Unforeseen problems can arise during escrow, and closing dates are never set in stone! Lenders, appraisers, settlement attorneys, or anyone else who is involved in the transaction could potentially delay a closing. Stay in close touch with your real estate agent, who will customarily put in writing a summary of the contract date deadlines and keep close watch to insure the buyers, via communication with their agent, fulfill their commitments as agreed in the contract.
Contingencies to contracts that will benefit the sellers are the key to avoiding problems until settlement occurs. For example, provisions can be included in the agreement that require the buyer to provide evidence of sufficient funds for down payment and closing costs, pre-approvals for the mortgage (if the buyers are applying for one) including language the states a credit check has been performed, and the mortgage commitment date would be within 30 days or less of the ratification of the contract, for the mortgage to have the final approval from the lender.
If you have any questions about this real estate tip - or any other tips you may have heard elsewhere - please do not hesitate ask! There is no obligation, and you'll hear back quickly!
__________________
Bill Cullin
Your Real Estate Source at the Delaware Beaches
Call or Text: (302) 841-7147
Toll Free: (800) GO-BEACH, Ext 27117
Email: Bill.Cullin@LNF.com
Websites:
DelawareBeachRE.com
TheHenlopen.com
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ACCREDITATIONS & AWARDS:
*2023-17th Consecutive Year: Top Producing Agent at Long & Foster’s Rehoboth Beach Office
*2023-4th Consecutive Year: Overall Top Producing Individual Agent in Delaware at Long & Foster
*2023-4th Consecutive Year: Member of the Long & Foster’s Gold Team Master Club Level, with sales volume of over $20-35 million
*2023-Resort and Second Home Property Specialist Designation Earned
*2023-10th Consecutive Year: Five Star Professional Award-Winning Sales Agent
*2022-3rd Consecutive Year: Recognized within Top 20 Agents in Delaware according to RealTrends
*2022-13th Consecutive Year: “Zillow.com 5 Star Professional”, with “Best of Zillow” designation awarded in 2019
Long & Foster Real Estate, Inc.
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971
Office: 302-227-2541, Ext 27117
