Getting an offer at an acceptable price is great… but can your agent hold it together or know what to look for before even accepting the offer to ward off potential problems?

Watch Brief Video link in Blue or Read points below:

CLOSING ISSUES TO BE AWARE OF!CLOSING ISSUES TO BE AWARE OF !

  1. Financing Issues:

    • Buyer’s Mortgage Approval: If the buyer encounters problems securing a mortgage or their financial situation changes negatively during the process, it can lead to the collapse of the deal.
    • Appraisal Shortfall: If the home appraisal comes in lower than the agreed-upon sale price, the lender may not approve the loan, causing the deal to fall through.

  2. Home Inspection Problems:

    • Significant Repairs: If the home inspection reveals major issues that the seller is unwilling to address or negotiate on, the buyer may back out of the deal.
    • Termites, Mold, or Structural Problems: The discovery of serious structural issues, pests, or mold can be deal-breakers, as these problems may be costly to fix.

  3. Title Issues:

    • Title Defects: Problems with the property’s title, such as unresolved liens, boundary disputes, or unclear ownership history, can delay or prevent the closing.
    • Outstanding Judgments: Outstanding legal judgments against the seller can affect the property’s title and hinder the closing process.

  4. Buyer’s Remorse:

    • Cold Feet: Buyers might experience cold feet or change their minds about the purchase for various personal or financial reasons.
    • Job Loss or Financial Instability: Unexpected changes in the buyer’s financial situation, such as job loss or increased debt, can lead to a withdrawal from the deal.

  5. Failure to Meet Contingencies:

    • Contingencies Not Met: If the buyer or seller fails to meet the agreed-upon contingencies outlined in the contract, it can give either party the right to terminate the deal.
    • Inability to Sell Current Home: If the buyer is contingent on selling their existing home and encounters difficulties in doing so, it can affect the closing of the new purchase.

It’s crucial for both buyers and sellers to communicate effectively, address potential issues proactively, and work closely with their real estate agents to minimize the risk of a failed closing. Having a well-drafted purchase agreement and seeking professional advice can also contribute to a smoother closing process.

Call Carin at (310)717-2072 Top Agent Realty Group if you do not already have an agent for one on one advice.  If you are a For Sale By Owner we do offer our services to get you in and through escrow including being at all inspections and writing (or rewriting) your purchase agreement for a flat fee of 1%