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.
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.