As part of LoCAR's continuing effort to inform the general public of real estate issues, the following article was submitted to the Morning Journal, The Chronicle-Telegram and LorainCounty.com.
Selling a home can seem like a monumental task … like climbing Mount Everest! Even though, getting a signed contract is a great accomplishment, but that's only half the journey. The typical home sale today involves more than 20 steps after the initial contract is accepted to complete the transaction.
Much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors – one role a REALTOR® plays is to coordinate those responsibilities, helping to ensure that others do their jobs promptly and correctly and that the closing isn't jeopardized.
Many steps – from contract ratification and closing - involve the cooperation of both buyer and seller, and attentive REALTORS® on both sides of the transaction will troubleshoot and keep everyone on track.
When things go wrong, closing can easily fall behind. The following is a list of possible things that could delay a closing from anywhere from 1 to 3 weeks:
-- Buyer submits incorrect information to lender.
-- Source of down payment changes.
-- Escrow fails to notify parties about missing documents.
-- Principals leave town without signing all necessary papers.
-- Unknown defects are discovered in the property.
-- Last-minute liens discovered.
-- Not a clean title.
-- Move-out date changes.
-- Lender decides at the last minute it doesn't approve of the borrower or the property.
-- Lender raises interest rates.
-- Lender requires last minute reappraisal or repairs.
-- Appraisal too low.
REALTORS® have extensive experience in handling problems that may arise during the time between contract and closing; they can anticipate difficulties and address them in time to ensure a smooth settlement for all involved.
If you are thinking about buying or selling a home, contact a REALTOR® today. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support. Lorain County offers a wide variety of housing choices.
Do your research and take advantage of the many housing opportunities right here in Lorain County. We are fortunate to live in a region with such vast offerings. From big to small, country to city... it's available in Lorain County! Our proximity to highway and freeway access provides great commute options both east and west! Contact your LoCAR REALTOR® member today.
The Lorain County Association of REALTORS® is an industry trade association representing licensed real estate sales agents in Lorain County who are members of the National Association of Realtors® (NAR) and the Ohio REALTORS® (OR). As members of NAR these licensed real estate agents have earned the REALTOR® designation and they pledge to protect the rights of homeownership and conduct their real estate business abiding by the NAR Code of Ethics.
The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than one million members involved in all aspects of the residential and commercial real estate industries.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Association.
