There are several major milestones in residential real estate transactions. Notable are home inspections, termite inspections, and buyer’s loan approvals.
However, paying such diligent attention to these big hurdles can hide small hanging details that may affect the outcome of your transaction. Please check if you agree. In the olden days (for example, 10 or 12 years ago), few buyers were concerned about getting a mortgage pre-approval before looking at a home. There were so many homes available that access was not limited to hygiene and social distance guidelines.
The sellers were delighted to welcome those who pulsed to come and tour their homes. These nasty financing details may be resolved later.
We are entering the era of COVID-19. This is a popular seller market with very low inventories and fairly strong demand for homes. Currently, most agents and sellers require a pre-approved copy of a buyer’s loan before scheduling a screening. This starts the buying process with your right foot, but there are still rating issues.
In a market where prices are skyrocketing and accepted offers are well above list prices, the valuation issue becomes a white knuckle roller coaster with a lot of waiting time for the lender to receive the appraiser’s report. I will.
Sellers expect, pray, chant, and burn incense to ensure that the value evaluated is delivered at the contract price. If the valuation is below that amount, please check the contract. Did the buyer get rid of the contingency of the appraisal?
If so, they can’t come back and ask the seller to lower the price to the value evaluated, or ask for credit to make up for the difference. They need to come up with money out of their pockets to make up for the difference. If they give it up, they pay the difference.
But then there is a home inspection.
At the same time, you are on a pin and needle waiting for an appraisal. Home inspectors examine your home with fine-grained eyes and a lot of evidence equipment such as infrared cameras, moisture detectors, and microbial sample collection.
So keep an eye on the ball that is sweating the appraisal. And, based on the thorough and challenging activities of the home inspector, 52 questions from the buyer are dazzling. The seller needs to make sure that he has the time or resources to investigate the potential cost of all these repairs.
And now you’ve adjusted all the time, energy, and attention to the list of ratings and repairs and somehow cleared those hurdles, so forget to remove the flatscreen TV from the master bedroom, media. There may be rooms and family rooms. Oops.
Leslie Sargent Eskildsen is an agent of RealtyOne Group West. She can be contacted at 949-678-3373 or firstname.lastname@example.org.
Don’t overlook little details during the sales process – Press Enterprise Source link Don’t overlook little details during the sales process – Press Enterprise