Daily Real Estate News March 19, 2008
Keep Selling Until Deal is Done
Even after a buyer is found and the papers are signed, there’s no guarantee that the deal will close, say real estate practitioners."The risks are with the property or the buyer's credit, income, or down payment," says Kent Cochrum, president of Kingsland Financial Services in Wheaton, Il.Even pre-approval is no guarantee this days. Something as small as missing a bill payment shortly before closing can derail a loan. Sellers shouldn’t stop marketing a home just because they accept a purchase contract, says Cindy Banks, an associate with Re/Max Cornerstone in West Chicago. She keeps records of buyers interested in a property and continues to show that property in many instances. "You've got to track the leads in case [the buyer's financing] crashes and burns," she says.Source: Chicago Tribune, Marilyn Kennedy Melia (03/16/08)
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