0 Closing Time

It’s not really fair to single out any one point of selling your home and declaring that it’s the “most important.” That being said, obviously no deal is complete until it is complete. And any salesperson will tell you that closing the deal is, if not strictly speaking the single most important step, than definitely the trickiest. Look up any classic movie speech on sales, and you’ll likely find a focus on closing. (And if Alec Baldwin is in the clip, it’s also very not safe for work!) Closing requires a delicate touch, and there are many ways to help the process along that both parties can agree too. Escrow. Simply opening an escrow account can take a lot of the anxiety from both buyer and seller out of the issue. There are so many issues involved in buying a house that the details can obscure some important things. Having a neutral third party hold all money and pertinent documents until the deal is completely finished is the best way to ensure that no one is in danger of getting ripped off. Home Inspection. There is no law that says a home must be inspected before it is sold, but they are usually par for the course. This doesn’t mean they aren’t always done, however! It would be dumb to not insist on one, and keep it mind it’s more than fair to demand that the seller paid at the very least half of the inspection costs. In fact, if they aren’t willing to eat the entire fee, it might be something of a red flag. Renegotiate. If an inspection does turn up issues, by all means, renegotiate, even if your offer had previously been accepted. Changing the price to reflect anticipated repair work is a fair demand, as is agreeing to settle at the agreed upon price so long as the repairs are made by the seller to your satisfaction. If your purchase contract states “as is,” you might not be able to get a compromise, but you are usually allowed to back out if a major problem is found that the seller can’t or won’t fix. Title Search and Insurance. A title search and insurance provides you with that peace of mind that guarantees legally that you are protected from anyone else claiming the property as theirs later on, such as a lost relative forgotten in the will or tax collector making a return round for what he thinks is his due. A title officer can perform the search and ensure that there are no clouds hanging over the title, and help you to resolve those issues before they come to a head. Just remember that buying a home is a huge investment, and no one wants to be rushed in. Using these tips as a safety net will help to ensure that the deal is closed smoothly and successfully.

Ed Michelson blogs for We Buy Ugly Houses, a national real estate company which buys and sells homes throughout the US.