Copyright 2013. Paul Cheema's Professional Real Estate Practice. All rights reserved.

 

Paul Cheema, Sales Representative, RE/MAX Professionals Inc. Brokerage (Each office independently owned & operated)

The information on this web portal is provided without any representation and warranty to its accuracy and is intended only for research and information  only.

Closing the deal

The offer is accepted, the emotions are running high, further plans are in place, you are excitedly looking forward to your next home or covering your next responsibility, then suddenly you are told that the deal can't close for some weird reason. That could be mortgage refusal at the last minute, someone's death, or children's/spouse's interference, or marital dispute or bank appraisal coming way too low. Make sure home appraisal will not hinder the buyer's ability to close.


That is disastrous. While some situations may be difficult to handle or predict like death, however most others are if addressed properly at the time of offer negotiations or listing the properties.


It's that skill of a real estate professional that helps home owners decide if they should take this offer or not regardless of the offered price. They have to check the fact if the offer is a genuine offer and then make a decision. There are leading questions to ask the buyer's agent to find those fact for a home owner client. 


Certain things to keep in mind before accepting offer may be:

  • Ask for proof of approval or financial suitability to purchase a home of that price range you are selling.
  • Ask if they have additional funds to close in case bank's home appraisal comes low.
  • Ask for bigger deposit. It is not uncommon to ask for up to 5-10% of deposit cheque on a property.
  • Don't go for longer closing dates with lower deposit. For longer closing dates I advise asking for another non-refundable deposit on condition fulfilment.
  • Get a solicitor who can handle difficult situations.
  • Make sure the documents are in proper form and are signed/initialled by all the parties.
  • Don't let greed come in the way in selecting the right buyer for your home.


There may be individual circumstances as each situation is unique. You can ask me for specific questions to help you make a decision and move to your next home.