| There's no way to control the outcome of your sale, | | | | treat it like an open house. When interested buyers |
| but you can take a few steps to build a safety net | | | | or agents call about the home, let them know you |
| for your transaction. There are several things that | | | | have a buyer that's made an offer and ask them if |
| occur after you and the buyer have a signed around | | | | they want to be contacted if it falls through. Again, |
| contract that could trip things up for you. Know | | | | explain all of this with out using the word "SOLD." |
| ahead of time what they are and you can mentally | | | | You want to build up this list as much as you can. It's |
| and sometimes strategically prepare in advance. | | | | your safety net. Buyers lose their jobs, lenders |
| When Is It Sold? | | | | change the rules and previously qualified buyers |
| The biggest mistake people make after they accept | | | | suddenly don't qualify any more under the new rules. |
| an offer on their home and sign a contract is to stop | | | | You never know, and you don't want to learn this |
| advertising and slap up a SOLD sign! Don't do it. Your | | | | part the hard way. |
| home is not sold until you've completed the escrow | | | | Should you be fortunate enough to get a backup |
| process. Both parties have to sign closing documents | | | | offer, realize that as more time goes on, the chances |
| AND the buyer's loan has to have funded. Keep up | | | | that your backup offer finds something else and |
| the advertising and don't use the "S" word until | | | | moves on increases. One backup offer still isn't |
| closing is completed. When your buyer sees you | | | | enough to completely breath easy. Keep up your |
| continue to market for back up offers, it's like holding | | | | marketing. When is it sold? When everything is signed |
| their feet to the fire. They tend to be the squeaky | | | | around AND funded! |
| wheel with their lender and keep pushing their | | | | The buyers inspection and appraisal are two things |
| "people" to move their end of the transaction along | | | | that can trip up your transaction. Do your homework |
| quickly. | | | | ahead of time with regard to your pricing and |
| Be wary of agreeing to stop marketing your home | | | | condition of the home. It's devastating to get this far |
| after you have accepted an offer. Some buyers may | | | | into a transaction and find out the home won't |
| ask for this, but it is not in your best interest. If it's a | | | | appraise or discover major repairs need to be done. |
| deal-breaker and the buyer insists, request a pretty | | | | Solid third party confirmation of the value and |
| hefty non-refundable earnest money deposit. It's | | | | condition of your home with a certified appraisal and |
| asking an awful lot for you to take your home off | | | | independent home inspection will help ease the |
| the market for four to six weeks (or more) with no | | | | anxiety of the inspection and appraisal period of the |
| guarantee that the buyer won't back out and take | | | | escrow process. |
| their earnest money. In that amount of time, | | | | Selling your own home is not that difficult or |
| seasons could change and you could lose the peak | | | | complicated when you work with professionals. |
| marketing time for your area and be stuck | | | | Architectural photographers, inspectors, appraisers, |
| advertising your home in the slowest months of the | | | | attorneys along with title & escrow staff are all |
| year. | | | | meant to be part of a team of people that you |
| Create A Safety Net | | | | assign different responsibilities to. Trust your team of |
| Continue to show your home. At this point it's easiest | | | | experts and continue marketing your home until |
| to funnel people into one or two slots per week and | | | | closing is completed and the buyer's loan had funded. |