Unforeseen problems can arise during escrow, and closing dates are never set in stone! Lenders, appraisers, title attorneys, credit check services, or anyone who is involved in the transaction could potentially delay a closing. Stay in close touch with your real estate agent, who will notify you of deadlines and help you deal with delays.

Well-written sales contracts are the key to avoiding problems during escrow. For example, provisions can be included in the agreement that require the buyer to provide evidence of sufficient funds for down payment and closing costs, or to present proof of the ability to obtain homeowner's insurance. Because of new restrictions on insurance policies, the mortgage lender may require insurance before funding the loan.

There is also a section in the sales contract wherein the seller makes a warranty to the buyer of the condition of the property. It is important to make sure that this clause is modified to reflect the seller's transfer disclosure statement. If this is not done, the seller could be required to repair items that are found to be dysfunctional or faulty, and this could add time to the escrow period.

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Tom Sommers
Edina Realty
7580 160th Street W.
Lakeville, MN. 55044
(952) 994-7204
(952) 997-1854
Fax: (952) 891-7696
Email: tcsommers@NUMBER1EXPERT.com

BUSINESS PHILOSOPHY: To treat each client as you would a friend or family member. Maintain a standard of excellence through honesty and integrity. It is our desire to serve you the client with the highest level of customer service possible.

FOR SELLERS: We have an average list to sale market time of 89 days. On average we get 97% of the listing price for our clients. This is due to an extremely effective marketing campaign and a high level of skillful negotiation. We sell on average 90% of our listings. Please remember the market determines the value of your home not the agent. Choose your listing agent based on the one who can sell your home in the shortest amount of time for the best possible price with the least amount of inconvenience to you and your family. Your bottom line is the most important number of all.

FOR BUYERS: With our complete buyer profile system we will be able to save you time and money. You will not spend your valuable time looking at homes that do not suit your needs. Your time will be spent looking at the best the market has to offer in the areas that you want to live, in your price range with as many amenities that match your criteria. When choosing a buyers agent, base your decision on who will best represent you throughout the transaction.

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