From Contract to Closing

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If you were lucky enough to get your house under contract with a new buyer, what do you need to follow through with now to ensure a smooth closing and a smooth transition for you?  With real estate, you never want to count your cash until it’s actually in your pocket – there’s plenty that can go wrong along the way.  Follow these tips for a successful closing!

 

  1. Mortgage – If the buyer is getting a mortgage and your contract is contingent upon that, make sure that you work with the buyer’s lender and contact them every couple of days.  It’s common for things to slip through the cracks and deadlines to not be met.  If this happens it’s possible the buyer won’t get a loan commitment from the bank in time, allowing them to legally cancel the contract at no risk.  You want to avoid this at all costs.  If your buyer is a cash buyer, then all the more power to you – that is ideal!
  2. Inspection – Inspections very often can kill a good deal.  The reason is that often times they get blown out of proportion and buyers’ and sellers’ expectations don’t line up.  I recently had a sale where the buyer wanted the lock on a pocket sliding door fixed. The owner had lived in the home for 10 years without a working lock, but now that it was time to sell, he had to get it fixed.  You can imagine how he felt!  It’s easy to become bothered and upset, but it’s important to keep your cool and keep the deal moving forward so that your goal of selling the home can be reached.
  3. Escrow Deposits – Make sure the buyer is making their deposits per the contract on time.  This is very important to lock them into the deal.  It’s also important to try to get 5% to 10% of the sales price in the form of the deposit.  The more money the buyer puts down the more serious they are about buying your home.
  4. Moving Time – Remember to line up your moving company well ahead of time and get everything boxed up before they come.  Once all the contingencies are met on your contract and the buyer’s deposits become non-refundable, it’s ok to start hauling!
  5. Final Walk Through – Make sure to leave your home clean and tidy for a new buyer.  Buyers usually do a final walk through the day of closing to make sure the home is still in the same condition as when they saw it originally.  This goodwill goes a long way and will make the day of closing go a lot smoother.

 

Good luck and Happy Selling!

 

Gabe Mellein was voted a Top Real Estate Agent exceptional in Service and Overall Satisfaction by Gulfshore Life Magazine in 2012.  He is the broker of Gulf Pointe Properties, Inc and has over 8 years experience in the SW Florida Real Estate Market.  He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate.  Please contact Gabe at:  239.825.2234, Gabe@GulfPointeProperties.com  or www.GulfPointeProperties.com

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