Finance or Funding Issues
In these times when financial stress is common, agents need to be asking sellers if the final sale price will cover the total of the mortgage on the property. All too often where there is a shortfall at settlement, the agent misses out on their commission and this could have been avoided by qualifying the situation at the time of listing.
Other issues arise when the funds are short for a purchaser. It is good practice for an agent to be in communication with a buyer’s broker, both to qualify the purchaser and for the purpose of advising your seller that the buyer has been qualified with a pre-approval or similar.
Usually, it’s not until settlement day that the settlement agent is privy to the final exact figures – which causes stress to all parties.