It’s the final countdown! The sellers have moved out, the house has been staged, and the buyer is scheduled to close on the home in just a few hours. But then, a hiccup: the buyer’s financing falls through, the inspection reveals a serious problem, or some other unforeseen obstacle pops up. What can you do to salvage the situation and get the home sold?
Here are a few tips for handling last-minute hiccups during closing:
Keep calm and carry on
The first step is to remain calm and not panic. It can be easy to get caught up in the emotion of a situation like this, but it’s important to remember that there is usually a solution to be found. If you can keep a level head, you’ll be better able to navigate the problem and find a resolution.
Communicate with all parties involved
Once you’ve taken a deep breath and are feeling more level-headed, it’s time to start communicating with all parties involved in the sale. This includes the buyer, their agent, your agent, the lender, and anyone else who has a role in the closing process. It’s important that everyone is on the same page about what’s going on and what the next steps are.
See if there’s a way to salvage the situation
Depending on the problem, there may be a way to salvage the situation and still close on the home. For example, if the buyer’s financing falls through, see if there’s another lender that can provide the financing. If the inspection reveals a serious problem, see if the buyer is willing to negotiate on the price or if the sellers are willing to make repairs. There are often solutions to be found, but it will require some creative thinking and compromise.
Be prepared to walk away
Sometimes, despite everyone’s best efforts, a deal just falls apart. If this happens, it’s important to be prepared to walk away. There’s no sense in dragging out the process and making everyone involved miserable. If the deal isn’t meant to be, it’s better to just walk away and move on.
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Last-minute hiccups during closing can be frustrating, but they don’t have to ruin the entire deal. By remaining calm, communicating with all parties involved, and being prepared to walk away if necessary, you can usually find a way to salvage the situation and get the home sold.