North Texas Real Estate Blog

Tarrant County home sellers are beginning to see signs of life in the current North Texas real estate market. Although the state of Texas has not been affected quite like many other states, many home sellers are seeing some movement in existing homes sales. Keller is a growing area in Tarrant County, where affordable new and existing homes are available for sale. Keller TX has homes in just about any price range. Although the housing market is showing signs of recovery, individuals that are selling their homes need to be prepared for possible problems that may arise after receiving a signed contract.

You, the seller, have listed your home, made all the necessary preparations and repairs to expedite the sale of your home. You receive an offer from an interested party to purchase your home. Within the language of the sales contract, the buyer has options to be released from the agreement. The buyer can negotiate an option period, which is an agreed upon time in exchange for a nominal fee, where the buyer can back out of the contract for any reason. This is usually the time a buyer will have home inspections performed and negotiate repairs. The buyer may also find another home or just change their mind and only forfeit their option money as long as the termination of contract occurs during the option period. The buyer may request that the seller make repairs to the home and that the contract is subject to the completion of these repairs. This may be too costly for the seller, and then the buyer may move on to another home.

Unless a buyer is paying for the purchase of a home with cash, the buyer must have the ability to obtain financing for your home. Home sellers should always request a letter of prequalification from a lending institution before accepting any offer on their home. Your Realtor will usually request this from the agent representing the buyer when the contract is submitted. Although a buyer may be prequalified, this does not guarantee that the buyer will actually be able to obtain financing. Employment changes, changes in monthly obligations, and increases in interest rates can all affect a buyer’s ability to obtain financing. Even if the buyer is able to qualify for a loan, the property being purchased must appraise for at least the sales price. The appraisal is for the bank’s protection against default and if the property appraises for less than the sales price, the seller may have to adjust the sales price or the buyer would have to pay cash for the difference, if permitted by the lender.

Occasionally, problems with the title of a property can cause delays or bring an entire transaction to a stop. Liens on the property for any number of reasons can be discovered and must be cleared before the transfer of ownership can occur. There may be easements or encroachments on the property that could affect the value or quality of life of the owners. Title issues must be resolved before a loan can close.

Being familiar with what can prevent a home sale is very important to home sellers. It pays to be flexible in today’s market and be prepared on how to proceed if faced with any of these situations.