Margaret Rome's Blog

head_left_image

Congratulations...Not So Fast

 

So you have an offer. It's been negotiated, agreed to by all parties, and ratified.

Congratulations! 

congratulations

 

 

Whoa!  Not so fast.

Getting the property under contract is the first big step, but it's far from sold.

Now the work begins. There are general home inspections, radon, septic, termite, etc. There is still more... title exam, survey,  review of condo and HOA documents. There is loan approval, appraisal, lender requirements, and many others. Each one has a time and date to move forward and sometimes you have to stop!  

 

stop

 

Have you heard of buyer's remorse?

 

 

When that buyer can not make up their mind, it may be called analysis paralysis. They are always wondering if they made the right decision. They then look for ways out of the contract. They have their attorney review and then have another attorney review that attorney. They put in clauses that allow them to get out for any reason.

Make sure your agent understands the contract and the extras that might be added. And with multiple offers-  choosing the right one is not always about price. Make sure that you consider each buyer each agent, and all terms.

Watch those dates!

Selling is going from contract to closing.

  

 

contract to closing

 

 

It is not sold until it is sold!

 

not sold

 

Questions about real estate, questions about selling your home?

Call Margaret Rome

 

Margaret Rome

 

 

 Search All Active Listings

 

Sell Your Home With Margaret Rome

Broker-Owner HomeRome Realty 

signature

 

 

Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

 

 
Comment balloon 24 commentsMargaret Rome, Baltimore Maryland • August 18 2019 03:34PM

Comments

Hello Margaret - It's an important step but there are more to follow.  

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 2 months ago

Michael Jacobs  Important first step!

Always good to see you.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 2 months ago

VERY important to remember AND to 'prepare' your sellers too. Buyers' remorse is real....very real and the list of tasks to do after the Contract is far longer than just getting the Contract.

Sage advice, Margaret! Hope you're doing well....

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 2 months ago

 God morning Margaret Rome, Baltimore Maryland ,

Excellent post! You are so right its not sold until it's closed and funded (key word funded)! Many..many steps after accepting a contract and one must watch those important dates. No question buyers can come down with buyers remorse. The seller can also come down with sellers remorse...did I sell to cheap..could I have gotten more..am I doing the right thing by selling now? The list goes on! Lots of great advice in your post!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) 2 months ago

Good morning, Margaret Rome, Baltimore Maryland the process isn't over until the "fat lady sings"... at the offer stage, she's just clearing her throat....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 2 months ago

So true... there are many obstacles to overcome, prior to the actual closing.

Posted by Alan May, Helping you find your way home. (Jameson Sotheby's International Realty) 2 months ago

"They have their attorney review and then have another attorney review that attorney." I like this line because I actually saw that happen. I couldn't help but chuckle when I saw you included it.

Posted by Jill Sackler, LI South Shore Real Estate - Broker Associate (Charles Rutenberg Realty Inc. 516-575-7500) 2 months ago

This reminds me of when I used to dream of monies to come from escrows, bonuses, investments etc. The fact is until they do come just what do you have?

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) 2 months ago

And when there is a clog in the Due Diligence Wheel, the accepted contract can quickly go south. Working with a non responsive private rural water company right now and everyone in this transaction including the listing agent, the escrow officer, the buyer and myself are beyond frustrated as the clock is ticking.

Posted by Leanne Smith, Relocation to NW AZ with elbow room & more freedom (Dirt Road Real Estate) 2 months ago

Love this.  Especially: They then look for ways out of the contract.

Omigosh.  I have seen a lot of buyer's remorse over the years.  Some will try to get you going by not signing even!  Amazing.  Thanks very much! 

Posted by John Henry, Residential Architect, Luxury Custom Home Design (John Henry Masterworks Design International, Inc.) 2 months ago

Hi Margaret:

Great advice here. Getting the contract is just the very beginning and things can get very complicated after that, and quickly. Sellers need to be educated, and prepared. But then buyers do as well!! It's a time of high emotion!!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 2 months ago

So true, this gives a true understanding on the process. Thanks for sharing, I hope you have a great afternoon.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) 2 months ago

Great post, it is not done until  the Skinny girl sings. 

Have a great day. 

Posted by 1~Laura Filip, What can we do for you today? (1~Laura Filip Broker , Opening doors for All Seasons of Life ) 2 months ago

Hi Margaret Rome, Baltimore Maryland oh no the contract ratification is just the first step - towards closing. And as you mentioned, there are many steps in between. It's not done until it's signed and then recorded at the county. Then it's done and congratulations are in order!

Posted by Anna Banana Kruchten - Phoenix Homes Sales, 603-380-4886 (Phoenix Property Shoppe) 2 months ago

Good evening Margaret Rome, Baltimore Maryland -in the words of Yogi Berra, "It ain't over until it's over."

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 2 months ago

You are on to something with your words in this post, Margaret.  I am often taken aback when I do real estate market reports in my area.  There are the listings, and there are the sold.  But, the pendings often outnumber the solds consistently.  That should tell us our work isn't over when we have a signed contract.  It's no time to spike the ball.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 2 months ago

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 2 months ago

Margaret, I tell my sellers ALL OF THE TIME that the accepted price is just the first step. Once the home inspection occurs, that may very well be a time of re-negotiating. And I find that one of the most arduous of steps! Yes, then there's the appraisal--if it's a loan--and then all of the minutiae involved with furniture, credits, who's fixing what....oy vey!

I love how people think we make such great money doing nothing! Hah!!!  

Posted by Gayle Rich-Boxman Fishhawk Lake Real Estate, "Your Local Expert!" 503-755-2905 (John L Scott Market Center) 2 months ago

Hi Margaret, You definitely hit the nail on the head with this post.  So many steps and varibles in a transaction, however, you always make it seemless.

Posted by Christine O'Shea (Christine E O'Shea Broker-Associate) 2 months ago

I had a buyer back out of a contract two days before closing. Buyer's remorse for sure.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) 2 months ago

Cannot be counted till the check is in the bank.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 2 months ago

I've said many times to buyers and sellers when it's all signed "now this is where the next process begins".  But it certainly isn't over.  I recently had a listing that it was the 3rd time that was the charm with a signed offer.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) 2 months ago

It is always nice to get multiple offers but picking the right buyer is critical. You sometimes need to read between the lines to determine the best offer.

Posted by Jane Peters, Los Angeles real estate concierge services (Home Jane Realty) 2 months ago

Especially with first time buyers, I explain the contract and the inspection early in the process...b/c inspections are the worst part of the transaction in my opinion. Often buyers don't understand that when they purchase an older home

Posted by Mary Hutchison, SRES, ABR, Experienced Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 2 months ago

Participate