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Keep Your Home Sale from Falling Apart

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After finding a buyer, all you have to do to make it to closing is to avoid these five traps.

Mistake #1: Ignore contingencies

If your contract requires you to do something before the sale, do it. If the buyers make the sale contingent on certain repairs, don’t do cheap patch-jobs and expect the buyers not to notice the fixes weren’t done properly.

Mistake #2: Don’t bother to fix things that break

The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn’t in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a professional to fix it, and inform the buyers that the work was done. When you fail to maintain the home, the buyers may lose confidence in your integrity and the condition of the home and back out of the sale.

Mistake #3: Get lax about deadlines

Treat deadlines as sacrosanct. If you have three days to accept or reject the home inspection, make your decision within three days. If you’re selling, move out a few days early, so you can turn over the keys at closing.

Mistake #4: Refuse to negotiate any further

Once you’ve negotiated a price, it’s natural to calculate how much you’ll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.

Mistake #5: Hide liens from buyers

Did you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowners association fees? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off). If you can do that with the sales proceeds, great. If not, the sale isn’t going to close.

By: G. M. Filisko
Published: March 30, 2010

G.M. Filisko is an attorney and award-winning writer who wanted a successful closing on a Wisconsin property so bad that she probably made her agent rethink going into real estate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Read more: http://members.houselogic.com/articles/keep-your-home-sale-falling-apart/preview/#ixzz2xk3sfCfQ

“Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.”

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About Jerome & Angel DiPentino

Jerome & Angel DiPentinoFormer owners of Premier Properties Real Estate Inc., Jerome and Angel DiPentino, shaped their business into a “boutique real estate firm” in Longport, New Jersey as the community’s leading real estate agency in 1990.

Premier Properties has joined forces with Long & Foster Real Estate – the largest real estate company in the Mid-Atlantic region. Long & Foster provides a one stop shopping experience with real estate, mortgage, title and insurance. While our name has changed, The Premier Team still prides itself on providing that “boutique real estate feel” in Longport. Read More...

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Jerome DiPentino and Angel DiPentino | Broker/Sales Associates
Jerome Cell: 609-432-5588 | Angel Cell: 609-457-0777
Long & Foster Real Estate, Inc | 2401 Atlantic Avenue - Longport, NJ 08403 | Office: 609-822-3339
All information provided is deemed reliable but is not guaranteed and should be independently verified.
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