Now that all these parts are complete and both parties have chosen to move forward, the buyer must solidify their loan. You must make sure that the buyer is doing whatever is necessary on time, as with a real estate deal, "time is of the essence."
Back to the Sellers' side
Let's back up a bit to touch on the sellers' side of the inspection period. When your seller receives a repair or credit request and agrees to it, they will have a specific time to complete the requested repairs. This is sometimes difficult as "time is of the essence," and they may be unable to hire a contractor or complete the repair in time for closing. Many times, if a repair is done, it must be done by a licensed contractor, and proof that it was completed must be given to the buyer. The buyer will also be able to inspect the repair and decide whether to move forward or back out. Sometimes, a seller will pay for a repair only to find out the buyer disapproves. This results in a loss of money and time and negatively affects your relationship with your seller. The best way to handle a repair request is for the seller to offer the buyer a credit. This lowers the selling price but makes the buyer bear the repair out of their own pocket after closing. Most of the time, a buyer may not have the money available to pay for a hefty repair after closing. This is your time to shine as an agent. Negotiate and close this deal.
Financing
Before closing, the buyer will have to secure the loan if they're not paying cash for the property. The lender often doesn't even pull the file until closing day. On closing day, you may find out that the lender's underwriter needs more information from the buyer before releasing the funds. This will result in another
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