BY
JAMES SARLES
Stay Calm until the Real Estate Deal is Done
We are already 14 days into the New Year and I am pleased to report that there appears to be a little real estate action in Grand Bahama in 2010. We are receiving inquiries on our web site from buyers, our sales agents are showing property and buyers are making offers again. It is by no means a robust real estate market but there are positive signs that we are on the road to recovery. It is still a buyers market and there are not that many deals around so if you are a seller or a buyer and you are involved in a deal and getting ready to close the transaction remember what the Baseball Great Yogi Berra said “It ain’t over till its over.” He wasn’t talking about the real estate closing table but he could have been.
The closing table is the ideal place to sign papers, trade keys and drink a toast to the new homeowners.
Sometimes that setting is filled with tension and pressure as each side tries to work out important details of the transaction at the last minute.
How can you help make your closing a relaxed and happy one? First, try to get the details worked out ahead of time with your realtor.
There may be a few unresolved issues, such as repairs that were not completed, a disappearing dining room chandelier or an occupancy agreement.
The atmosphere doesn’t need to become adversarial, and a minor upset should not threaten the inspection.
If you anticipate a problem no matter how minor it may seem you should be able to communicate the situation to your realtor in advance, so that it can be handled before it goes to settlement.
Some buyers and sellers arrive to the closing feeling terrific about the transactions- they like each other, they like their new home, their realtor, and even the lender. Others feel stressed out and concerned.
Weather you are the buyer or the seller, you will play an important part in determining which of these scenarios characterizes your settlement.
The professionals who are involved in real estate transactions work hard to make things go as smoothly as possible, but quality of the transaction often depends not so much on what happens, but how you react to what happens.
If you communicate confidence in the professionals who are helping you, the atmosphere will remain positive even if there are complications.
Real estate transactions are inherently complex. One of a Realtor’s most important responsibilities is to complete the sale even if there are obstacles to overcome.
Both buyers and sellers should be aware of the deadlines in their purchase agreement.
You could lose your right to ask a seller to pay for needed repairs if you miss the deadline. There may be a limit on the time the seller has to respond to the buyer’s request to complete repairs that are not required by the contract.
Failure to apply for your mortgage on time may place your deposit at risk if the loan is denied. In many cases the agreement can be declared null and void by the seller if financing is not approved within the time frame set forth in the contract.
A delayed closing can cost the seller money, and they may ask the buyer to reimburse these expenses.
Remember that closing dates are not set in stone. Lenders appraisers, attorneys, and anyone else who is involved in the transactions can cause a delay in the closing.
If you keep this in mind while you are making your arrangements you can minimize the possible cost and inconveniences due to a delay.
As the closing approaches a good realtor will stay on top of the situation and keep in touch with everyone involved in the transaction to prevent any unnecessary delays.
If there are any problems speak to your realtor and let them try to work out the problems before they turn into deal breakers because no matter how close a deal may be “It ain’t over till … Until next week.
