Midtown Tulsa Real Estate - Lori Cain: Your real estate contract is the 1st step of a successful transaction

Your real estate contract is the 1st step of a successful transaction

Your negotiated real estate contract is but the first step of a successful transaction. Once the Buyer and Seller agree upon a sales price, closing date, earnest money amount and so on, the process BEGINS. business women on a chart

We may have to re-negotiate after inspections have been done. In the Oklahoma real estate contract, there is a ten-day period in which the Buyer may back out of the contract and be refunded their earnest money if they discover anything alarming during inspections. Either Seller or Buyer can cancel the contract if the cost of repairs exceeds the amount agreed upon in the contract or whatever amount the Seller is willing to spend. This can be a really tough time to keep a transaction together and requires a bit of compromising by all parties – and skilled, level-headed Realtors to guide and advise their clients.

There may be a snag in financing along the way. As documentation is presented to Underwriting for review, they may have questions or additional requirements. Sometimes financing may be switched from Convention to FHA, or from VA to FHA – which usually means a delay in closing and more negotiations.

Lenders may require that all repairs be done prior to closing – and that sometimes causes a hardship. If the Seller needs to pay for repairs out of closing proceeds, it is possible to escrow funds for repairs, but that gets expensive. Usually 150% of repair cost is required for escrow, and some title companies charge a $400-$500 non-refundable fee for the trouble of escrowing funds.

Yikes – what if there are title problems? Yes, that happens, and those issues can not always be resolved quickly. In the Oklahoma contract, the Buyer agrees to give the Seller thirty days to resolve any title issues. Obviously this can put a real kink in domino real estate transactions.

And the dreaded Appraisal -what if it comes in below sales price? Does your Realtor know how to prevent this?

The road to a successful real estate transaction, whether selling or buying, can get a little bumpy along the way. The best way to work through the process is with a calm head, cooperative attitude and good communication skills.

I can guide you from your negotiated real estate contract to a successful closing. Years of experience, creative thinking and strong negotiating skills are paramount to getting us all to the closing table.

Do please call me if you are interested in buying or selling a home in the greater Tulsa area! 918-852-5036

Content written and published by Lori Cain.

Copyright 2014 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

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Please visit my web site if you are shopping for Tulsa homes for sale or call 918-852-5036 for more information about Midtown Tulsa Real Estate. In addition to my advanced grasp of the internet to market your Tulsa home for sale, I include a home staging consultation with every listing AND professional photography - at no aditional cost to you!

Lori is a residential Realtor with eXp Realty serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Comment balloon 3 commentsLori Cain • July 13 2014 02:55PM

Comments

Lori

This really puts the whole process in a nutshell, starting with a signed contract. Definitely some differences in how you do things and we do in CA but the general process is much the same. Good for buyers to know, especially those who are new at it.

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) over 3 years ago

This really is a great article. Its never as easy as it sounds, I do not think people really understand how crazy the process is.

Posted by Gina and RJ Hackworth, South Florida - The Hackworth Real Estate Group (Coral Shores Realty) over 3 years ago

I try to remember when I blog Jeff that states differ in how we handle repairs, title problems, etc. Hence I reference the Oklahoma state contract for that reason. We still require that the abstract be brought up to date for every transaction - even refinancing.

Gina and RJ - thank you! Yes, it can be a crazy process - sometimes I wonder if I ever have an EASY one!

Posted by Lori Cain, Midtown Tulsa Real Estate Top Producer (eXp Realty) over 3 years ago

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