Even After An Accepted Offer, Continue to Sell!

     Well, it's happened to the most seasoned of us. We get a well vetted and qualified buyer then right before closing the deal goes completely side ways.  For example, my team was sending over contingency release forms as the contract had dictated. While the buyer's agent had a trick up their sleeve: they had lied about the buyer's VA loan needing to get refinanced into a conventional loan before the buyer could preform on our current 30-day escrow. 

     Due to some agents and or their clients being dishonest, there are a number of reasons why a deal won't close or have a delayed closing.  So I decided to share the this article on the topic. Stay prepared for the worse case scenario so when anything arises, you're as ready as can be or if nothing arises, your client will have a smooth close of escrow. 

     Always prepare your sellers to understand that an accepted offer doesn’t mean that they should stop trying to sell their house. They may be confused by why you’re encouraging them to proceed with showings when there is an accepted offer on the table.

But no deal is officially done until you’re at settlement and handing over the keys.

     “Until all contingencies on a contract are removed, anything can happen,” Jane Peters, a broker and owner of Home Jane Realty in Los Angeles, told realtor.com®. “Each side has to meet certain contractual obligations, and if one side doesn’t, then the other side can initiate a cancellation of the contract.”

     Any number of reasons could potentially jeopardize a sale. For example, the parties may disagree over repairs after an inspection, or the buyer may not be able to get approved for financing and have to back out. The home may not appraise for the contracted price, which may make the buyer want to bail out. Buyers who have a contingency that they must sell their house before the contract can proceed may be unable to.

     That is why many real estate pros say they’re encouraging their sellers to continue on with showings even after an offer has been accepted. Some real estate pros will even include a “kick-out” clause in their contracts. The clause says that although you’re currently under contract, you’re allowed to kick out the buyer if a better offer that comes along during the contract period, explains Christy Murdock Edgar, a real estate professional in Northern Virginia and Washington, D.C.

     “In a seller’s market, with multiple offers on many properties, there should be no shortage of backup offers waiting in the wings,” Peters told realtor.com®. “Until all contingencies have been removed during escrow, continuing to show the property is advisable.”

Source: “With an Offer on the Table, Is It Still Wise to Show Your Home?” realtor.com® (Sept. 12, 2017)