Fab Real Estate Blog: Last-Minute Gotchas Before Closing

Last-Minute Gotchas Before Closing

It never fails.  Something always turns up at the last minute when we are planning to close on a home.

This afternoon, I have a closing for my buyers, who are buying a new home in New Fairfield, Connecticut.

Of course, something turned up - a repair that wasn't made.  We'll deal with it, but all it does is add more stress for the buyers - as well as for the sellers. 

Sellers can help to avoid these "Last-Minute Gotchas" by following a few easy steps:

  1. If you agree to make a repair, then make that repair before closing
  2. If you know of a home defect, then disclose it up front

These two easy steps will help avoid possible pitfalls that can derail a closing.  Let's avoid any surprises.

Closing on a home should be a happy occasion - for both buyers and sellers.  Let's not add to the stress that is already inherent in such a transaction.


Don Fabrizio-Garcia, REALTOR
Real Estate Sales and Appraisals

Comment balloon 2 commentsDon Fabrizio-Garcia • November 03 2008 11:30AM

Comments

Don, I try and get the repairs to be completed by 5 days before settlement in the repair addendum, with copies of receipts. It helps prevent surprises at closing.

Posted by Rich Mielke, REALTOR, Frederick Maryland Real Estate (REMAX Results, Frederick MD) about 10 years ago

Hi Rich - Unfortunately, we don't use repair addendums here, and while we agents negotiate the repairs on behalf of our clients, the attorneys handle it from there.

We do check up (well, I do) to make sure repairs have been completed.  In this case, I was led to believe that they were all done.  It wasn't necessary any one's fault, just that the seller goofed.

We got passed it and the home closed, so all is well!

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) about 10 years ago

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