, 2019 05:21 PM
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

Margaret, I tell my sellers ALL OF THE TIME that the accepted price is just the first step. Once the home inspection occurs, that may very well be a time of re-negotiating. And I find that one of the most arduous of steps! Yes, then there's the appraisal--if it's a loan--and then all of the minutiae involved with furniture, credits, who's fixing what....oy vey!

I love how people think we make such great money doing nothing! Hah!!!  

Aug 20, 2019 06:17 PM
Christine O'Shea
Christine E O'Shea Broker - Naples, FL

Hi Margaret, You definitely hit the nail on the head with this post.  So many steps and varibles in a transaction, however, you always make it seemless.

Aug 20, 2019 06:53 PM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

I had a buyer back out of a contract two days before closing. Buyer's remorse for sure.

Aug 20, 2019 08:15 PM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Cannot be counted till the check is in the bank.

Aug 21, 2019 10:05 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I've said many times to buyers and sellers when it's all signed "now this is where the next process begins".  But it certainly isn't over.  I recently had a listing that it was the 3rd time that was the charm with a signed offer.

Aug 21, 2019 12:18 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

It is always nice to get multiple offers but picking the right buyer is critical. You sometimes need to read between the lines to determine the best offer.

Aug 21, 2019 01:37 PM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

Especially with first time buyers, I explain the contract and the inspection early in the process...b/c inspections are the worst part of the transaction in my opinion. Often buyers don't understand that when they purchase an older home

Aug 21, 2019 01:40 PM