Owners who try to sell their home without an agent are frequently successful in getting a signed contract from a buyer for an acceptable price. Unfortunately – all too often – they learn the hard way about the number of problems that can come up and interfere with getting to “SOLD”. A contract that doesn’t close typically has a negative impact on the purchase price of the next offer…future buyers tend to be very suspicious of why the first offer didn’t get to “SOLD”. Here are some of the many ways that a good agent can help you navigate through the sea of problems and get you to “SOLD”.
- 1. Agents help you evaluate the financing terms of the offer before you accept it
- 2. Agents help you with inspection issues
- 3. Agents handle documents required for closing
- 4. Agents recommend professionals and tradesmen who help you get to "SOLD"
- 5. Agents coordinate with the lender
- 6. Miscellaneous – Whatever it takes!
1. Agents help you evaluate the financing terms of the offer before you accept it
Part of getting to “SOLD” is avoiding pitfalls and not accepting an offer that is not likely to close. Agents help you evaluate the ability of a buyer to make it to the closing table with enough money to close by asking these questions:
- Do the buyers really have the cash they are offering?
- Are the buyers’ funds accessible, especially if the funds are in a foreign country?
- Does the mortgage lender have a track-record for successfully closing?
- Is there wiggle room if the property is appraised lower than the purchase prices?
2. Agents help you with inspection issues
- They encourage you to disclose up-front problems that will undermine the deal if they come out later
- They look for danger signs regarding the inspection clause in the offer
- They attend the inspection and help address the inspector’s questions…avoiding the need for the owner to attend and say too much or too little
3. Agents handle documents required for closing
- They schedule smoke/CO detector inspections, help you prepare for the inspection, and cover the inspection appointment.
- They coordinate with the lender’s appraiser and negotiate with the buyer if the appraisal is lower than the purchase price
- They arrange for final water and sewer readings and documentation
- They obtain a Certificate of Insurance
- They arrange for the condo document (6D) that must be gotten from the trustee(s) or management company for the closing.
4. Agents recommend professionals and tradesmen who help you get to “SOLD”
- Asbestos removal
- Radon remediation
- Mold remediation
- Pest exterminators
5. Agents coordinate with the lender
- They track dates to ensure the lender is progressing in a timely fashion
- They help locate and provide documentation that the bank requests
6. Miscellaneous – Whatever it takes!
Agents have a wealth of experience dealing with selling and closing problems. They have a network of agents, professionals, tradespeople and vendors to call upon for help in addressing unusual problems. They are experienced in problem solving. Five out of six problems may be difficult or impossible for homeowners to address, but relatively common for agents. But the rest of the problems will be highly unusual and require all the resources an agent can bring to bear in order to solve it.
The days when sellers’ agents just “opened doors” are ancient history. Your agent provides services from beginning to end…not just to get the property under contract, but to get the contract to “sold”. To find out more about Chris can help you with the full gamut of challenges, Chris at 857- 829-0282 or email him at Chris@Isellmass.com