Battling the Known and Unknown to Get to the Closing Table

A real estate transaction is a complex process that involves a number of professionals from a variety of industries.  At the heart of it all, however, is a seller who wants to sell and a buyer who wants to buy. 

If only it were an easy process to fulfill the simple wants of these two parties.

Unfortunately, there are key moments in the timetable of a purchase where all can come crashing down and neither buyer nor seller has his or her desires fulfilled.

The first key moment occurs during the initial contact negotiation.  Offers and counter offers can fly back and forth before both buyer and seller are satisfied with the resulting price and terms. Very often all can go awry. . .buyers trying to find a steal encounter sellers who are firm on price and neither is willing to budge.  Or, in this current market, competition for lower priced homes creates a multiple offer situation and a better buyers snags the deal.

The second crucial hurdle that must be overcome occurs during the inspection period.  The private home inspection can unearth potential issues with the property.  Repairs can be negotiated in some circumstances, but with the glut of bank owned properties and short sales in the Joliet area real estate market, an "as-is" purchase is becoming more common.  Additionally, FHA and VA loans are gaining in popularity and availability.  Both require that the home be in livable condition, with VA being more stringent still.  Navigating the potential inspection problems requires foresight and problem solving skills.  However, sometimes property condition is a deal breaker.

And even if the contract is negotiated to everyone's satisfaction, and the inspection issues are settled, very often unforeseen issues arise halting the progress toward closing.  Last minute underwriting conditions, PMI requirements, title issues. . .the list is endless and constantly changing.

Buying or selling a home is naturally a stressful process, getting to the closing table requires patience, perseverance and often a bit of creativity.  But when all the documents are signed and keys are exchanged, the effort is worth the end result.