When Real Estate Contracts Fall Apart… Sellers Suffer Most

Imagine going to the trouble and expense of preparing your home to be listed on the traditional real estate market only to “almost” sell it. In the real estate world, a failed closing can be devastating for both buyer and seller. However, the seller has the most to lose in the situation.

Below, are some of the most common problems that occur at closing.

Preparing Your Home for Sale

Many people spend thousands preparing their home to sell for top dollar on the real estate market. They may hire people to declutter and clean the house. Old carpet gets ripped out and outdated vanities replaced with newer ones. Countertops need updating, and so do cabinets. The list goes on and on, and so do the expenses. Repair and renovation costs can eat away any profit you hope to gain from selling your home. Many times you must lower your listing price to make up for problems found in the home inspector’s report.

A sale in sight, or not

Once a home seller feels that their day has arrived and they can start planning their move to another home or situation, something happens…

Perhaps the buyer backs out because of cold feet. This happens when a buyer gradually realizes they have bit off more than they can chew financially. They will convince their realtor to cancel the deal by using something in the home inspector’s report as an escape route.

Time is of the essence

Sometimes it’s not just the money a seller loses when a buyer backs out. Time is one of our most precious commodities. Sellers in a hurry to move for a number of reasons can find themselves at a loss when contracts break down. Moving to another city for a new job means starting anew elsewhere and with a fresh slate, but you can’t go anywhere if your current home doesn’t sell. That’s a common situation that costs sellers thousands while they have to continue to pay monthly mortgage payments as they wait for their home to sell.

TradeMark Investments specializes in streamlining the real estate closing process by purchasing your home directly with cash. This allows you to circumvent the home inspection, repairs, and closing process all together. You can sell your home within days without having to clean, declutter, or repair your home.

What could go wrong?

Below, is a list of possible hiccups in the closing process. Oftentimes, a seller along with their real estate team spend more than a month preparing legal documents for closing on the house. Your closing officer, lender, and real estate agent must work together for closing to go off without a hitch. It’s the seller’s hope that these real estate professionals know their stuff and can handle the legalities with competence, however, human beings make mistakes every day in every occupation. These real estate professionals work with not just your closing documentation but also many others. This gives way to the possibility of mistakes and misplaced documents; all of which can add days if not weeks to your closing process. A couple of days or weeks may not seem emergent, but what if you’re ready to move with moving truck packed, or you’ve already vacated your current home? You’ll have to make arrangements for temporary housing. This can be costly on a daily basis.

Erroneous documents

This is probably the most common problem that occurs when closing on a home. A simple misspelling of a person’s name or address can delay a closing for hours or even days. The more serious side of this problem would be an error in the loan amount or altogether missing pages of the contract.

Mortgage delays

When you schedule a closing date, you expect that your mortgage lender would have plenty of time to iron out any potential problems, however, mortgage lenders can drag their feet or discover things at the last minute. This can throw a zinger in your closing plans. Lenders are often inundated with the real estate market as it is today, so depending on them to set aside time to tell you there’s a problem may be too presumptuous. They’re probably not going to discover a problem until the last minute, therefore, delaying the closing on the home. A lender may ask for last minute documentation from you such as a rental agreement or an original hazard insurance payment. This can send a seller scrambling at the last minute before closing. This stress can be avoided if you sell your home directly to TradeMark Investments. We buy homes AS IS in any condition in West Virginia. After you fill out our brief online form or speak with us via phone at (304) 220-0999, we can offer you a direct cash payment for your home within 10 days time or less. That’s faster than waiting for a buyer and subsequently waiting on the closing process to work on time.

Cash flow problems

The day before the closing date, you’ll want to arrange for your bank to transfer your down payment directly to the closing agent’s office. You probably walk away from the bank thinking “Okay, it’s done,” but you’ve probably thought wrong. Sometimes bank glitches occur that delay closing and sometimes the money just never gets transferred in time or comes through is a lower amount than requested. A good way to prevent this problem from happening to you is to bring your down payment as a certified or cashier’s check. You can’t use a personal check for closing. You can also ask the bank to transfer the funds several days ahead of time so if there are glitches, there will be time to have them worked out.

Title Discrepancies

Title problems occur more often than you’d think. They must be cleared up in order for the property transfer to take place. The home’s title must be clear of problems such as but not limited to: liens, bankruptcies, and judgements. This happens so often that title companies have reported that in more than one-third of real estate transfers there are issues that require quite a bit of work to correct. The title company will look back at the title’s history and look for wills, trusts, divorce records, bankruptcy, past deeds, court judgements, and tax records that are outstanding or have problems.

If you failed to pay a contractor for work, they could place a mechanic’s lien against the title of your home. If you failed to pay your property tax for five years or your home is the subject of an inheritance lawsuit among relatives, then you could run into some title problems which will, of course, delay closing on the home.

The most common title problem is the mechanic’s lien. These are liens placed against the home that a contractor files before starting his work on your home. It ensures that he gets paid for his services. He files this before the project. The lien should be released when the job is done, but sometimes there are hiccups in the process which cause home sellers a lot of headaches when they try to sell their homes.

Easier Alternative to Traditional Closing

As you can see, a lot can go wrong when selling your home. Many people are under the pressure of time due to job transfers or job loss. Perhaps they’ve inherited a home that needs costly repairs. No matter what your circumstance, TradeMark Investments can help you move out quickly from your home with a reasonable cash offer in hand.

Here’s an overview of our simple and quick closing process:

  • Step 1. Give us a call at (304) 220-0999. We will explain our process in detail and ask you about your home.

  • Step 2. Schedule a walk through: Our corporate buyer will talk with you before the appointment, to gather more information and get a feel for what you are trying to accomplish. Every situation is different and needs attention in different ways.

  • Step 3. The appointment: Our corporate buyer will meet you at the house. We will likely take notes, take pictures, ask questions etc…. Our rep is often able to make an offer on the spot, but if they cannot, they will come back to the office to obtain more info and contact you with an offer. If we cannot meet your need, we will let you know that on site. We let our sellers know that we MAY not be their best option. It always depends on the situation. No matter what, we will recommend our partner company "Trademark Realty" if nothing else. Our goal is to provide a solution, no matter what.

  • Step 4. The offer: We can provide a written offer on-site, most times. If our offer is accepted, we can produce written copies. Once signed, we will provide them to our title company. We can close within 7 days most times, provided there are no title issues.

  • Step 5. Closing: Once the title work is completed, we can schedule the closing for whatever is best for YOU, the seller. We can close quick or wait for things to progress on your end. We don't mind either way! At closing, you'll walk away with a check. All taxes CAN be paid at closing, if needed. If you have paid taxes for the current half of the year, you will receive a credit for the portion of the year you don't own the house.

When you sell your home to TradeMark Investments, the process is far easier and requires no lawyers, realtors, home inspectors, home stagers, landscapers, contractors, or even bankers. You simply contact us either by phone at (304) 220-0999 or fill out our brief online form giving us a few details about your home. Within a day, you will hear from us. We offer no obligation cash offers for homes in the Charleston, WV area.

We service the following areas in West Virginia:

  • Charleston
  • Cross Lanes
  • Hurricane
  • Lubeck
  • Nitro
  • Parkersburg
  • Ripley
  • South Charleston
  • St. Albans
  • Teays Valley
  • Washington

Please call TradeMark Investments today at (304) 220-0999 to sell your home quickly and for a reasonable cash offer.