Real Estate Matters: The trick and treats in buying a home

Published: Updated:

FORT MYERS Fla. – Real estate deals go bad all the time, but when they go bad determines the level of significance. For example, if the sale falls through two weeks after contract, that’s called a disappointment. If it falls through two days before closing that’s called a horror story,or getting “tricked,” instead of “treated.”

How to avoid getting tricked:

1. Sellers: Examine title early (Title Goblins)

  • Unknown liens
  • Errors in Public Records
  • Undisclosed encumbrances
  • Boundary and survey issues

Buyers don’t have a lot of control over the seller doing this prior to contract, so they should always beware that these issues can come up with the seller delivering clear title and the time for curing it may become problematic.

2. Know the key dates (Buyers & Sellers)

  • Three dates to forget: your anniversary, your wife’s birthday and the effective date of your contract,
  • The effective date (ED) is even more important than the closing date because the ED is the starting gun in the transaction and all contingencies are all tied to that date,

3. Get everything in writing (and have a copy)

  • If you don’t have a copy of your contract at your fingertips, then get one.
  • If one isn’t available, then you probably don’t have a contract.

4. Beware of the “Underwriter” (The Witch)

  • The “Witch” of the transaction is the Underwriter because they decide “which” day you’re going to close and “which” home you may end up living in.
  • Many of buyers and sellers have been “tricked” at the last hour because the underwriter failed to give the final approval.

Have a contingency plan in case that happens.

If you have any questions you send an email to Denny@dennygrimes.com.

Copyright ©2024 Fort Myers Broadcasting. All rights reserved.

This material may not be published, broadcast, rewritten, or redistributed without prior written consent.