Ways to Avoid Escrow Fallout
Given our current market, buyers often act impulsively. That being said, there is a tremendous possibility of escrow fallout. Here are some of the ways you or your agent can avoid escrow fallout.
Suggestions for buyer's agent or buyer acting privately:
1. Be sure that the buyer understands the market and understands the responsibilities that he has as a buyer before signing the contract.
2. Provide plenty of information to the buyer including building permit information and information about substandard issues that may exist. Suggest to the buyer that he or she does much due diligence upfront before submitting the offer.
3. Be familiar with the following issues: airplane flight patterns, metro rails, or any political or environmental issues that may come with the property. Make sure the buyer understands the zoning for this property and the adjacent properties.
4. If the buyer is planning on adding on or remodeling, he or she should be aware of the process involved to make the modifications they have planned happen. The buyer should have their architect or builder come to the property to consult with them prior to making the offer. And they should check mansionization codes, setbacks and building restrictions; get add-on or construction estimates in advance; and anticipate costs, time and inconvenience.
5. If you have children, make sure to check out the schools in the district.
6. If you are concerned about neighborhood crime, make the necessary inquiries in advance.
7. Consult financial advisors, and make sure you are aware of the monthly cost and the loan preapproval requirements. Anticipate additional costs, such as utilities, property taxes, gardeners, pool maintenance, etc.
8. Be sure that you are preapproved and have a preapproval letter to accompany your offer.