FOUND A BUYER, NOW WHAT?

The seller is batting! The buyer is pitching. The game is on! A good negotiation is a win win, you want to make sure your transaction is a home run! Exposing your home to the entire market place in order to obtain the right buyer goes without saying. You can’t get out of the batters box without a buyer. However, it’s at that point that the game begins. Often time’s sellers are focusing on one thing and that’s the price. Understandably so, but there are many pieces to the contract puzzle and that is just one.

Here are some things to consider. First, is the buyer approved? Meaning the Loan Officer has actually looked at their credit prior to extending the pre-approval and verified funds. There is nothing worse for everyone involved but to find at the end of the transaction that it’s not closing because of financing. All packed up and ready to go, the house is no longer in show condition and it’s time to start over. The good news is that almost 99% of the time this can be avoided.

Second, are there any contingencies? Does the buyer have a house to sell or to close prior to closing on yours? If they have a home under contract waiting to close, how solid is that contract, the buyer and their financing? It’s very important to understand how each one of these situations can affect your closing. You don’t want to find yourself at the end of a domino effect. A professional Realtor’s knowledge can be invaluable to you during this process.

Third, how far out is the buyer looking to close and how much binder are they leveraging? If the binder is too small and the closing too far out, you could find the buyer walking three months later. Though they may have offered a higher price they can be a risk. Losing one thousand dollars may be worth it to a buyer that finds something they like better. That could leave you having your home off the market for three months and now you’re facing closing on another home without a buyer for the home your in.

Other terms you may want to consider, what is the buyer asking for? Appliances, transferable termite bond, window treatments, closing costs, home warranty and/or repairs. There are many other nuances, more than could be spelled out in such a short article, but the point being it’s a large transaction with many facets and you need to cover all the bases. Time for a homerun, seek out the services of a trusted professional. Keep in mind that the best pitchers and the batters have top notch coaches’. Having professional assistance certainly takes the pressure off. Getting a referral from someone who has had a remarkable experience with a real estate professional is always a good place to start. Take the time to interview several different Realtors, request references and require that their service commitment be in writing. Most importantly it’s a partnership and you need to feel comfortable and have a mutual respect for the agent you choose to market and handle your transaction to closing. It can be a very emotional time for families. With the right guidance it can also be the beginning of their next exciting adventure. Batter UP!