The home buying roller coaster ride

There is a lot involved in buying a home.  Most consider a home a place to live but also a big financial decision.   Even after buyers are pre-approved and ready to go they are not ready for the emotional roller coaster ride most experience as they go through the home buying process.  We do the best we can as Realtors to make the ride as smooth as possible.  (I see one bad pun in this already.  It could be worse but I am trying to be serious)

One thing that really bothers buyers is when they find a home, make an offer, we negotiate, they have an inspection, everything is signed and sent to the lender and the closing is scheduled but . . . .

They go on the internet and look up the home that they have a  contract to buy, the one that is just right  and that took awhile to find, the one they just love and it is still for sale.  They call me, or send me a note because they are concerned.  If their offer was accepted why is the home still for sale?  Is it going to be sold to someone else?

First let me explain that once the offer has been accepted by both the buyer and the seller and the contracts have been signed the seller can not turn around and sell the house to some one else.  That is what the buyers really want to hear from me so I get it out as soon as I can.  Technically the seller could accept offers up until the closing but they almost never do.  If they did get another offer they could not sign the contract because they already have a contract with the buyer which would have to be canceled by mutual agreement. 

Does that make you feel better?  I hope so because I don’t want you to worry about this. You have enough on your mind.  I could go into a lengthy post about how occasionally contracts are broken but it is rare.  Most sellers are thrilled to have it over with and have their calendars marked with the closing date and may be planning on closing on a home they just purchased.

After a seller has accepted an offer and has a contract the home is usually put into the "pending" status in our MLS.  That means that a closing is pending, and the home will not longer show up on web sites as being active or for sale.

Homes under contract do not always get put into the pending stage as quickly as they should.Each office has different procedures for changing the status of a listing.  There are all kinds of reasons why a home may be still listed.  Your best bet is to ignore it and think about calling the movers instead.

Here are some tips from lender Larry that will help you through the mortgage roller coaster ride.  Read:  What not to do once you have started the Mortgage process  This guy is good, I am just wondering if he knows what day of the week it is.

They made me go to the Mall of America, the picture was taken in the Mall’s amusement park.   T at the mall, probably best left for a Friday post.

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2 Replies to “The home buying roller coaster ride”

  1. Loved this site, found by accident, it really brought me to mind of the period of time I work has a State Capitol Officer, I saw the inner most areas of the History Center and saw some relics from all over, I was quite interested about the old Rondo area has my wife Tanya Johnson was born here, I am from the Big City-Chicago, but lived here over Twenty years, I hope those items will be on display someday, I had hoped to find info on our modest home situated on Maryland and Norton built around either 1920-1940 it has had some major work but needs more, i-e: basement, roof,garage, heck it could all use a face lift, but has held up well inspite of the problem with drug sales and some crime in the area no thanks to Apt. bldgs with lousy tennats, Too bad Saint Paul Cop’s are a bit lax on those issues here, I miss the way Chicago Cops keep there beat areas.(too liberal here, but I’m a Vietnam era Vet, and City employee, I expect things to be right, but know that’s life!. Anyway cool Blog, where do I find archive info on my home? Thanks.

  2. Mr. Sharpe – thanks, and welcome to MN. I love the history center. I have done a bit of research on my own home. I am not sure what kind of information you are searching for. The history center has reverse directories and US census data. they also have pictures. If you would like to know who built it try the Ramsey county property records and use your abstract as a guide. They have records dating back to the 1880’s.

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