It’s largely a “seller’s market” right now in real estate, which is great news if you want to sell your home and hope to make a tidy profit. Just be wary of some of the issues that can crop up at closing. Knowing what kinds of problems you can face can help you plan ahead and prevent them.
What kinds of problems do sellers face at closing? Depending on the circumstances, any of these things are possible:
Seller’s remorse
Buyers aren’t the only people who sometimes think twice about a purchase agreement. Sellers sometimes change their mind about a deal because they get nostalgic and decide they don’t want to move. They also sometimes want to back out because they feel like the purchase price was too low or the buyer’s contingencies were too much.
Steadfast renters
If you’re selling a home you’ve used as a rental, your tenant’s rights have to be considered. You can’t violate a lease just because you’ve decided to sell. Even if you are careful to make certain that your tenant’s lease is up, you want to make sure that you give those tenants enough time to get out of the home before the sale is final.
Forgotten liens
Back taxes, an old utility bill or an unpaid loan can all come back to haunt you when you’re selling your home. Make sure that there are no liens on your home from creditors before you try to sell it. Otherwise, the title search will turn it up and put a big kink in your plans.
Home defects
Termites, foundation problems and other issues with your home can turn up during an inspection and nix a good deal. It’s smart to have your home inspected and make the repairs yourself before you put the residence up on the market.
As a seller, it’s smart to understand your options — in advance — if you decide that you want to back out of a deal or the deal simply falls apart. An experienced real estate attorney can help guide you through the closing process.
