Home Sellers: 5 Things to Watch Out for During a Real Estate Transaction
In the perfect world for home sellers, every house would sell quickly and the real estate transaction would be a smooth one. However, as you can probably tell, this isn’t a perfect world and things don’t usually go without a few bumps along the way.
When home sellers are trying to sell your house, you need to be aware of these bumps all the way until you hand over the keys on closing day.
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Damage to your house after the inspection
Just because the inspection is complete, and you are working towards closing, does not mean you can just rest easy as the home sellers. The buyer is going to get a final walk-through prior to closing. That means if there is significant damage to your house during the in-between phase, you could lose your sale.
Home sellers need to keep in mind that the house is yours all the way until both parties sign all the documents and money is exchanged.
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Issues with the survey
You’ve probably heard the saying “good fences make good neighbors,” but that only applies if the fence is in the right place. Having an official survey with documents showing the property lines can be a make or break deal.
If home sellers want your sale to go smoothly, make sure you have the answers, and the documents to prove it, before your buyer finds out.
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Last minute large purchases
When you are the buyer and obtaining a mortgage, the lender needs to see that your finances are stable. When they pre-approve you for your mortgage, they are doing it assuming that the information will be the same when it comes time to apply for the actual mortgage.
If you go make a major purchase before closing on your loan, it could cause the lender to deny you for your mortgage. This is important for home sellers who are planning on make a purchase of their own to keep in mind.
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Water bills that are past due
Your water bill is easy to overlook when you are in the process of selling your house, especially if you have already moved out. However, it’s something you don’t want to miss because it can cause issues with liens on your house. This can result in a delay in the sale process.
To keep your process moving along, make sure you maintain a clean title on your house by staying up on your bills to keep them current.
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Unknown title issues
There are times when home sellers are unaware of the liens that are on their house. It could be from a contractor that forgot to remove a lien when they were paid. Or it could be that there were liens on your house prior to you buying it and they were missed in the process.
Whatever the reason is, you need a clean title to keep the process moving.
Many times it is the small issues that hold up the process of closing on a house. Make sure you respond to any calls or requests from your lender or real estate agent during the process. The faster you handle any problems that arise, the faster you will reach closing day.