Getting an Offer Is Only the Beginning: Why Experience Matters When Selling Your Home

Selling a home can look deceptively simple from the outside.  Put the house on the market. Get an offer. Sign the paperwork. Close.

In reality, there is a lot that happens between accepting an offer and handing over the keys. And some of the biggest problems don't appear until the transaction is already underway.

For sellers, this is an important reason to think carefully about who they hire to represent them. A successful sale isn't just about getting an offer. It's about anticipating potential problems before they become problems that can delay closing.

The Offer Is Not the Finish Line

One of the most common misconceptions about selling a home is that once you have accepted an offer, the difficult part is over.  It isn't.

The transaction still has to make it through inspections, disclosures, title and escrow requirements, lender underwriting, appraisals, contingencies and a long list of other details before the sale can actually close.

A problem discovered early may be relatively straightforward to address.  The same problem discovered a few days before closing can become much more difficult.

There may be less time to gather documents, make repairs, obtain approvals or bring in the appropriate professional. And when a transaction is already under contract, the seller has fewer options and much more pressure to resolve the issue quickly.  That's where experience can make a difference.

Disclosures Can Create Problems Later

California sellers have significant disclosure responsibilities. Information about repairs, property history, permits, fire hazards and other issues can become important during the transaction. 

An inconsistency between a seller's disclosures, an inspection report and other documentation can lead to questions, additional requests, renegotiation or delays.  An experienced listing professional should not simply hand a seller a stack of disclosure forms and say, "Fill these out."

The goal should be to help the seller understand what information needs to be disclosed, identify potential questions early and make sure the available documentation is as complete and consistent as possible.

That doesn't mean an agent replaces an attorney or other qualified professional when legal advice is needed. It means the agent should recognize when something deserves attention before the buyer discovers it later in the transaction.

Local Requirements Can Show Up Mid-Escrow

California real estate transactions don't operate under one set of requirements. Cities, counties, homeowners associations and individual properties can have additional requirements that need to be addressed before closing.  Depending on the property, there may be inspections, certifications, resale documents or other requirements that affect the transaction.

The problem isn't necessarily that these requirements exist.  The problem is discovering them after escrow is already open and the closing date is approaching.

A knowledgeable listing professional should be asking questions early:

• Are there city or county requirements that apply to this property?

• Does the HOA have specific resale requirements?

• Are there documents that need to be ordered?

• Are inspections or certifications required?

• Is there anything that could affect the timing of the sale?

Finding out before the property goes on the market gives the seller more time and more options.

Financing Problems Can Affect Sellers Too

Financing is primarily the buyer's responsibility, but sellers are directly affected when the buyer's loan encounters a problem.  Lenders may have additional requirements related to insurance, condominium projects, documentation, income verification and other factors.

A buyer may appear well qualified when the offer is presented, but that doesn't necessarily mean the loan process will be completely predictable.  This is another reason the listing agent's job doesn't end when the seller accepts an offer.

The agent should be communicating with the buyer's agent, lender, escrow and title professionals and paying attention to whether the transaction is progressing as expected.  If something starts to fall behind, knowing about it early gives everyone a better opportunity to address it before it threatens the closing date.

Experience Is About Anticipating Problems

This is where the value of an experienced real estate professional is often misunderstood.  Experience isn't simply knowing how to put a house on the MLS or negotiate an offer.  It is knowing what questions to ask before problems arise.

A missing permit, an incomplete disclosure, an HOA document that hasn't been ordered, a title issue or an unexpected lender requirement may all be manageable when discovered early.  But once a transaction is close to its scheduled closing date, the same issue can create significant stress and potentially delay the sale.

You can't eliminate every potential problem in a real estate transaction. Unexpected issues will sometimes arise.  What you can do is identify as many potential issues as possible before they become urgent and have a plan for addressing them.

Amy's Perspective

One of the things I emphasize with sellers is that a successful sale is about more than getting the right offer. It is also about anticipating what could happen after that offer is accepted.

My goal is to identify potential issues early, when there is still time to address them. Once a property is in escrow, deadlines become tighter and more people are involved. A problem that might have been relatively simple to resolve before accepting an offer can become much more difficult when you're days away from closing.

I don't personally handle every issue that comes up. That's not my role. My role is to recognize when something needs attention, know which questions to ask, and bring in the right professional when specialized expertise is required.

To me, that's an important part of representing a seller: not simply getting the home sold, but helping anticipate and manage the details that can stand between an accepted offer and a successful closing.

The Bottom Line

The best time to discover a potential closing problem is before you have an accepted offer, when there is still time to address it without the pressure of a closing deadline.  

A strong marketing plan can help get your home sold.  A well-negotiated offer can help you achieve favorable terms.  But getting from accepted offer to successful closing requires attention to hundreds of details along the way.  For sellers, that is one of the reasons experience matters.

If you're considering selling your home, I'd be happy to discuss not only what your property may be worth, but also what we can identify and address before it becomes part of the transaction.

Amy Saflar
Coldwell Banker West
DRE 01238780