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Reasons why the closings get delayed!

by Sanjeev Aneja

Selling and buying real estate is a stressful process.  On one hand there is excitement to move yet on the other hand there is the built in stress due to many components in the process that bring in uncertainty.  

Many things can go wrong in a transaction. Some can be easily controlled, some are out of control for many reasons.  So plan the move accordingly.  Remember that the closing date on the contract is just a tentative date.  Right professionals on the team to guide you properly are critical to help make this process as smooth as possible.

Here are few things that can go wrong and delay the closing or even kill the transaction!

1. Mortgage/financing issues:  The buyer may not get a mortgage due to last minute discoveries, loss of job, lack of funds due to uncontrollable circumstances such as loss in stock market, etc.

2. Appraisal issues: The bank may not appraise at the price it sold for thereby putting the deal in jeopardy!

3. Inspection issues: This is one of the major sticking points in transactions. Seller thinks the home is perfect, the inspector thinks the home is falling apart, the buyer is nervous and does not want to proceed.

4. Certificate of occupancy (CO) issues: Not applying for inspection in timely fashion or failing inspection due to lack of permits or otherwise.

5. Lack of communication between parties: A good Realtor, a good attorney, a good mortgage rep, all are critical in the process. Their value is only known when the need arises.

6. Final walk thru issues: Often things are not completed as promised or new discoveries prevent the closing till an agreement is made to resolve the issues.  And that results in a delay.

While these are few common reasons, there can be other unknown issues that come up.  The best is to keep your Realtor in the loop and let them guide you based on their expertise.  

Have questions? Ask us and we will do our best to help. Ontrack Realty is a licensed real estate broker serving clients with honesty and integrity since 1994. Call our team of full time successful Realtors at 732.494.2211 and Experience the Difference!

Visit http://www.ontrackrealty.com to search for homes we are marketing, to search the entire MLS, to find approximate value of your home, for many FREE reports! If you like what you see, please tell your friends too about these FREE tools! Thank you!

Selling, buying, renting? There is only one number to remember, 732.494.2211.

Have other suggestions? We would love to hear from you!  Our goal is simple - clients' interest first, ALWAYS!

Sell first to Buy, or Buy before Selling?

by Sanjeev Aneja

This dilemma is huge for homeowners who want to buy another home, specially a lager home! Should we sell first to have funds for the new home, or should we buy first and then sell our home to make sure we are not without a home?

While there is no one right answer to this, here are few options to consider. All have pros and cons. 

1.  If the home you are looking for is unique and hard to find, you may want to list your home with a contingency to sell.  What that means is that you will only sell if you find the right home.  The drawback to this is that many buyers may not want to consider your home because it comes with uncertainty. Another drawback is that the seller of the home you like may not want to consider your contingent offer.

2. List your home for sale and add a contingency that allows you to stay back for a certain period of time till you close on your new home!  

3. Sell, have funds in the bank, rent till you find your new home.  This is an option but is not the best option, specially in a rising market!  Also, 2 moves are expensive and inconvenient.

There are so many ways to do this, so many options to explore.  Please feel to call us at 732.494.2211 when you are ready to move and we will understand your situation and guide you accordingly!

On Track Realty is a licensed real estate broker serving clients with honesty and integrity since 1994. You can reach our full time professionals at 732.494.2211 or track us on internet at www.ontrackrealty.com

 

 

Don't list your home till you have these 5 things covered!

by Sanjeev Aneja

You have interviewed the agents. You have picked someone you would like to work with. All seems good! But wait, don't sign the paperwork till you have these FIVE CRITICAL things taken care of for your peace of mind, and best bottom line in most cases.

1. Do not sign a long term listing agreement. SIX months is way too long in most cases! You can always extend the listing later if needed!

2. Insist on having the right to unconditionally cancel the contract if you are not satisfied with the agent/broker due to any reason! We call this Easy Exit Listing Agreement. Don't be tied to non-performance. Reserve the right to fire if the promises are not being kept!

3. Insist on broker cooperation.  This is number one reason why the MLS works. When brokers cooperate, more buyers compete, and your net increases. Waiver of cooperation is the last thing you want to consider unless you want lower demand on your home, thus possible lower price! Remember, competition creates price!

4. Insist that the home be listed in the MLS right away, no pocket listings (where only listing office can show) for few days first! Again, your goal is highest possible price and pocket listings decrease competition.

5. Insist that all written offers be presented to you till the day of the closing.  This is required by the Real Estate Commission rules anyhow but doesn't hurt to instruct your agent.  Your broker must not say "No more offers" unless you have directed them "no more offers".

Ontrack Realty is a licensed real estate broker serving clients with honesty and integrity since 1994. Call our team of full time successful Realtors at 732.494.2211 and Experience the Difference!

Visit www.ontrackrealty.com to find homes, search the MLS, find approximate value of your home! If you like what you see, please tell friends too! Thank you!

Selling, buying, renting? There is only one number to remember, 732.494.2211.

Have other suggestions? We would love to hear from you!  Our goal is simple, clients' interest first!


 

Displaying blog entries 1-3 of 3