1st Dominion Realty
“Under Contract”
 
 

 

Everything signed. All changes agreed to and initialed. The ratified purchase contract is a blueprint for what happens between the time of that final agreement and settlement. It is a process that has to be monitored and managed because there are so many other entities involved: the different settlement agent/attorneys for the buyer and seller; the lender (originator, processor, underwriter); the home inspector, the pest control and the water/septic inspectors; the appraiser; the surveyor if necessary; and possibly others (environmental inspectors, contractors, repair people, landscapers/grounds keepers, county or city officials, etc.). All these forces have to perform their function in order for the closing to take place. You hope the purchaser’s agent, if one is involved, is doing their part in keeping the purchaser on track with what they need to do to close. You, the seller, need your agent to keep your process on track too and to monitor the purchaser’s progress. This requires a lot of phone calls and a lot of running around and physically seeing that something that was supposed to be done actually got done. It is scut work. You would not consider it such as you have so much riding on it. Does it matter? What does it mean if your home doesn’t close on time? Maybe just some inconvenience. But it could amount to hundreds, even thousands of dollars if: the purchaser’s lock-in for their interest rate expires prior to closing; if moving vans and their crews are now parked on some side street waiting to unload; if you yourself are buying a new home and waiting for the proceeds of the sale of your current home to do so; and on and on.

You want to work with a real estate agent whose sense of professionalism comes from doing the right thing whether that thing is great or small. For the person relying on that professional’s service, no ‘thing’ is too small.