Whether you are a buyer or seller in a South Carolina home sale, you understandably want to do everything possible to get the best return on your investment or generate a high profit. If you are working as a listing agent for a seller or are representing a buyer, you will want to be aware of issues that can cause delays or altogether impede the sale.
There are often solutions available if an obstacle arises in a home sale transaction. In certain cases, legal action may be necessary. You can protect your clients interests by carefully reviewing a proposed deal to ensure that it is free and clear for closing.
These issues will delay or prevent a real estate closing
The following list shows five issues that create obstacles to a successful home closing:
- House appraises for lower than listed price
- Tenant occupying the home is refusing to vacate
- Seller is not legally able to sell the home
- Buyer cannot get mortgage loan approval
- Seller files for bankruptcy
Even if a solution exists, each of these issues takes time to resolve, which may inevitably cause significant delays to a closing. As an agent, you can provide guidance and recommendations to help avoid some of these problems from the start.
What you can do as an agent to prevent delays
If you are representing buyers, it is in their best interests, as well as your own, to recommend that they obtain loan approval before submitting an official offer on a house. This is also a good idea because it may make their offer more attractive if there is a bid war going on, meaning that more than one buyer has made an offer on the same house.
As a seller's agent, you can help your client start off on the right foot by sharing your knowledge and expertise regarding list prices. You know that pricing a home too high or too low is counterproductive. However, you also understand that many sellers place an emotional value on their home, which is not the best way to determine a list price. By using comparative analysis and other tools of the trade, you can recommend a price that attracts offers and shortens the time a home will spend on the market.
When a delay involves legal issues
If you are working on a home sale that hits a roadblock because a seller has filed for bankruptcy or a tenant is living in the house, etc., these are legal issues that may require outside support. For example, in some cases, a bankruptcy court judge can allow a closing to take place even if bankruptcy proceedings are not complete.
As a real estate agent, you must always be prepared for delays and have a plan in mind to resolve specific issues. It is not uncommon for obstacles to arise before closing, and most issues can be peacefully resolved in a fair and agreeable manner.