Realty Company: 2 Issues They Can Help Resolve During The Closing Process
Working with a realty company affords buyers and sellers a number of advantages, not the least of which is the comfort of knowing your real estate transaction is in the hands of an experienced professional. However, one particular aspect of real estate where realtors excel is the closing process.
You might think that buying or selling a home is simple—money for property and it's a done deal—but there are countless issues that can arise during the closing process that can jeopardize a sale. This article outlines two of the most common closing problems and how realtors can help get things resolved.
Bank's Appraisal Is Less Than The Asking Price
A real estate transaction can quickly go south when the bank's appraisal of the property is less than the amount the seller is asking. In fact, without a realtor to provide the buyer and seller with options, the deal will likely fall through as a result of disagreements between parties.
However, if you're working with a realtor, you can rest assured knowing this is not uncharted territory. Whether it's sitting down with both parties and negotiating a lower asking price, or getting additional appraisals from other banks, a realtor understands that there are plenty of workarounds for low appraisals.
If necessary, your realtor can help you dispute the bank's appraisal. In certain circumstances, your realtor may be able to demonstrate that the appraiser used inappropriate references when determining the property's value, and ultimately have the home re-appraised.
Troublesome Inspection Results
The other most common problem you encounter when closing a real estate transaction is concern surrounding the inspection. Whether there is substantial termite damage or just a few simple repairs that need to be addressed, a home inspection is one of the biggest reasons real estate deals fall apart.
To avoid buyers backing out at the last minute, or sellers withdrawing from the transaction as a result of petty repair requests from the purchaser, you need a realtor. Experienced realtors encounter these kinds of problems all the time, and are generally successful in reconciling outstanding repair needs with acceptable purchase contracts.
For sellers, realtors recognize that it is generally best to offer buyers cash value for any necessary repairs (in the form of a reduced asking price), rather than agreeing to fix the problems on their own. Those looking to buy may be surprised to learn it's best to hold off mentioning repair requests until you are ready to make an offer.
Whatever the case, an experienced realtor understands that issues arise during the closing process, but none so detrimental as to warrant a deal falling apart. For help buying or selling a home, contact a company like Plaza Realty.
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