A client (who just bought a house) said,
'Real Estate is easy. ..You just show a house and collect a commission."
So easy that she decided to get her own RE license. My offer to mentor, rejected.. she didn't need help. In less than a year, I noticed her home was on the market. Guess it wasn't that easy!
You read about smooth settlements but what you don’t read about is the team work it takes to orchestrate a closing.
A real estate transaction involves a lot of people .
Many players are needed to get us to a final closing.
There is the buyer, the seller, the listing agent, the buyer agent, the lender, the loan processor, the appraiser, the underwriter, the title attorney, the closing administrators, various contractors like the general home inspector, termite, well, septic, radon, pool, HVAC, roofer and a I’m sure we could name a few more. But you get the idea.
There is the Home Owner Association, Condominium or Cooperative Board that may have to approve you.
Here are some of the variables.
Appraisal issues and lender required repairs.
Necessity of changing a closing date for many reasons.
Getting buyer and seller to agree to a change.
Loan lock expiration and the possibility of an extension.
Tax assessment increase.
Condo or HOA violations, fees in arrears or new assessment.
Weather! Delay! A roof replacement but there are 10 days of straight rain.
Defects found after house is vacant, may have been covered up by furniture or packing boxes.
Unexpected business or personal delays by either buyer or seller.
Required repairs that have not been completed.
Damage to property between the home inspections and closing. Storm or water damage due to heavy rain or failed sump pump. Insect or rodent infestation not evident earlier.
Let’s now add into all of the above the emotional stress of the the players.
Frustration over a delay. Short tempers. Loss of control. Kindness impairment. Personality conflict. Changing dates of moving. Phone and utility delays. Having to vacate present home with nowhere to go. A second move. Storage costs etc.
We didn’t mention contingencies like the buyer’s buyer’s home going to closing. Getting funds from one closing to the next. Getting the final package in time to wire funds.
Want a smooth settlement with everything taken care of?
Want to sell your home?
Call Margaret Rome