Close Escrow In No Time!
It’s no surprise that in today’s market, many listed homes are having problems closing escrow. Sellers need to know that the traditional way of buying homes are long gone…at least for now. They need to be aware of key factors regarding the market if they want to sell their home quickly. Otherwise, expect your property to linger around the market for quite some time.
The number one factor in selling your home successfully is pricing your home accurately. Many REALTORS® can help sellers determine a fair market value for their home in order to list their property with a proper price. REALTORS® will pull up comparable properties within the neighborhood that have been sold from the previous three to four months. The market continues to fluctuate from each neighborhood, that’s why it’s crucial to stay current with recent sales and accommodate with the market demands.
Sellers, do have some control with contingencies. Buyers sometimes request their contracts to contain contingencies based on obtaining a loan. So in order to avoid these possible setbacks, requesting buyers to provide a pre-approval letter from a lender is more efficient. This proves that the buyer is likely get approved for a mortgage loan. However, make sure that their pre-approval is current and not past 90 calendar days.
Many buyers try to take advantage of the home inspection report to negotiate a lower price. Sellers usually offer the buyer some money for the repairs needed rather than the seller repairing each item that has been listed on the report. But it may be wise for the seller to have the home pre-inspected before listing their property to avoid paying a lump of sum to the buyer. This allows the seller to get a proper estimate for their costs and repairs in advance.
Sellers who list their property in a slow or competitive market need to understand the market conditions. Buyers today are wiser and very picky about where their money is going, and they’re always looking for ways to find a good deal on houses. Sellers don’t have to struggle though. Just be as smart and realistic about your property in its current market, and with a help of a REALTOR®, you’ll see your property close escrow in no time.
Tags: Calendar Days, Closing Escrow, Comparable Properties, Competitive Market, Contingencies, Contracts, Four Months, Home Inspection Report, Market Demands, Money, mortgage loan, Neighborhood, Pre Approval Letter, Quite Some Time, Realtors, S Market, Selling Your Home, Setbacks, Surprise