It seems to be a seller’s market again, and this can mean several competing offers from buyers. This is a good problem to have, however, some may think that all they must do is accept the highest bid. The reality of this is a little more complicated. A real estate attorney in Walker, MN explains that it’s important to turn to a legal professional before agreeing to a sale. Read on for additional insight and a few signs that the deal could fall apart.
Buyers Not Approved
The most difficult part of buying a home is securing a mortgage. Because of this, any offer that isn’t backed up with a pre-approval letter can be taken with a grain of salt. A prequalification letter from a lender provides a little more assurance, but it doesn’t necessarily mean that the buyer has submitted all their supporting information to the lender. The prequalification is done from information verbally given to the loan officer or originator. Accepting a slightly lower offer from a buyer who has already been approved for a mortgage can prevent delays and hassles later in the process. Being approved means that they have given the lender the supporting documents to back up their income, employment, debts, etc.
They Ask You to Cover Closing Costs
Closing costs are a common point of negotiation. However, be cautious of any offer that shifts all the financial burden to the seller. Other elements of the deal may balance it out, but it can also be a sign that the buyers can’t comfortably afford to buy the property.
Buyer Asking for Odd Timelines
An average closing can take a couple of months, but many deals are completely wrapped up in as little as 30 days. If a buyer asks for more than 60 days, they may have a credit issue and still be trying to work it out. On the other hand, an offer that is asking for a fast-closing may mean that they have already had one deal fall through, for one reason or the other, but usually, it relates to financing.
Whatever the situation, selling a home or putting it on the market, be sure and call a real estate attorney in Walker, MN. They will be able to concentrate on real estate law to protect your interests throughout the entire process. Get more information here: Website Domain.
