The question that I am asked everyday on the streets of Grand Bahama is How’s the market?   With the recent Lehman Brothers Wall Street Crisis which has reverberated around the world along with our low tourist numbers on the island the Real Estate Market has definitely experienced a slowdown BUT it is far from dead no matter what you hear.   There are still many buyers looking to buy and many sellers looking to sell and that is the nature of the business.

For a thousand different reasons people WANT to or HAVE to make a change in the roof over their head and this is what makes the Real Estate Business tick in good times and in bad times. Many sellers have finally adjusted their prices and many buyers are looking for deals so when you find the RIGHT 2 parties it can be a win win for both parties even in these tough economic times.  

The job of a Real Estate Broker is to put these two parties together to “make a deal”.   In today’s market it takes a lot of work to find the right buyer for the right house and even when you find the perfect marriage the deal can still fall apart. San Antonio Sportswriter and Broadcaster Dan Cook coined the phrase“It ain’t over till the fat lady sings.”  He was NOT talking about the real estate closing table but he could have been. The closing table is the ideal place to sign papers, trade keys and drink a toast to the new homeowners. 

Sometimes that setting is filled with tension and pressure as each side tries to work out important details of the transaction at the last minute. How can you help make your closing a relaxed and happy one? First,try to get the details worked out ahead of time with your realtor. There may be a few unresolved issues, such as repairs that were not completed, a disappearing dining room chandelier or an occupancy agreement. The atmosphere doesn’t need to become adversarial, and a minor upset should not threaten the inspection.  

If you anticipate a problem no matter how minor it may seem be able to communicate the situation to your realtor in advance, so that it can be handles before it goes to settlement. Some buyers and sellers arrive to the closing feeling terrific about the transactions- they like each other, they like their new home, their realtor, and even the lender. Others feel stressed out and concerned. Whether you are the buyer or the seller, you will play an important part in determining which of these scenarios characterizes your settlement.

The professionals who are involved in real estate transactions work hard to make things go as smoothly as possible, but quality of the transaction often depends not so much on what happens, but how you react to what happens. If you communicate confidence in the professionals who are helping you, the atmosphere will remain positive even if there are complications  Real estate transactions are inherently complex. One of a Realtor’s most important responsibilities is to complete the sale even if there are obstacles to overcome. Both buyers and seller should be aware of the deadlines in their purchase agreement.

You could lose your right to ask a seller to pay for needed repairs if you miss the deadline. There may be a limit on the time the seller has to respond to the buyer’s request to complete repairs that are not required by the contract.

Failure to apply for your mortgage on time may place your deposit at risk if the loan is denied. In many cases the agreement can be declared null and void by the seller if financing is not approved within the time frame set forth in the contract.

A delayed closing can cost the seller money, and they may ask the buyer to reimburse these expenses.   Remember that closing dates are not set in stone. Lenders appraisers, attorneys, and anyone else who is involved in the transactions can cause a delay in the closing.   If you keep this in mind while you are making your arrangements you can minimize the possible cost and inconveniences due to a delay.

As the closing approaches a good realtor will stay on top of the situation and keep in touch with everyone involved in the transaction to prevent any unnecessary delays.

If there are any problems speak to your realtor and let him try to work out the problems before they turn into deal breakers because no matter how close a deal may be in these uncertain times “It ain’t over till … Until next week.

Contact James at Coldwell Banker - James Sarles Realty  james@sarlesrealty.com