Closing on Your Home Sale
Now the buyer is busy with financing and preparations, and until the sale closes you are responsible for keeping your proerty in the same condition it was when they saw it last. The contract will clearly specifcy deadlines and the closing date. Be sure that the buyer meets all deadlines that you set.
Be ready to deal with any problems that may crop up:
- Unsatisfactory home inspection. If there is a major fix, you can negotiate splitting the repair with the buyer or just give them a credit at closing to cover it. If it is minor, or the market is active, your sale might go through without any need for concessions on your part.
- Low appraisal. Your deal could fall through if the buyer's appraisal comes in lower than the agreed-upon sales price and the lender refuses to issue a mortgage. Ask for another appraisal if you think the buyer's appraisal was wrong, or renegotiate your price. Another option is to offer seller financing for the dollar difference. Preventive measure: make sure your home is in top condition when the appraiser visits.
- Cloud on the title. Title problems can take several forms, including unsatisfied liens against your property, delinquent taxes, and encroachments on the property line. In order to clear the title, you will have to pay any liens or delinquent taxes. Title companies are used to dealing with encroachment issues, which may be resolved with some kind of insurance policy.
- Buyer's remorse. Occasionally, an uncertain buyer will decide to pull out of the deal regardless of the consequences. We will try to work with the buyer's agent to determine the problem. We may be able to suggest a solution that reassures the buyer and rescues the deal. (If not, you may be able to keep the buyer's deposit.)