Keep’s on their Toes, well aware of Inspection Timelines

They’ve got your back when they know when the inspection time period ends according to the Real Estate contract and when the Buyer must complete and advise you of their intentions regarding any inspections issues.

Your Realtor will not be on top of the Buyer’s Realtor until AFTER the inspection period has passed. Why not until after you wonder? It’s up to the Buyer and their Realtor to inform you of the inspection and of any potential concerns that they may have. If there are issues that concern them as a Buyer, and they don’t let you know prior to the home inspection period ending, then the contract will not let them cancel the contract due to any of inspection findings as the inspection time period has lapsed. They snooze, they lose, which ultimately will benefit you as the home Seller.

It’s not up to your Realtor to do the job of the Buyer’s Realtor, unless it would become detrimental to you as the one selling your home.

Ensures Buyers Financing Commitment is met

You recall where I discussed a Buyer’s ability to finance a home earlier in the article, right? Here is about where the Buyer’s Lender’s diligence and underwriting come together to provide the required “ written loan commitment”. According to the Real Estate contract, there is a date in which the Buyer’s Lender must provide a written loan commitment to the Seller and they must keep the Seller advised of the loan progress prior to commitment issuance. Failing to meet the date and advise of the progress can result in the Buyer’s default, should their loan be denied, ultimately risking their escrow deposit. The commitment date typically averages from 15-30 days from the day the Real Estate contract was executed by both parties.

Your Realtor will have your back here in knowing that magical date; a critical contract date. Your Realtor will be aware of the calendar and won’t be begging for constant updates, as it’s the Buyer’s responsibility to advise of progress and of any changes; for example, if the Buyer should change Lenders mid stream they had better let your Realtor know or if there are any delays for whatever reason.

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This can be an area where it’s importance is overlooked by the Buyer side, which can result in you as a Seller being compensated for default. You want your Realtor to be watching this behind your back. The stories I could tell about this exact scenario playing out.

Scrutinize Buyer’s ability to buy your home

Thoroughly inspecting the Buyer’s offer on your home, includes carefully scrutinizing the Buyer’s financing ability. Demanding a pre approval letter that suggests the Buyer is most qualified to buy your home from the get go; not just a flimsy letter that has no meat on the bones, but rather a strong indication of the Buyer’s credit and financial worthiness.

Your Realtor will have picked up the phone to speak with the Buyer’s loan officer to confirm what has been reviewed and what makes them well qualified. Of course this isn’t a guarantee, but knowing the likelihood of full loan approval is great, will make this behind the scene activity welcome news a week or two before the scheduled closing date.

Nothing is worse than having to go through the home selling process of an inspection, the appraisal and then get a week prior to closing, only to discover the Buyer’s inability to secure a home loan. Ouch. You then wonder what could have been if you had chosen the other Buyer’s offer that was just $2000 less!

Ensure accuracy of Real Estate Purchase Contract submitted

Upon receipt of any Buyer’s offer, you can be sure that your Realtor has gotten out the magnifying glass, scouring through the Real Estate contract to ensure that everything is correct; that the numbers add up correctly, that the terms of contract dates are not in conflict with one another, that you’re not obligated to pay what is typically picked up as a Buyer’s expense, if the Buyer is other than an individual did they submit the appropriate legal documents that authorizes them to sign a Real Estate purchase contract on the Trust and/or company’s behalf and that they completed, signed and initialed all required locations on the contract.

It’s so easy to botch these things if you don’t know what to look for in a home sale. If you don’t get it right at the onset, later clarification will likely be too late and costly mistakes can soon follow.

This is one important thing you’ll be grateful that your Realtor does behind your back, believe me!