Close the Sale

You have identified the buyer. Now the buyer is busy with financing; until the sale closes, you are responsible

for keeping your property in the same condition as when the buyer saw it last. The closing date should be

clearly specified in your sales contract, which should include deadlines for the buyer to sign off on

contingencies. Make sure the buyer meets any deadlines you've set.

Be ready to deal with any problems that may crop up. For example:

Unsatisfactory Home Inspection - If the fix is major, you may want to split the cost of the repair with the buyer,

or give the buyer a cash credit at closing to cover the repair. If the fix is minor, or you are selling in an active

market, your sale might go through without any concessions on your part.

Preventive Measure: Make sure that your sales contract is specific in its inspection contingency and

doesn't allow for the entire transaction to be renegotiated on the basis of the inspection.

Low Appraisal - Your deal could fall through if the buyer's appraisal comes in lower than the agreed-upon sales

price and the lender refuses to issue a mortgage. Ask for another appraisal if you think the buyer's appraisal

was wrong, or renegotiate your price. Another option is to offer seller financing for the dollar difference.

Preventive Measure: Give the appraiser the most recent comparable sales from your neighborhood,

and make sure your home is in top condition.

Cloud on the Title - Title problems can take several forms, including unsatisfied liens against your property,

delinquent taxes, and encroachments on the property line. In order to clear the title, you will have to pay any

liens or delinquent taxes. Lawyers and Title companies are used to dealing with encroachment issues, which may be resolved with some kind of insurance policy.

Preventive Measure: Check your title before you sell and make sure it is clear.

Buyer's Remorse - Occasionally, an uncertain buyer will decide to pull out of the deal regardless of the

consequences. Try to work with the buyer's agent to determine the problem. You may be able to suggest a

solution that reassures the buyer and rescues the deal. (If not, you may be able to keep the buyer's deposit.)

Preventive measure: Learn all you can about the buyer's motivation before you accept an offer. Also,

be sure the sales contract allows you to keep the security deposit.

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