Halloween is right around the corner, but these transaction terrors can happen at any time. Here’s how to avoid some of the most common deal killers:
- Inaccurate Appraisals. Assume the appraiser knows nothing about the property you are selling. Provide accurate comps, information about renovations, or updates and details about boundaries that sets your property apart.
- Spooked Buyers. After submitting the contract, your buyers could get hung up on small repairs or have second thoughts due to today’s higher interest rates. You may have to revisit what drew them to the home in the first place. If those reasons haven’t changed, this is a perfect opportunity to work with your Key Mortgage loan officer on structuring a seller credit or interest rate buydown to help keep the deal together.
- Expired Financing. Even a strong preapproval has an expiration date. Because of today’s market, a lot of people have been looking for a new home for a while. That means your clients might have gotten preapproved 6-12 months ago. In that time, not only have rates changed significantly, but their employment or credit profile may have changed. All of this affects what they qualify for. Make sure your clients have a preapproval that is up-to-date (30 days or less) to minimize surprises (and heartaches).
Key Mortgage is here to help you take the scare out of any sale. For more information about Key’s Second Look program or any other strategies to calm any spooked buyers’ nerves, reach out to a Key Mortgage loan officer today.