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Listing Help |
It's been estimated that 92% of all home sales transactions encounter
problems. They range from problems with the mortgage company,
getting “final” approval for the buyer, to home
inspection problems.
A lot of people think they can put a sign in the front
yard and a ready willing and able qualified buyer will stop
by, love their home and purchase it. Although it can happen,
just as one can win a Las Vegas jackpot by dropping a dollar
in the slot machine, this is really “pie-in-the-sky”
thinking.
There is a reason that almost all relocation companies,
banks, mortgage companies and foreclosure companies require
a Realtor to be involved in their transactions. Safety, security
and know how will prevent a ton of problems. And, if a problem
does occur, the experience of a qualified Realtor will know
how to over come the toughest problems.
There are literally hundreds of problems that can cause the
sale to fall through. It only takes one of them to destroy the
sale. Many can cost you more than you can ever save by selling
your home yourself. A few tips follow to try and help.
Tip # 1 - The Buyer’s Credit
If you’re like
most people, you will want to get a letter from the buyer’s
mortgage company stating that the purchaser can buy your home.
Unfortunately, it’s not that easy. Almost all mortgage
companies will give you a letter in writing that will state
they can make the deal work. These letters are loaded more
with disclaimers to protect the mortgage companies than they
are with information about the buyer’s credit worthiness.
Words like “subject to verification” will dot
the loan pre-qualification letter. Most mortgage companies
will “TRY” to make a loan if the borrowers credit
score is about 520 or higher. But the Seller will never know
how high the credit score from the buyer really is. The mortgage
company works for the buyer, not the seller and they will
not release this private information. When will the average
Seller find out about the problems with the deal? About 1
to 7 days before the deal falls through. There are several
things that a professional Realtor can do to help uncover
these types of problems. Ken can help, at the start of the
transaction, to help make sure that your closing happens as
smoothly as possibly.
Tip # 2 - Inspections
What options does the Seller have
when an inspector presents the Purchaser with a list of many
different things that are “in need of repair, or replacement?”
Some of those items may be required by the lender to be repaired
before the lender will make the loan. But a work-around may
be available that will be amicable to all the parties involved
in the transaction. Recently, I saw a home inspection that
stated the roof needed to be replaced and the foundation needed
to be repaired. Both were not true. By coming up with a different
solution, I saved the Seller over $12,500 in unnecessary expenses.
That more than paid for my services.
Tip # 3 -Insurance, Water Damage and Mold
There are
several problems that can arise involving insurance companies,
water damage and mold. In several cases, these items can cost
you the sale of your home. Insurance companies keep records
of claims. If your home has had a water damage claim within
a certain amount of time, the purchaser may not be able to
get a new insurance binder on the home. The mortgage company
will then not make the loan without that policy. The deal
may be doomed. If this occurs, you will need professional
help to save the transaction.
It has been said there are three things that you do not need.
One is a cheap surgeon. Two is a cheap accountant. And three
is a cheap Realtor. Another statement that we’ve all
heard several times is, “A Doctor that works on himself,
has a fool for a patient.” All of these things are true.
There is no substitute for good professional help. Professional
help will usually pay for itself many times over. Give Ken
a call NOW for a Seller’s Business Plan Analysis on
your home.
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