Closing is a word that is used to define the final part of the entire chain of events that has lead to the successful sale of a property in Orange County. Closing will be scheduled for a specific day, and on this day your property will change hands.

Funds will be exchanged, contracts will be signed and keys will be handed over, this is the final process that sees you saying goodbye to your old home and taking hold of your new home in Orange County. Usually the funds will have been deposited into an escrow service, and your agent or Newport Beach Realtor would have taken care of the specifics.

On day of closing you will also need to physically move out of your home if you are the seller, this means arranging with a moving company to have your goods picked up and moved to your new house, or moved into storage if you have yet to complete closing on your new Orange County home.

In the past, closing day was a stressful time, when both parties carried concerns over the deal going bad at the last minute. These days there are very few problems with the closing of a sale; problems can be further reduced by employing the services of a Newport Beach Realtor to handle most aspects for you.

Unfortunately, escrow can fall through for a variety of reasons. The main reason escrow will fail is due to the purchaser not being able to acquire the required funding. Usually this means that their pre-approved mortgage loan has actually been turned down at the last stage, usually because of undisclosed financial situations resulting in their inability to purchase the property. In years past… many buyers were able to push through even with serious financial failings. In fact, as you likely already know… many buyers were able to secure funding without even proving their financial status. However, times have changed and lenders rules are much more stringent.

The second reason that escrow may fall through is because of property inspections. The home inspection may provide a negative indication such as termite infestation, termite damage, or mold. In such cases escrow does not always fall through but it can if both parties are unable to reach an agreement on the final purchase price.

To minimize the risk of your escrow transactions becoming a problem, you should employ an Orange County Realtor from Harbor Realty to ensure that all your i’s are dotted and t’s are crossed . Something as simple as a typing error on a title deed can cause escrow to fall through, employing somebody to take care of these minute details is a good idea.

As we previously discussed, a property inspection will check the structural integrity of the building, it will also check for potential problems such as mold, rot, or termites. Cosmetic issues will not form part of the survey as they are deemed non-threatening to the property.

Of course, not all inspection results will be negative. You may well find positive aspects highlighted, such as certain materials used which make the house easy to maintain, or parts of the construction which are completed to an exceptionally high standard. A survey is not always doom and gloom.

A good survey can also act as a maintenance route map, giving you an overall idea of the state of your home, allowing you to plan repairs and improvements better, by having a good idea of the importance of each.
Buying a property without an inspection would be a foolish act; you need to know that you are purchasing something that is basically sound before you invest your hard earned money.

Inspections will cover a whole range of things; there will no doubt be a full structural survey which will check that the house is basically sound, including all weight bearing beams and joists along with the foundations and roof. If your house has a large amount of wood used as a construction material, then you can expect the buyer to commission a survey for rot and termite infestation as well. Almost all purchasers will want to undertake a mold and moisture survey, especially if you are in a coastal location. Keep these things in mind when you buy your next home as well!

An inspection is not usually intended to make assessments about the cosmetics of a property. If your walls need painting, for example, this will not be indicated in an inspection of your home as it is deemed cosmetic and does not threaten the structure in any way.

Quite often the buyer will be willing to share the full results of the inspection with you, so that you may decide if you wish to make repairs to increase the final sale price of your home.

When a potential purchaser makes an offer on your Newport Beach home for sale, do not consider it set in stone. Most offers are made on the low side, and some debate is always expected. When you do receive an offer, consider how the offer was made; is it making fair comment over the valuation? Is it so low, that even after negotiation will still see you selling below your asking price? Consider whether you are in a buyers or sellers market as well.

If you feel there is room for negotiation, you will make a counter offer. This could simply be a request to raise the value of the offer, or it could include some more complicated issues such as pledging to repair something that has been found faulty, or even offering to share some of the costs of purchase with the buyer if the offer is increased.

Once you have received an offer you feel you can accept, and then simply let your buyer know, usually via your agent, that you are willing to go ahead with the sale. Again, if you are using the services of a Realtor at Harbor Realty, we will handle the subsequent paper work for you, alleviating much of the stress involved with the pre-sale process.

If you are thinking of selling a home in the Newport Beach area, you should consider taking advantage of the resources available at Harbor Realty. We have whole range of information and tools which can help you come up with a proper valuation for your property.

Ask for a Competitive Market Analysis (CMA). In simple terms, this is a professionally produced report that will analyze property sales and purchases in your area, which can be used to deduce a true valuation for your property based on recent market statistics. Harbor Realty, or one of our Newport Beach Realtors, would be able to arrange one of these for you, and it could stop you from undervaluing your Orange County property or setting the price too high; two mistakes that will cost you either way.

You may also like to check out any planned improvements to your local neighborhood. If these are due for completion before you expect to sell your property, then they too could positively affect the value of the house you are trying to sell.

Our best advice is to utilize the services of a professional Newport Beach Realtor to help you gauge the true value of your Orange County home before you place it on the market.

Exterior – A simple and cost effective way to make a property more attractive in the eyes of homebuyers, and thus allow you to raise the asking price, is to give the exterior a coat of paint. If you did this only a couple of years ago it may already be in good shape. Ask one of our Newport Beach Realtors for advice!

Garden – Get rid of any old littler lying around, we all tend to hold on to broken lawn cutters, old children’s toys and other paraphernalia that we ignore because we see it all the time. Clean up your garden, remove the junk and help your home look the best it can. Even if you don’t have a green thumb your local gardening center can give you advice on what plants can add beauty and withstand harsh conditions at a low cost to you.

Interior – Much like the garden, remove the clutter, keep everything tidy and clean, and make sure that somebody viewing the house sees it at its full potential. Remove unnecessary items from kitchen and bathroom counters, put your laundry away, and keep the floors spic and span! It’s also a good idea to paint the interior of your home if it’s been more than a few years. Save money by painting yourself!

Negatives – Do not try to distract from negatives such as rotten woodwork by trying to hide it, nothing is more likely to plant suspicion in the mind of a potential purchaser than badly hidden problem areas. If the problem is costly and you are unable to fix it before the purchase be sure to disclose this to your Newport Beach Realtor.

So there we have it, some simple tips to help you get more for your property. Remember to always try and be honest and forthcoming with anybody viewing the house. They will no doubt take out a professional survey before they make an offer, so no point hiding the truth.

Newport Beach Home Sellers

If you use the services of a professional within the real estate industry, such as a Newport Beach REALTOR®, you will be expected to pay for their services as a home seller. Your Newport Beach REALTOR® will receive a percentage of the commission received by the brokerage, typically 3%-4%.

Always try to remember that it is in the best interest of your Newport Beach REALTOR® to make sure your property deal is handled professionally and quickly. The cost of advertising your home during the search for a buyer is handled completely by your REALTOR®.

While some will still operate upon a flat fee the vast majority of Newport Beach REALTORS® work on a commission basis. REALTORS® paid a flat fee generally do not take care of all of the details of the selling process for you such as advertising. It is then your own responsibility to advertise your Newport Beach home for sale within your own advertising budget. This can be quite the headache for the inexperienced. What you save by using a flat fee Realtor is essentially used to advertise your home anyway. The services you receive from flat fee REALTORS® will vary from agent to agent. Whereas the services you receive from a REALTOR® paid by commission will not fluctuate. You’ll receive the full service of your REALTOR® from start to finish.
As a seller, it is generally in your best interest to utilize the services of a Newport Beach REALTOR® paid by commission because they will handle all the details of the home selling process for you.

Newport Beach Homebuyers

As a homebuyer it is always in your best interest to use the services of a REALTOR® to help you find homes in Orange County. However, it’s not a bad idea to start your search for that agent and home online. Becoming familiar with Orange County real estate markets such as Newport Beach will give you a good understanding of the current market conditions helping you find a neighborhood that is suitable for your family in price and amenities. As a buyer, the commission of your agent is paid by the home seller. This leaves no reason to not utilize the services of a professional Newport Beach REALTOR® who can properly guide you to the city and neighborhood that is most suitable for your family.

Newport Beach Home Sellers

If you use the services of a professional within the real estate industry, such as a Newport Beach REALTOR®, you will be expected to pay for their services as a home seller. Your Newport Beach REALTOR® will receive a portion of the commission received by the brokerage.

Always try to remember that it is in the best interest of your Newport Beach REALTOR® to make sure your property deal is handled professionally and quickly. The cost of advertising your home during the search for a buyer is handled completely by your REALTOR®.

While some will still operate upon a flat fee the vast majority of Newport Beach REALTORS® work on a commission basis. REALTORS® paid a flat fee generally do not take care of all of the details of the selling process for you such as advertising. It is then your own responsibility to advertise your Newport Beach home for sale within your own advertising budget. This can be quite the headache for the inexperienced. What you save by using a flat fee Realtor is essentially used to advertise your home anyway. The services you receive from flat fee REALTORS® will vary from agent to agent. Whereas the services you receive from a REALTOR® paid by commission will not fluctuate. You’ll receive the full service of your REALTOR® from start to finish.

As a seller, it is generally in your best interest to utilize the services of a Newport Beach REALTOR® paid by commission because they will handle all the details of the home selling process for you.

Newport Beach Homebuyers

As a homebuyer it is always in your best interest to use the services of a REALTOR® to help you find homes in Orange County. However, it’s not a bad idea to start your search for that agent and home online. Becoming familiar with Orange County real estate markets such as Newport Beach will give you a good understanding of the current market conditions helping you find a neighborhood that is suitable for your family in price and amenities. As a buyer, the commission of your agent is paid by the home seller. This leaves no reason to not utilize the services of a professional Newport Beach REALTOR® who can properly guide you to the city and neighborhood that is most suitable for your family.

     Most sellers have a difficult time being objective about their homes.  But, detachment is something sellers should strive for, particulaarly when themarket favors buyers.  To be a successful seller in a buyer’s market, you need to be able to put yourseld in the buyer’s shoes.  Ask yourself if you were a buyer, would you pay the price you would like to ask for your home.

     In a soft market like we are currently experiencing in many parts of the country, buyers are prone to make a low offer on any listing that doesn’t receive offers from more than one buyer.  The exception is when a listing os priced so competitively that a buyer recognizes a good deal and buys the property before others have a chance.

     Some sellers might be inclined to inflate their asking prices so that they will have room to bargain with a buyer.  This is a risky strategy for serious sellers.  In a buyer’s market where there are a lot of homes for sale, the best listings at the best prices sell.

     The listings that don’t sell usually need price reductions to get them to a marketable range.  If the market is trending downward, this could mean selling for a lower price than might have been possible if the listing has bee priced competitively to begin with.

     HOUSE HUNTING TIP:  Sellers whose homes are not competitively priced are prime targets for low offers.  Even if your home is not badly priced, you could receive a lowere-than-asking-price offer if market conditions are uncertain.  Rather than be insulted by a low offer, sellers should view it as the beginning of a dialogue that could result in a sale.

     Pay close attention to the buyer’s financial capability.  Gone are the days where buyers could buy a home with little or no cash down and without verifiable income.  Today’s buyers are subjected to far more financial scrutiny by lenders than they were a year ago.

     Ideally, buyers should be preapproved for the financing they need before they make an offer.  If they are not, make sure there is a clause in the purchase contract that requires the buyers to apply for financing within several days of acceptance.

     Find out what kind of financing the buyers are applying for and which lender they intend to use.  Some mortgage lenders recently failed to fund buyer’s loans at the last minute.  Make sure your buyer’s receive underwriting approval from a bona fide lender.  The number of days for lender approval should also be included in the purchase contract.

     Sellers who receive an offer that is unacceptable regarding any of its terms and conditions – not just the price – should have their agent draft a counteroffer.  Buyers and sellers often donb’t know in advance what price they will accept until they are in the midst of a negotiation.  For example, a seller who bought another home before selling, might accept a lower price if the house has been on the market a while and the buyer’s offer is not contingent on the sale of another property and if the transaction will close quickly.  Likewise a buyer could agree to pay more than he though he would if interest rates were to drop.

     THE CLOSING:  The counteroffer process can happen quickly or it can be long and tedious.  Be prepared to explore all options before letting a negotiation fail.