There may be unique issues that have to be resolved, but the process for a successful sale is always the same. The most important matter is based on the feelings immediately before, during and particularly AFTER the closing.
If there are any unresolved problems, the result could range from hurt feelings to one or more of the agents involved getting bad reviews and – in extreme cases – even legal actions. It’s in the best interest of all parties to identify and eliminate any issues as completely as possible.
The key ingredient is communication. Friction or even outright arguments can come from different understandings of what’s involved in completing the sale of the home. Too many times, the various parties have different expectations based on misunderstandings or wrong assumptions.
It’s never a good time when one (or more) of the parties to the transaction gets to closing and feels that they have been misled or even wronged. Sometimes, even with the best of intentions, one of the parties may have irritated or insulted the other, and hard feelings result. That’s when “the battle of the closing table” takes place.
All of these negatives can be eliminated – or least minimized – by following the following simple process:
Make sure that there is mutual satisfaction during – and after the contract is negotiated
- If the Buyers think they paid too much or the Seller thinks they didn’t get enough, there will be trouble
- The same holds true for negotiations on conditions in the offer – if one party or the other believes they were taken advantage of, second thoughts can erupt at any time – usually right before or at closing
Minimize dialogue during the transaction
- Complete and effective communication is important, but no one wants to come off as being “high maintenance” or being thought of as a “smart aleck”
- After everybody is happy, it’s time to stop talking and sign papers – continuing discussion may surface new issues or irritate one or more of the parties
Respect the timelines in the contract
- One party to the deal shouldn’t make the other side chase them to find out what’s going on
- If or when there is a problem, the party with who’s concerned needs to let the other side know right away
- Don’t get involved in playing the “blame game,” just work on resolving any problems
Close on time
- Missing the closing date is about the worst thing that can happen as it screws up everyone’s moving plans – it’s like being late to your own wedding
Buyers need to choose their lender carefully
- Some lenders are notorious for missing closing dates
- Other lenders want more paperwork OR even change the rate/ask for PMI at closing
Closing SHOULD = Closure
- There shouldn’t be any loose ends after the keys are handed over – by that time everyone wants to move on
If you stick to these simple principles, all will be well.
If you DON’T, you may wish you had.