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By Stefan Hyross
The fact that you have a contract on your property with a buyer does not automatically mean you have sold your home, because there are many details that can go astray before closing to kill the deal. The aftermath of the subprime mortgages has developed a purchaser’s market, and buyers who have good credit are being very choosy and will back out on agreement if it does not meet all of their demands. To prevent the pitfalls that commonly arise after the deal is signed, a homeowner needs to understand the particular common issues that often cause transactions to come apart at the last minute.
Certainly, roofing concerns are the most important detail that can cause real estate deals to go south, because many homeowners try to sell the property as-is so they will not have to make the kind of investment that a new roof requires. An additional big problem that could sneak up on a real estate transaction involves the home inspection of the electrical and water systems, mostly when home inspectors begin looking closely and come up with the problems that even the homeowner did not know existed. Structural troubles are another big stumbling block to completing the deal and provides a negotiating chip which may cause the homeowner to need to drop the price unless structural weaknesses are identified and fixed early.
Even if the home is sound and does not have any of the issues covered above, there still is a host of problems that may come up – particularly if purchasers are confused about things like the conditions of the due diligence period and the earnest deposit. Ensure that you do not set the earnest deposit too low, because it will make it easy for the purchaser to pull out of the deal if they become concerned about other problems that could be corrected. The final amount of the deposit needs to be established with your real estate agent and a fair amount should be set that would discourage the buyer declining the sale over issues that may be negotiated and corrected. It is as well important that both the purchaser and the homeowner know the amount of time the whole thing requires so that no one gets overly discouraged as the months pass by while you iron out the details of your transaction.
To make sure that your home closes as anticipated, you need to establish clear communications with all affected so that no one skips any time limits, misunderstands procedures or develops unnecessary problems because of misconceptions. It is a wise idea – particularly through the course of the closing process – to establish weekly meetings that involve the Realtor and set up a checklist of items that were accomplished and the items that have yet to be done so that everyone is up to speed. Make sure that your perspective buyer understands all the steps involved in the process to avoid them becoming discouraged and withdraw when the end is in sight.
About the Author: As a writer in the housing sector Stefan Hyross follows many current topics. You may receive further information about
Windsor real estate
or search for
Barrie real estate for sale
by visiting the websites. For people looking for
Burlington Ontario real estate
can as well visit the sites.
Source:
isnare.com
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