Why Do Some Real Estate Sales Take So Long?
For first-time and experienced buyers and sellers alike, a real estate sale is a stressful period. From making your way through paperwork, coordinating with your real estate agent, and waiting through the painstaking home inspection process, it might not feel like there’s an effective way to handle it all. Worst of all, though, you never know when a roadblock could appear, delaying the process of negating the purchase altogether.
By communicating clearly, openly, and frequently with the people involved‚Äîthe current homeowner, potential buyer, real estate agents, mortgage lenders, and other pros‚Äîyou can spare yourself some of that stress. But, sometimes, delays can’t be avoided. From inspection issues to some of your paperwork arriving late.
If problems show up during the home inspection, further price negotiations may be in order. Minor issues might be noted in the inspector’s report but not affect the sale much at all. But certain problems are more serious, and enough to deter a buyer, if not convince them to change their mind entirely. As a homeowner, take the time to keep up with household repairs so that, should you decide to sell, the house is in working order. If you’ve been lax with home maintenance projects in the past, take some time to clear out any major problems before the home inspection, if not before the selling process even begins.
Strange noise waking you up at night? Spend time researching the top 5 noise makers in your home long before the open house or hire a pro to handle any home repairs beyond your expertise. Your potential buyer will thank you, and you just might raise or salvage your home’s value in the process. If you’re the buyer, talk to your realtor and other representatives to make sure all the bases are covered when it comes to potential issues, including leaks, cracks, mold, water damage, and other dangerous problems.
Another common reason a sale may take longer than planned is an issue with the financing options. A derailed mortgage approval, for example, can turn a potential buyer’s plan on its head. As a seller, it’s a good idea to look for a buyer with a prequalified and pre underwritten home loan for maximum confidence in your pending purchase contract. As the buyer, be particularly careful with your finances in the time leading up to closing on your house and securing your mortgage. Something as simple as charging a set of new appliances and other personal items for your new home can be enough to make you lose your financing, so tread carefully.
All too often, it’s a little thing that delays the selling process. Perhaps a crucial piece of paperwork doesn’t arrive until the last minute. There might be a problem with the title that needs to be addressed. At the simplest, the involved parties could have simply underestimated how long certain steps will take, especially if they’re new to the buying and selling process or haven’t teamed up with a reputable real estate agent. The buyer and seller alike can help avoid these sorts of issues by noting each important step in a checklist for selling your house (or buying, on the opposite end of the process). Include a little extra time for steps that include a lot of moving pieces, so to speak, and work to communicate with everyone involved along the way.
It may seem like there’s no end to the way your real estate sale can be prolonged. But the good news is, these delays are often avoidable, with a bit of research and preparation, the help of your realtor and other pros, and by keeping up with necessary repairs in the first place. These might add more steps to a process that already involves a lot of work, but it’s a good way to make sure you can buy or sell a home quickly and seamlessly.