Getting to the Closing Table
It is little known fact that nearly 30% of all homes that go under contract will end up back on the market before reaching the closing table. Most people think transactions fall apart because of financing, inspections, and appraisals…but not always. A skilled and creative agent should be prepared to roll up their sleeves to restructure the transaction in a manner that works for both party’s needs.
Over the past few decades, the real estate industry has become more challenging and sophisticated. Take technology. It influences how we communicate, locate properties, market properties, research properties, conduct inspections, and write and submit offers. Another challenging impact is the Colorado real estate contract. Over a span of almost 40 years, the real estate contract has grown from 1 page to 16 pages, not including several mandated addendums.
We are well past the days when a listing agent would list a property, place a sign in the yard, attach a lock box to the door, put it in the MLS, and possibly run a newspaper ad. An essential part of an agent’s job is to provide and manage appropriate expectations during the transaction process, communicate regularly, and have the experience and expertise to guide the process to the closing table. It doesn’t matter how much technology is available, real estate is still, and always will be, a people business that should include establishing valued relationships with clients who may be buying or selling their largest asset.
Most seasoned brokers recognize most of the work in real estate begins after receiving an offer and the property goes under contract. The current market in Colorado, dependent upon price range, still leans toward a seller’s market and becomes more balanced as the price range increases. Regardless of the price, the contract itself is primarily written to protect the buyer’s interests with a variety of contingencies related to inspections, appraisals, financing, title, etc.
Real Estate Bottom Line
When it comes to real estate, it’s never the problem that poses the greatest challenge, it is how the problem is handled. Carefully selecting the right broker to represent you, your financial interests and peace of mind is the most influential factor impacting your journey to the closing table. Let’s discuss your situation so you have the best possible real estate experience.