Buying or Selling a home Can be Stressful! 😵
The Experienced Greetings DMV Sales Network Agents Will Help You Find YOUR Home Or Sell Your House,
So You Have More Money, Comfort, And Achieve Your Goals Throughout The Process.
3 mistakes that ruin real estate transactions
Common reasons real estate transactions don't go through
Real estate transactions fall apart for a number of reasons, but some stand out as the most common:
Inspection goes bad: Sometimes buyers look at the inspection and ask the seller to make dozens of repairs, which is not a good strategy. We advise you to look at the big-ticket items like the roof and the heating system, not things like a ding in the wall.
Real estate agents getting in the way: Too often I see agents become emotionally involved and get in the way of their clients' best interests. Make sure you hire the right agent for your specific and unique needs as a buyer or seller.
Negotiation goes bad: I've seen a buyer offer $40,000 under asking price on a $500,000 and upset the seller. As your fiduciary, I'd tell you that while an offer like that might not be great, let's still negotiate and make a counteroffer. The agent's job is to get the highest profit possible, so let them be the third party negotiator who can act on your behalf.
“DON’T HIRE AN AGENT WHO LETS THEIR EMOTIONS GET IN THE WAY.”
Ways to Make Sure Your Real Estate Transaction Goes Through to Closing
Pre-Approval and Financing
For buyers, getting pre-approved for a mortgage is crucial. This shows sellers that you're a serious and financially capable buyer.
Maintaining good communication with your lender throughout the process ensures your financing is on track.
Clear Communication
Effective communication between all parties involved (buyers, sellers, agents, lenders, and attorneys) is vital.
Respond promptly to requests for documents or information, and keep everyone in the loop about any developments.
Thorough Inspections
Ensure thorough and professional home inspections to identify any potential issues.
Prioritize major repairs over minor cosmetic concerns when negotiating repairs with the seller.
Title Search and Insurance
Conduct a title search to ensure the property has clear ownership and no outstanding liens.
Obtain title insurance to protect against undiscovered issues with the property's title.
Contingency Management
Be aware of contingency deadlines, such as inspection periods, mortgage approval deadlines, and other contractual obligations.
Fulfill these contingencies promptly to avoid delays or the possibility of the deal falling apart.
Open Communication with Agents
Keep your real estate agents informed about any changes or concerns that might impact the transaction.
Rely on their expertise to guide you through the process and address any challenges.
Professional Advice
Work with experienced real estate agents and attorneys well-versed in local laws and regulations.
Their expertise can help prevent potential legal and logistical hiccups.
Due Diligence
Research the property and the neighborhood thoroughly to ensure it meets your expectations.
Avoid any surprises that might lead to cold feet or last-minute changes.
Stay Focused on the End Goal
Both buyers and sellers should remain committed to the transaction's success and be willing to compromise to overcome obstacles.
Plan Ahead
Be proactive in anticipating potential issues and addressing them before they become deal-breakers.
Work with your agent to create a timeline that allows for a smooth process leading up to closing.
Flexibility and Patience
Realize that unforeseen issues can arise, and some delays might be unavoidable.
Approach the process with patience and a willingness to adapt to changing circumstances.
Review the Closing Documents
Carefully review the closing documents, ensuring accuracy and understanding of all terms before signing.
Be Prepared for Closing Costs
Buyers should be prepared for closing costs, including fees, taxes, and other expenses associated with the transaction.
If you have more questions about making sure your transaction goes smoothly, please don't hesitate to give me a call (703) 346-2776 or email Dan@greetingsvirginia.com. I look forward to helping you!
