Monday, July 16, 2012

Ways To Save A Failed Real Estate Deal

Anything can happen when negotiating an offer. Sometimes a buyer can't secure approval for a loan or a seller won't make repairs the buyer insists are necessary.  According to the National Association of Realtors these are common problems. These problems can be stressful, but  with a little creativity and a lot of patience you may be able to save the deal. 

Financing: If the buyer can't secure financing because of a job loss, credit-score hiccups or inexplicable delays by a lenders. Slow down and communication is key. Buyers need to stay in touch with their loan officers and buyers, and sellers need to be patient. Many borrowers eventually do get a loan approval.

Short Sales: The slow pace at which lenders approve short sales is another common problem. Many sellers of a short sale have many mortgages. All the banks have to approve the price of the short sale and it is difficult to get approval with so many banks involved. Once again, patience and persistence are rewarded as paperwork comes together and eventually a deal closes.

Low Appraisals: This situation can be a headache, especially for sellers. To overcome a low appraisal, the seller must persuade the appraiser to reconsider or negotiate a price that's acceptable to the buyer. The key is to let the appraiser know of all the features of the home and so some research of your own and submit your own comps to the appraiser. Besides, you know you home better than anyone else! 

Home Repairs: Buyers want to get the most for their buck and purchase a house that's in good condition, while sellers usually don’t want to spend a lot of money to fix up a house they've put on the market. In some cases the home repair list can be so long that it may be overwhelming for a buyer to purchase. A buyer may start asking for a lot of these items to be taken care of. The best solution for this is to get a professional to estimate the cost of repairs. Many times, a repair is not nearly as much as either party thought it was going to be.

MySecretAgent, a top "For Sale By Owner" and "Flat Fee MLS" Brokerage. 

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