Getting Your Home From Pending to SOLD!
Because real estate transactions are, for most people, the largest transactions made in someone’s life, there are a number of unpredictable concerns or disputes that may occur prior to closing on the deal.
In many cases, with the help of your Realtor and negotiation, a solution can be found. Though it is impossible to foresee every possible issue, there are a number of ways to help prevent them from arising.
Try to Establish a Short Timeline
One of the easiest ways to avoid issues during the closing process is to establish a timeline and encourage buyers to stick to it. The longer your home takes to sell, the more likely something can go wrong.
Longer time frames will also give a buyer more time to get “cold feet” or “buyer’s remorse.” Keeping a tight timeline will not only help eliminate issues, but also get your home back on the market quicker in the event that things do fall through.
Keep and Provide Documentation
If you have made improvements or repairs to your home, be sure that building permits, if necessary, were issued and have all documentation readily available. Providing documentation such as permits and proof of inspection after repairs or improvements are made will help ensure closing goes smoothly.
Inadequate documentation is one of the most frequent reasons that a closing may be delayed or even fall apart, especially in regards to repairs and improvements, so having these documents readily available will help move things along quicker.
Address Pre-Closing Repairs in the Contract
Another common problem that delays closings is issues regarding repairs to be done before the closing. One simple way to help avoid this, as a seller, is to be sure that it is clearly stated in writing that only lender-required repairs will be done.
This will ensure that repairs that you are required to make prior to closing will be limited, usually to structural, health, or mechanical issues. This means you won’t be held responsible for every scratch on the wall or any other potential minor repair issues.
