It is almost closing day for my Main Line sellers, and most of the stress and drama is over for this Main Line Realtor®, although perhaps not really for the sellers. Anytime you are closing the “family home” to downsize, the process is somewhat sad. Many memories are associated with “things” in a home, so having to disperse those things can be very tough on folks. My sellers did an excellent job of finding good homes for their things, I thought. A homeless shelter took many and they sold a lot on Facebook yard sale pages. I thought it was interesting how little difference it makes if the furniture is antique or of fairly high quality—there seems to be little market for this nice older furniture anymore.
There is always a lull between the intensity of the inspection negotiations and the time after that contingency has been removed but before the closing. This is the time period that the buyers have to provide tons of documentation to the lender, if there is one, and wait for the barrage of new requests in order to get the final check marks on the loan checklist. During this time, also, the sellers usually want to sell or leave some of their unwanted items and the buyers want to come to the home with family members, contractors, and others to better prepare for when it will be theirs. Sometimes, these 2 desires are incompatible. Buyers do not want to pay for that pool table the sellers cannot get removed from the basement and sellers do not want constant interruptions while their house is a mess and before they have received payment for it! As a Main Line buyer’s agent, I try to add a contract right to enter the home once or twice in this time period. As a Main Line seller’s agent, I try to ask that any visits be after the loan has been fully approved and for only an hour at a time convenient for the sellers.
There is always a contractual right for the buyers to come in right before the closing to check the home. This visit is to ensure that no damage has occurred, that no appliance that was included has been removed, etc. Unfortunately, it often ends up being cause for more negotiations over whether the nail holes were supposed to be filled and painted over or the refrigerator and oven were supposed to sparkle. Some buyers hate it if the sellers leave paint that matches the walls, and others want to refuse to close if that paint was thrown out! This Main Line Realtor® has seen it all.
The key to a successful closing, where all the parties are happily exchanging the names of the neighbors and the lawn care company, is, in this Main Line Realtor’s® opinion, choosing the very best professionals to guide the parties throughout the process. This means both of the agents, the inspectors, lenders and the title agent handling the closing. These providers know how to keep in touch over issues, how best to resolve them and what the rights of the parties truly are so that nothing blows up at the last minute.
There should be smiles all around at a home sale closing and that is what this Main Line Realtor® wants to see every time!
In a recent report, Freddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the Previous Generations (born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.Read More
The topic of the day is the timing on the purchase. The sellers want a very delayed closing so they can finish the renovations on their new home. My buyers are concerned about the mortgage rates going up (as well they should be). They have done a good job of contacting 2 lenders to see what their loan options are but neither one will guarantee a rate for more than 60 daysRead More
Since June of last year, we have seen an increase in the inventory of homes for sale month per month. Every spring and summer, the inventory increases because people want to sell their home. For those with children, they may want to be in their new home for the beginning of the school year.If you are one of those sellers, you may find these 4 tips helpful in getting your home sold more quickly.Read More