Suppose you’ve found your dream home, got an offer accepted, and the time comes to close only for you to discover that the seller hasn’t held up their end of your agreement. How would you react? Many people will never be put into this situation, but it does occur more often than one may think. That is why it is crucial that you are prepared for such an occurrence and have educated yourself on the correct next steps and how to accomplish them. Burns & Ellis Realtors, located in Dover, DE, have compiled some information that may help you if you are ever unlucky enough to find yourself in this situation. If you are looking to buy or sell property in or around the Dover area and are looking for an expert Realtor to have your back, contact Burns & Ellis Realtors today!
What Could Go Wrong?
Many things could go wrong during a real estate transaction. Knowing what they are allows you to spot them early on in the process, hopefully saving you time and money down the road. Some of the most common issues that arise are:
Finances
Because most don’t have the capacity to buy a property outright, mortgage companies are relied on to help buy a property. This is not a problem in most cases, as many people spend a lot of time discussing their options and buying power with their mortgage company beforehand. However, there are cases where a buyer shows interest in a property only to be denied the amount needed to close. Keeping an open line of communication between buyer and seller regarding the price of the property is a great way to get ahead of this issue. If you are a seller, it is also beneficial to ask your interested parties for a preapproval letter from their lender.
Home Inspection
In many cases, if a home inspection is done and the inspector finds damages that will push the closing date, the buyer will likely back out of the sale. It may be beneficial to get your property pre-inspected if you are selling. That way you have one less thing to worry about when it comes time to close. A pre-inspection is also very valuable in the eyes of the buyer and may give you some wiggle room in your negotiations.
Buyer/Seller Compatibility
In some cases, a sale can be disrupted simply because the buyer and seller aren't compatible. This is especially common with homes with great sentimental value to the seller. To combat this, try to introduce yourself to prospective buyers/sellers and begin your relationship early on in the process to find out if you fit together.
Your Transaction Has Gone Wrong. Now What?
At this point in the process, it pays to have an expert Realtor on your side. They can help you navigate the ins and outs of the process and will likely be able to notice potential problems before you can, making them an invaluable part of the buying and selling process. When disputes arise, they are typically handled in a few different ways. The parties may engage in further negotiations, mediation, or arbitration. It is at one of these stages that many of these disputes will be resolved. Still, depending on the severity of the dispute and consideration of any losses, you may also find that the right decision is to take the other party to court. If you are unsure of your next move, speak with your Realtor and discuss your options. In most cases, these kinds of disputes can be handled without much fuss, but it is essential to know that you have options if your deal goes sour.
Find A Realtor You Can Trust
A strong Realtor will always be your biggest asset when buying or selling property. Having a Realtor you can trust on your side during every stage of this process can mean the difference between wasting time in negotiations, hoping the deal will go through, and being able to confidently and comfortably close. If you are in the Dover, DE area and looking for a Realtor to help you buy or sell property, contact Burns & Ellis Realtors today!