This may come as a surprise, but there are just a few things that could need to come together for the sale on your home to become a reality! You’ve had your home on the market for a little while, an offer is tendered and you, as sellers, have come to an agreement on price and terms with the purchasers. Once you’ve gotten to this stage of the deal, you’re done. Right?
Not so fast there smokey!
There are still a few potential trouble spots along the way. The thing to remember about ANY real estate transaction is that there WILL BE some bumps along the way. It may be as minor as a sump pump dying on you or as major as the lender for the buyer folding up shop. What you need to keep in mind is that your goal is to close on your home. You want to hand the keys over to the buyers.
5.5 Tips Ann Arbor Home Sellers Should Remember
- Funding: It may seem like a no-brainer, but funding is an issue these days. No, really. Even though a buyer has come through with a purchase agreement and a seemingly valid pre-approval, loan products disappearing and funding issues popping up prior to closing do happen with some frequency. If this happens, take a deep breath, and be as patient as you can. If the buyer wants to buy and you want to sell, consider it would be another 30 days until a new offer got to the same point in the process, at least.
- Keep track of Important Dates: The purchase agreement you signed for your Ann Arbor area home contains some important dates to remember. For example, when will you know about the results of the buyer’s inspection, when will the buyer’s financing be solidified. All of these dates need to be addressed appropriately if the transaction is to continue forward.
- Communicate: Make sure you and your real estate agent are on the same communications page. If you are expecting a response to a question or deadline, make sure you know how to get a hold of your agent and that your agent knows how to get a hold of you. There are no dumb questions!
- Utilities: Don’t forget to flip the utilities OUT of your name. I did not say to turn them off, I am advising that you tell the utility companies to remove your name from the billing of said utilities. That way the purchaser can put the utilities in their name, and not incur a reconnect fee.
- Be Patient: Sounds elemental, but in this real estate market, a little patience with the process and the people involved will go a long way. Remember, if your goal is to sell your property and you have a buyer that wants to purchase the property it will only take time to wrap up any lending, title or communications issues that may arise.
- Bonus Tip– You hired a professional, a real estate agent for a reason. Listen to their advice. They’ve been through the selling process a few times and therefore have amassed a feel for how deals come together. Trust their instincts! After all, you hired them for their expertise, now, rely on it!
The list is no where near conclusive nor complete. Rather, it is a series of guidelines that should be kept in mind once you have hit the nirvana that is a seller with a purchase agreement.