When considering selling your home this may be one of the largest financial transactions you’ll ever be involved with.
AS A SELLER
As a seller, you want to make sure that you get the highest price, also that there is no delay in the closing of your transaction. If the contract is not created for the seller‘s best interest and it does not close, this will cost the Seller money and added stress.
THE FINE PRINT
There is a risk that the transaction will possibly never close if the following elements are not reviewed and discussed in a purchase agreement: A large earnest money deposit. A short period of time for the buyers to complete their home inspection. Also, a fair amount of time, not too long, for the buyer to apply and get their mortgage. If these points are overlooked and your due diligence is not executed there is a very strong possibility your transaction will never get to the closing table.
VERBAL PRE-APPROVALS
Even with a buyer that has a pre-approval, there are usually many conditions that still need to be investigated by the lender. Most pre-approvals are done verbally over the phone with the buyer and lender.
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