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CLOSING TRAPS
June 21st, 2017 9:53 AM

Barbara’s Blog:

Nobody wants to delay a closing and some delays are unavoidable due to unforeseen circumstances.  However, the three major causes for a delay come down to the lender, appraiser or inspector. 

If financing a home to purchase, preparation and education are the key for a successful process.  Before even looking at a house, begin with a bank preapproval.  There will be a list of documents required by the lender to even start the application, such as tax returns, bank statements, paycheck stubs, even a divorce decree or proof of child support.  Lenders rules vary concerning necessary documents and there will be much more information needed before a final approval is given.  A good guide is “The 10 Commandments of Buying a Home” which can be found by a Google search.

Appraisals are again a problem in real estate.  Some issues include a shortage of appraisers for a market area, valuations not on par with the current market, and “out-of-town” appraisers who do not know the local market conditions and values.  But to assure a better appraisal, sellers need to be aware of fair home prices, follow a realtor’s CMA to have an accurate estimate, and agree to reasonable prices. The appraiser’s job is to ensure the lender’s investment, not the buyer’s.

Home inspection reports can sometimes lead to a delay.  Buyers need to understand that sellers are not obligated to take care of every issue.  No one is responsible for doing those repairs; instead they can be used as a negotiation tool.

Because so many issues can pop up to threaten a sale after a contract is signed, it is imperative to stay on top of every detail and anticipate every step needed to get to the closing table.  By using an experienced realtor, you will have complete guidance and assistance to overcome any obstacle that might occur.  It is a win-win for everyone involved!

Written by Barbara Doeringer


Posted in:Real Estate
Posted by Allen Doeringer on June 21st, 2017 9:53 AMPost a Comment

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