Who will be completing the contract forms, negotiating the offer and looking out for YOUR interests as a buyer or seller?
The contract (and many addenda attached there to) contains the agreement of Buyer and Seller, stating representations and promises to be performed by each of the parties.
o Do I need earnest money?
o What happens to the earnest money?
o What if the check does not ‘clear’?
o What if the Buyer changes his mind, after signing?
o Why an option period?
o How much should be deposited?
o How many and what kind of inspections?
o What are the time limits for all inspections?
o Once inspected, what are the parties’ choices?
o How do I know what financing options there are?
o How do I get qualified and approved for a home loan?
o What if the Buyer is not loan qualified?
o What if the Buyer does not have enough money?
o What if the Buyer’s Credit Report reveals credit issues?
o How long will it take to obtain financing?
o What interest rate / points?
o What happens if the Lender cannot provide the interest rate stated in the contract?
o How much are the Closing Costs?
o What if the Lender’s appraiser does not substantiate “value” of the property?
o What if the Lender requires “repairs”?
o Who will pay for these repairs?
o How will these repairs be made?
o What if the Lender rejects the property?
o What if the Buyer’s verifications are not returned?
o What if “conditional” approval is issued and these conditions cannot be met?
o What if the Lender does not approve of the survey?
o What happens if flood insurance is required?
o What about easements on the property?
o What if the loan is not approved within the time stated in the contract?
o What happens if a title commitment is not issued to Lender?
o What if the title search discovers ‘title problems’?
o What if property insurance cannot be found for property?
o What happens if Buyer objects to the title exceptions of insurance coverage?
o What happens if the Lender objects to the title exception of insurance coverage?
o What happens if the Closing Date is not met?
o What if the Buyer is unable to provide information needed?
o What if the loan documents are not acceptable to Buyer?
o What if the loan documents are not acceptable to Buyer’s attorney?
o What if the Underwriter has requirements?
o What if termite certification is required?
o What happens if the Lender delays the closing?
o How do I get a CLUE report?
o What if the home is not insurable?
o What if there are too many insurance claims on the property?
o What if the loan is not timely funded?
o What if the loan documents and closing papers are not prepared in time for the contract closing date?
o What if Buyer and Seller disagree about the closing costs charged on the Closing Statement?
o What if the Buyer wants to move in prior to signing the Closing papers? Prior to the Seller receiving his or her monies from the Closing?
o What if the Buyer’s “Lock-In” interest rate expires PRIOR to the closing?
o What about Residential Service Contracts ‘excluded items of coverage’ after closing?
o What if the Buyer objects to closing because of his walk-thru?
o More seriously, what if the Buyer’s home fails to close and their loan was contingent upon selling their home?
o What if the Seller needs to do a lease-back after closing?
As you may have read, there are many pieces to a real estate transaction that must be put into place to reap the final rewards of a Closed Sale. Marketing your home for sale by owner to the buying public and/or looking for your new home for sale by owner is an involved process in itself, plus coordinating and understanding all of today’s legal requirements of transferring title in a real estate sale.
The general public has no idea how many hours a Realtor spends on each transaction. All our local WC REALTORS® are trained and qualified real estate professionals who take pride in their ability to coordinate and move a real estate transaction from the “listing,” “marketing,” and “contract negotiating and pending” process to a SUCCESSFUL Mistake Free CLOSING!
Ready to hire a professional? Call the local experts at WC Real Estate… 402-426-2600, agent on duty 7 days a week.
