Real Estate Closing Disasters, and how to avoid them.

Buying or selling a home is a very emotional experience for many people. Everything can appear to go smoothly  during the negotiations, but  when you go to the closing table, it seems that the Dr. Jekyll /Mr. Hyde buyer or seller comes out. What exactly just happened?

It's either a lack of communication that causes the last minute closing debacles, or quite frankly, it's someone's ego. It  doesn't have to be intentional, and many times it isn't. What may be very important to you is not as important to someone else. When you find out some tidbit of information just prior to the closing, when emotions run high, it's not unreasonable on your part to get upset,  especially when you feel that you should have known something previously. And yes, sometimes, it just feels malicious.

Yes, there are laws in Connecticut about disclosure, and I have found it very rare for something of extreme legal importance not to be disclosed. I'm talking about what was supposed to stay, what was supposed to be gone, what all of a sudden doesn't work, who doesn't have the funds wired into their account, etc. etc.

All the more reason to hire a professional and  experienced real estate agent  to represent you. I have talked to countless buyers and sellers who had purchased a home without the expertise, guidance, and negotiating skills  of a real estate professional,  and they ALL say that they would never go it alone EVER again. Yes, these last minute snags can happen when you are working with an agent, but that agent also acts as an intermediary on your behalf. What can easily blow up a deal without intervention, can be handled quite readily by a competent Realtor. And I just happen to know someone!




The best time time to conduct a final walk through on your new home

There can be a lot of time between the moment that  you make your offer on a home unitl the time that you close. The time frame can be anywhere from 45 - 60 days on average in Fairfield County, but closings can happen at whatever time frame  is agreed upon  between seller and buyer.

The reason for a final walk through is to make sure that the home is in the same condition as it was when you initially put the offer in,  ensure that it's  clean and free from personal  effects, and to make sure that the inclusions that were agreed upon  are present. If there  are any concerns, you MUST tell your attorney immediately following the walk through, and they should be handled prior to closing. Once you close on the property, its a whole different ball game, so to speak.

There are varying opinions as to exactly when to do the inspection. Some agents like to  do it a few days before, the night before, or the morning of the closing. Forget about whether its convenient or not, my advice is to do the walk through  (or final inspection) JUST PRIOR to the closing. By just prior, I mean do your  final walk though on the way to the attorneys office to sign all the papers and close. Oh, yes- there's a reason, and it's a very good one.

I have represented hundreds of buyers, and it 's pretty commonplace to do the walk through the night before. It wasn't until about 15 years ago when  we conducted a final walk through as usual the night before. Seemed reasonable, and everything was fine at the house- except for one thing- the 80 gallon hot water heater blew up that night, AFTER WE LEFT.  My buyers went to their new house the next day  immediately following the closing to find a flooded basement. Luckily, the attorneys had not completed doing the transaction and accommodations were made. But guess what? It could have been a big legal mess. Whew!!!

So after that I figured that things can happen at anytime,  and it's best  to double check the house  just prior to the closing. I actually advise two walk throughs- what I call a preliminary the day before, (in case there are any major problems that need time to rectify) and the final walk through just prior to the actual closing. There are a number of  horror stories  for the buyer that were averted by  doing the walk throughs this way, and for that I am proud.  And maybe it takes just a little more time- thats okay with me. I want it done right. Don't you?

I'm buying a home. How many houses do I need to look at?

It's always exciting when you are buying a home, and whether you  are looking for your very first house or your fifth house, there's always something fun to remember about the  experience.
 
One of the first things that buyers ask me is "how many houses do you think we'll need to see before we find the one we want to buy?"....and the answer depends on a lot of things. I  consult with a buyer before we go out and look, and ask a lot of questions, so I don't waste the buyers time looking at houses that don't even have the basic criteria that they set forth. It's my duty as an agent to find out what's mandatory, and what would be a bonus, and also find out what things are an absolute no-go. It's what I call the "must haves or definitely nots"

Most agents will ask you what price range you want to be in, how many bedrooms you need, and how many baths  you would like in your new home. If they search from that criteria alone, you may be looking at  a LOT of houses! I wouldn't say you should put so many restrictions on your search that you narrow down the list of possibilities to almost nothing, but at the same time, it's important to pinpoint those "must haves and definitely nots", and that's your agents job. Sometimes, the only way some buyers can figure that out is by looking at a few homes to at least narrow down the criteria. For example, you look at a few different styles of homes, and know immediately that you don't like the cape style,  or the contemporary style for example, and those get scratched off the list of possibles in the future. Maybe you like a particular neighborhood, and your house has to be in that neighborhood, too. But maybe, the perfect home is just a street or two away.Just a thought-  Would you say no to that?

You might see a home or two that needs a kitchen remodel,and you decide that a renovation is not something you want to do as soon as you move in. So you scratch those off the list, too. The you see a house with a fireplace and you just have to have a fireplace. So that's a must have. You see a house with an attached garage, as opposed to one with no garage or a garage in the backyard and  think, I have to  have an attached garage, too.

Well let me ask you this, and think about this for a minute, If you saw a great house that had a fireplace and an attached garage but the kitchen needed minor remodeling,  would you still consider it? These are just examples, but a great agent will ask enough questions before you go out, and while you are looking at homes, to decipher that answer, because it may not be what you expect.

So the answer is, the better your agent is at asking questions, the faster you will find your home. It's that simple.  If you are not under contract with an agent to represent you, call me. I'll ask the right questions and help you get that new home as soon as you like!

How long does it take to actually close on a home?

If you have been trying to decide what to do, as far as buying a new home,or selling your existing one, here are some ways to see whether the timing is a good decision for you to start the process right now.

For example, if you would like to move around the end of June when the school year is done, and we leave just 60 days to negotiate a sale, we better get started right away! It takes 45 to 60 days to close, and  we need some time on the market to attract that buyer. Now what happens if a buyer comes along and wants to close sooner than that? We'll cross that bridge when we get there. Many buyers will wait an extra 45-60 days if they really want to buy your home, so let's not worry about that right now.

Sellers:
Get an idea as to what your home is worth. A  Market Analysis from me doesn't cost you a cent, and I certainly don't mind coming out to your home whenever it's convenient for you. Rest assured that I am not a fan of high-pressure sales tactics, so you can cross that off your list of concerns about having me over. I'll give you a true idea as to what your home is worth, and the time frame needed to secure a sale. From there, the next step is to figure out what which town you want to move to, if you don't already have an idea. I'll set you up with free access to the MLS, and we'll go look at a few homes to make sure that there is a home available that fits your needs and budget. If we find lots of properties that seem to fit the bill, well, then depending on your time frame for moving, we might want to get started right away, or plan for a future start date.

Buyers:  Let's work on an  estimated time frame. Let's say for instance, that we went to see a home today, and you wanted to buy it. If we found that property today, the very soonest that we would most likely close is at the end of March, but if you figured on finalizing the sale at the end of April, that would be a lot more realistic. And that's if we found a house today! We haven't even met yet! You should expect the closing to take anywhere from 45 to 60 days on average, and if you are looking at bank owned properties, the closing could take months! So depending on your time frame, it might be a very good idea to start the process now.

If you want to see what your competition is , or see what available homes are out there in your range, just click on the logo below to get your FREE, no obligation MLS account, complete with addresses. Remember you can always call me or email me, too.