Six things you can do to ensure that your deal reaches closing.
So you finally have a deal, and now you just need to get through escrow to move on to the next stage of your life. That means making sure your home doesn’t end up back on the market. Here are six steps you can take before you list and during the escrow process to make sure everything goes smoothly all the way to closing:
1. Carefully consider your sales price. If you’re working with an experienced real estate agent, they should have a recommended pricing strategy based on comparables in the area. Pressuring your agent for a higher sales price could cause the home to sit on the market, and if you do get an offer, the appraisal may not match the sales price, and you will have to lower the price, or the buyer will have to pay cash for the difference.
2. Look for liens. Title issues account for 11% of closing delays. Sometimes, clearing up title is as simple as verifying that a debt has been paid and recorded correctly. Before you put your house on the market, pay off any debts, loans, and taxes that may show up as a title deficit against your property.
“It’s easy to get stuck on your list price and not want to come down.”
3. Disclose. Sellers are legally required to disclose all material defects in a home. Trying to hide issues will backfire. Problems with the property will be uncovered during the buyer’s inspection, so there’s no use in hiding them. Either fix the problem, price the property below market value to account for the problem, or list the property at a normal price but offer the buyer credit to fix the problem.
4. Be reasonable and willing to negotiate. It’s easy to get stuck on your list price and not want to come down, but if things show up in the inspection report that the buyer has a legitimate reason to request, sticking firm to that price could cost you the deal.
5. Limit contingencies. The offer price and other factors like the overall financial strength of the buyer are extremely important, but the great thing about having limited contingencies is that you have a clear path to closing.
6. Stay friendly with neighbors. The last thing you need is for the grumpy guy across the street to make a fuss because of increased traffic on the street during showings, inspections, and appraisals and scare off a timid buyer. Bring them a gift card, and you may be able to pacify them.
If you have any questions about selling your home, visit my website and don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.
