There’s No Time Out in Mission Viejo Real Estate!
Bumpy Roads Not Uncommon in Mission Viejo Real Estate Transactions
I’m not going to kid you. There are often bumps in the road when selling or buying a home in today’s rockin’ Mission Viejo Real Estate market. Like finding out that the actual square footage of the home, when tape measured by the appraiser, is almost 600 square feet less than you thought. Or finding out that the VA will not accept your disability pay as proof of employment when you have a baby while you’re in escrow and you’re only 2 weeks in to your maternity leave. Or moving forward with your new car purchase only to find out at the last minute that your debt ratio is now too high to qualify for the home loan. Or this week in the life of two of my favorite clients, who’s appraisal came in less than the sales price of the home they are buying. Yikes.
The Clock Keeps Ticking Despite Hick-Ups During Mission Viejo Escrows
So what happens when these bumps bungle up your transaction? Do you get a “time out” to figure it out? Not on your life. You have to keep moving forward, against the ticking clock of contractually agreed upon time-frames. Sellers all know the white-knuckle ride it is to have your home off the market for the 17 days most contracts allow for the buyers to do all their inspections and get their loan fully approved and through underwriting. Even if you decide you don’t like these buyers or a higher offer has come in while you’re waiting around – you, the sellers, are stuck until the buyers remove all their contingencies or cancel. Or ask for a huge credit to solve the plumbing issue no one knew about until the home inspector showed up. There’s no provision for a “time out” to work up a rebuttal to the home appraiser who doesn’t see eye to eye with you on the value of the home. And when the rebuttal is refused and the lower price sticks, there’s no automatic “time out” to re-negotiate the sales price.
Built in Time to Handle Unexpected Events
Everyone inside the Real Estate business knows that these bumps are going to happen. And the 17 days is usually enough time to take care of them. Usually. Best way to smooth the path for your transaction? Get ‘er done up front. Sellers – get the termite inspection done as soon as you are ready to list, so you don’t have any surprises. Buyers, get the home inspection and appraisal done as quickly as possible so you can use your built in “time out” to figure it out.
Use your time wisely. Give me a call – let’s figure out how to make you a winner in today’s Mission Viejo real estate market. Leslie 949-678-3373