Be prepared to negotiate with the buyer regarding repairs, credits, or adjustments to the sale price to keep the deal on track.
Carefully examine the purchase agreement, particularly clauses related to property condition and buyer contingencies, to understand your obligations.
Get detailed quotes from reputable contractors for the necessary repairs to understand the total cost and compare it against your insurance payout.
Thoroughly review your homeowner's insurance policy and discuss the damage with your insurance adjuster to understand coverage limits and deductibles.
Proactively inform the buyer about the damage, the steps being taken to address it, and the insurance claim process. Offer to share insurance adjuster reports.
Immediately address and repair the storm damage, obtaining all necessary permits and documentation. Provide the buyer with proof of repairs.
If possible, use a shared platform or email chain to document all communications and decisions, ensuring transparency and accountability.
Organize brief, frequent calls with all parties involved (agents, buyer, lender representative) to ensure everyone is informed and issues are addressed proactively.
Advise the buyer to inquire about the possibility of switching to a different lender if the current one is consistently underperforming, though this is the buyer's decision.
Contact the loan officer's manager or a higher-level contact at the lending institution to inquire about the delay and request expedited processing.
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The seller may be experiencing delays with their mortgage approval or funding for their new property, which is a common reason for purchase delays.
Unforeseen issues arising from home inspections or appraisals on the seller's new property could be causing delays as negotiations or repairs are required.
Problems with the title search or property survey for the seller's new home can lead to significant delays as these issues need to be resolved before closing.
The seller might be experiencing delays caused by the seller of their new home, such as their own financing issues or a need for more time to vacate.
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