Frequently Asked Questions
By listing your property with the Fran Campbell Team, we have partnered with you in the common goal of selling your home. Our objective is to smoothly take you through the marketing and closing of your lake property.
For the homeowner selling your home is many things wrapped in one, it’s a financial endeavor, legal transaction, at times an emotional undertaking (weather joyous or wearisome), and sometimes a daunting logistical task.
All of this is why you need a team of experienced Real Estate professionals to guide you through the process! Let me take a moment to address some questions that might arise during the course of your transaction.
Once my property goes under contract, what are some things that could happen?
1. Hopefully nothing. Many times contracts are written, accepted and everything goes very smoothly through closing.
2. The Inspection Report may discover issues with the property that you were not aware of. In this case, the buyer will often request that defective items be repaired or replaced prior to closing. If this happens, I will be working with you to make the best decision as to how to respond to the inspection report.
3. Just like the Inspection Report, the buyer may have a question or issue with something that is on the Sellers Disclosure. If this happens, I will work with you on the response to this concern.
4. The Property may not close. During the inspection period and the time frame for financing, something could happen that would cause the buyer to withdraw from the contract. In one case, the buyer actually died prior to closing. If this happened, we may want to terminate any agreements so that the property could quickly be returned to Active Status in the multi list.
5. The survey may discover boundary issues. Some common problems have been encroachments, such as a neighbor’s sidewalk or overhang. Sometimes it could be a discrepancy in the amount of lakefront or acreage. Recently we have had problems with some properties being in the “flood plain” and encroaching into the “project boundary”.
6. The contract dates may change. We always need to be prepared to deal with the possibility of the dates on the contract changing. Sometimes financing contingency may need to be extended due to new regulations. In some situations, the closing date may need to be closed earlier or later for a number of reasons.
7. The buyer may discover the absence of, or error with a required permit. Permits are required for sea walls, docks, dock modifications, irrigation pumps on docks, gazebos etc. During the inspection period, the lack of an appropriate permit could cause a problem for the contract.
8. The buyer may ask for something to be included that you have excluded. It is frequent that as part of the contract process the buyer may ask for something to be included that is not on the inventory list. It might be something that you would not consider including. In that case, we communicate that to the buyer and move on. On the other hand, it might be negotiable. The important thing is to not get upset if this happens, we just deal with it.