Get Through the Inspection Period: Congratulations on striking a deal. You’ve done the hard part. Many buyers and sellers feel the period from striking a deal to the final closing to be an abyss when in fact it’s the easiest part of the process especially when you are prepared in advance.
Unlike a traditional retail purchase where you exchange cash and receive a good or service near immediately real estate has a purchase process that requires certain verification and validation through proper County Records. As a seller your number one concern is the buyer completing the purchase. Understanding how to pre-qualify a buyer prior to entering a negotiation or perhaps even a showing of your property helps eliminate any doubt of their financial ability to complete the sale. Your real estate attorney and or title insurance provider will update you to the process & specific timing as it relates to your sale and purchase contract terms. This is a time where as a seller you may feel possessive over the property and over react to quizzical inquiries.
Buyers and bankers may run into legitimate delays to provide funding for a sale. In today’s environment any one using a mortgage should expect a 6 week process with zero delays. People run into trouble when they attempt to rush the process. 6 to 8 weeks to close a piece of real estate using a mortgage is a nice pace. If you are an 8 figure seller it’s very common for a large deal to be struck, escrowed and closed several months later.
The key to getting through the grace period is to remain cool, calm and collected.