Buyers are busy with their property inspections, qualifying for their mortgage and planning their move. They visualize a better life surrounded by family and friends. This is the beginning of an emotional attachment to a home they do not own, but necessary if they are to successfully complete the purchasing process in the next six weeks.
Sellers are busy packing and scheduling movers. They look forward to the freedom that selling their home offers and begin to envision all the possibilities of moving to their new home. This is the beginning of an emotional detachment to a home they once thought of as their sanctuary, their little piece of this world.
Agents are busy coordinating property inspections and filling out reports and disclosures between buyers and sellers. There are contingencies that need to be completed and released, documents to be double checked and often additional negotiations between buyers and sellers after the home inspections and appraisal have been completed.
Every party involved invests their time, money and emotional energy based on the good-faith belief that the sale will close. Both buyers and sellers will pass through five stages of emotional experiences. An understanding of these stages will help the transition.
Once the offer has been accepted, you will be in a celebratory mood. Escrow is open and it will only be a matter of a few weeks before the deal is done and the buyers move into their new home. Buyers begin thinking of the improvements they will make to the home and how they will arrange the furniture; which bedroom will belong to each member of the family. Sellers are excited knowing they are finally free to move forward and begin seriously planning their new life.
It is this initial stage that an experienced agent will want to gently tone down their client’s ardent enthusiasm. While it is good to envision a flawless outcome, having an accepted offer is only one of many steps in a stressful and often contentious sales process. There likely will be some unexpected issues that the parties will face. Perhaps further negotiations, delays or disappointments. Stay positive but also be realistic.
Closing on a house can be a long, complex process. A lot can go wrong, so it’s important to protect yourself. The escrow process gives you time to inspect the property, read all disclosures, perform a title search, understand encumbrances and remedy any issues that may arise. To avoid unexpected lending issues, work with reputable title agents, escrow officers, and lending professionals. Heed their advice, and do not make any major financial changes or purchases during escrow.
It is also highly recommended that you have all inspections done in a timely manner. To avoid surprises and delays with escrow, it’s best for sellers to have home inspections done and major repairs addressed prior to listing the house. Buyers also need to do their own inspections and be prepared for anything.
Purchasing a property is big investment of time and money, so it’s important to take every precaution you can. Understand that you will have frustrations and learn how to avoid them when possible and roll with them when they pop up.
Disappointment occurs when reality does not match up to our expectations. That perfect home you signed up for a few weeks ago can now have some unexpected issues. It is disappointing to discover that the home is less than perfect. Further disappointment can happen when you discover the mortgage payment or closing costs will be higher than expected or that construction has been delayed and your move-in date has been pushed back yet again.
If the seller accepts your offer and you get everything you want, your excitement can return. However, making an offer does not always mean you will have a happy ending. Heartbreak and disappointment is part of the buying process, especially if you fell in love with a property and envisioned yourself living in the home. If it is any consolation, know that you are not the first or last homebuyer to experience disappointment. Do not give up. Trust your real estate agent to rectify the situation and find a solution.
A good agent will help their clients transition quickly out of disappointment. Too much disappointment leads to depression, helplessness and escrow cancellation. Negotiating the differences between the buyer’s and seller’s expectations helps the parties focus on the ultimate goal of buying and selling the home. Give a little, get a lot. Finding common ground becomes a unifying experience and both parties move toward acceptance.
Acceptance for buyers usually kicks in at the title company when signing the loan documents and closing papers. There is a sense of relief and accomplishment when the sale process is finally over. Sellers experience acceptance when they receive confirmation that the sale is closed and their money, albeit less than what they had originally anticipated, is available. There were some tense times during the sale process but somehow it was all worth it.
WHY CHOOSE CITRUS HERITAGE ESCROW
When choosing an escrow company there can be many important factors to evaluate. Fees, location, staff and even recommendations from friends and colleagues are all things to consider. With Citrus Heritage Escrow by your side, you can rest assured that when you receive your settlement check, you have gained the maximum benefit from your home sale or purchase.
Call us today with any questions or concerns. Our professional Escrow Agents will help you through this exciting yet confusing process. (951) 335-7200