You just heard that you got an amazing offer on your home.
Time to celebrate, right? Not so fast. There’s a lot that can go wrong during the escrow period, even here in the Bay Area where many offers are non-contingent and as-is.
What are some of the pitfalls?
The appraisal could come in at higher than sale price.
The buyer’s pre-approval could not solidify into a loan: perhaps they took out a car loan—or made another larger purchase days after having their offer accepted.
The buyer could get cold feet and back out, relinquishing their 3% deposit.
Any realtor worth her salt goes into high gear as soon as you have a ratified contract: keeping in constant communication with you, with the escrow officer, the buyer’s agent (or seller's agent), the appraiser, and the transaction coordinators for both sides, so that all documentation is submitted in a timely manner and you have no hiccups along the road to Close of Escrow.
Of course, all of this happens behind the scenes. Your realtor knows you’re most likely excited and a little nervous, whether you just sold your home or you just bought a new property. Her goal is to make the experience as seamless as possible so that you can focus on the fun part--a new adventure awaits!--and not potential snags.
Moving is stressful enough, is it not?
