Have you ever heard the phrase – “It ain’t over till the fat lady sings.” …or…  “It ain’t over till the checkered flag flies.” …or… “It ain’t over till the last out.”  …or…  “It ain’t over till the last shot is fired.” …or … I think you get it by now.

This is so true in real estate.  I’ve heard many consumers – not even clients, just simply in passing, out at a restaurant, in line at the grocery, wherever – saying things like “I just bought a house today” or “I just sold my house today”.  So many times, listening a little bit longer proves that a contract was just signed.  And I’m not talking about the contracts that are signed at the closing table.  These would be referencing the initial contracts where both buyers and sellers have agreed upon a price.  That’s it.

There are three main categories that must take place BEFORE you actually close or sell.  The actual closing – the actual sale or purchase – only takes place at the closing table.  And even then, there are caveats.

#1 The inspection.  If a home is not in good shape and needs work as determined by a professional home inspector, that will be negotiated AFTER everyone has signed the initial purchase contract.  Some items in the inspection could be a deal breaker or create negotiations that cannot come to terms by all parties.  It ain’t over yet folks.

#2 The appraisal. If a home is not worth the amount listed in the agreed upon contract, there will be renegotiations.  This does not count if the home is worth more than the amount, only less.  There might be items listed in the appraisal that were not listed in the home inspection that must be addressed BEFORE closing.  Either way, the appraisal piece could be a show stopper so…it ain’t over yet folks.

#4 The financing.  Financing can fall through at the last minute.  Lose your income, get sued, collection or judgment pops up on credit after the initial review, family emergency that empties your bank account, tree falls on the house before closing (not cool to the lender collateral position), etc.  Same for cash buyers!  While it’s not financing, you still have to prove you have the cash to buy from start to finish and actual closing…so, it’s almost over but you’re not there yet!

Bottom line: There are several other factors including insurance and title liens and beyond but the truth, whether you consider it frightening or unsettling or handled and understood remains.  It ain’t yours and done till you’re sitting at the closing table signed and funded.  Period.  The straight shooter is here folks.  Want to hit the target every time in real estate, look no further than your partner – The Mortgage Professional

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