Closing the 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:
Problem: Unsatisfactory home inspection
Solution: 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.
Preventive measure: Make sure that your
sales contract is specific in its inspection contingency
and doesn't allow for the entire transaction to be renegotiated
on the basis of the inspection.
Problem: Low appraisal
Solution: 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: Give the appraiser the most recent comparable
sales from your neighborhood, and make sure your home is
in top condition.
Problem: Cloud on the title
Solution: 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.
Preventive measure: Check your title before
you sell and make sure it is clear.
Problem: Buyer's remorse
Solution: Occasionally, an uncertain buyer
will decide to pull out of the deal regardless of the consequences.
Try to work with the buyer's agent to determine the problem.
You 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.)
Preventive measure: Learn all you can about
the buyer's motivation before you accept an offer. Also,
be sure the sales contract allows you to keep the security
deposit.
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