Deals go sideways after the offer is accepted. These buyer and seller moves keep yours on track to the closing table.
Lately it feels like transactions are on autopilot. We’ve done the hard part, put the deal together, made it through inspections, and then all of a sudden things go sideways. This one’s near and dear to my heart, because getting an offer accepted, whether you’re a buyer or a seller, is only half the battle. The real goal is getting to the closing table and getting the keys in your hand. That’s what I mean by bulletproofing the transaction, doing the things we need to do to make sure we actually close. Here’s how it looks from both sides.
Price it for today’s market. If you’re selling, this is where it starts. Price it for where the market is or where it’s going, not where it’s been. Don’t care what your neighbor got, and don’t leave a cushion to negotiate. We don’t play the game of what the seller needs or what the seller put into the property. It’s about what the home is worth to a buyer and how it compares to the other choices they have, and overpricing actually weakens your negotiating power rather than protecting it.
Choose the strongest buyer, not the highest offer. Many times we can take the strongest buyer and massage their offer to be very, very strong. You can have plenty of offers that come in crazy high with nothing down, and you already know they won’t appraise. That doesn’t bulletproof your transaction if it somehow comes together. Picking the right offer instead of just the biggest number is one of the most important calls a seller makes.
Work with a trusted, well-connected professional. You want someone who has vendor contacts ready to go, handymen, contractors, drainage people, roofers, electricians, all on the bench. You should disclose everything you know upfront, but if you haven’t moved in a while and haven’t inspected your own home, you don’t know what’s going to come up. So when that inspection report comes out, we’re there to diffuse the fear. Having trusted professionals who can create quotes and be available to do the work makes everybody, buyer and seller alike, feel like we’re tackling the problem, not like the sky is falling.
Work with someone who anticipates problems. My job in life is to hope for the best but prepare for the worst every step of the way. I’m not a negative Nelly, but I can’t just promise you rainbows and lollipops and tell you everything’s going to work fine. I’m always working contingency plans, making sure I have a backup offer, connecting with the other agents, and checking in with my buyer or my seller all the time. You want to work with a professional who’s got experience and has really good relationships.
Now from the buy side, there are a few ways to bulletproof your transaction too.
Know your numbers before you offer. This is the most important one, and I’m surprised more buyers don’t do it. The home isn’t $800,000. The home is the monthly payment that comes with your down payment, your credit, and your loan amount. Know all in what your closing costs are, what your monthly payment is, and make sure you have the funds and the reserves so there are no surprises.
Write a strong, clean offer. I just explained what sellers are looking for, and it’s exactly the same thing you want to bring. Price matters, but so do the other terms. Don’t cloud the offer with extras that make you less competitive. A clean, well-structured offer is how you stand out to a seller without overpaying.
Complete inspections and financing quickly. Move as fast as you can through your timelines and contingencies. That way, when an issue comes up and I say when, not if, because we prepare for the worst, we still have time to resolve it before it becomes a problem.
Keep your finances stable until closing. This isn’t the time to go looking at new cars or get excited about all the appliances you want for the new house. You can buy your appliances after you get the keys. Changing jobs, financing a large purchase, opening new credit cards, anything that flags the lender before the loan is funded is a recipe for disaster. Keep your job, your spending, and your credit steady and consistent until you close.
I want the best for my buyers and my sellers, but I don’t want to kid you. Things sometimes go wrong, and when they do, I already have a solid plan. The few steps I shared today, whether you’re buying or selling, are how we minimize the issues and the heartache that come with a deal going sideways.
If you’d like to talk about this or have any real estate questions at all, big or small, I’m here to help. Give me a call at 503.522.0090, email me at sarita@asksarita.com, or visit blog.asksarita.com. I’d love to help you get to the closing table.
