You listed your home on the Havasu real estate market. After a successful marketing campaign, someone put in their offer. Now, you enter escrow. You get to breathe a sigh of relief, right? Hold on a minute. Statistics show that almost 4% of all home sales fail to complete escrow successfully. You cannot control what happens on the buyer’s end. However, there are a few things you can do both before you list and throughout the escrow process to help ensure a final sale of your real estate in Lake Havasu.
How Sellers Can Reduce Their Chances of Falling Out of Escrow
Before you list your property on the Havasu real estate market, carefully consider your price. Banks require an appraisal before approving financing for a mortgage loan. If you list your real estate in Lake Havasu higher than its appraised value, you may end up lowering your price to clinch the deal anyway. Also, it may end up sitting on the market far longer than it should. Price it correctly in the first place to avoid this problem. Talk to your agent to determine a good pricing strategy. They know current market trends as well as what other homes sell for in your neighborhood. This all factors into what price you should realistically list your home.
Perform a Lien Search
Another thing you can do to reduce your chances of falling out of escrow is to search for liens on your real estate in Lake Havasu. You may not even be aware that you have one on your property. Contact a title company for a lien search before you list your home. Some liens can be cleared up quickly. Others may take time. Since over 10% of homes fall out of escrow due to liens, the $75 to $100 is a small price to pay to ensure your escrow’s success.
Be Honest on Your SPDS
Arizona law requires all sellers to fill out a SPDS (Seller’s Property Disclosure Statement) to give to the buyer. On the SPDS, you disclose everything you know about your real estate in Lake Havasu, both good and bad. This includes anything the previous owner told you before you bought the property. The buyer’s home inspection will uncover past and present problems. Plus, if you lie or leave off anything that comes to light later, the buyer may be able to come after you legally down the round. So, it behooves you to be as honest as possible.
Consider obtaining your own inspection report before you list your home on the Havasu real estate market. This allows you the opportunity to fix issues before a buyer even sees them. If repairs are out of your budget, you can adjust your list price to accommodate the buyer fixing it in the future.
Keep Contingencies to a Minimum
Let’s say you find yourself in the enviable position of multiple offers. One buyer offers more than list price but asks for several contingencies. A second buyer comes in right at asking, but doesn’t require that they sell their home first or that you include several repairs. The lower offer might actually be the better one. Fewer contingencies provide less opportunity for your home to fall out of escrow.
Finally, be willing to negotiate. If a buyer asks for a lower sale price to accommodate issues that arise during an inspection, seriously consider it. Flatly denying to bring down your sale price for any reason could significantly decrease your chances of completing escrow and moving on to something else.
Alexis Steel – 928-303-2199
Keller Williams Arizona Living Realty
Search homes at: www.TheHavasuHome.com