Home Seller Advice: Things You Shouldn’t Say At Escrow Closing

1. ‘I can’t believe we made it to closing—those negotiations were brutal!’ Negotiations between home buyers and sellers can indeed get stressful, whether you butt heads over the home’s price or which repairs you’re willing to take care of after the inspection. Yet on closing day, that’s all water under the bridge.
If you have any lingering resentments or requests, now is definitely not the time to bring them up! They won’t get you anywhere, and could put your once-happy buyers on edge.

2. ‘Honey, remember that crazy time the basement flooded?’ Naturally, selling your home brings up old memories—some good, some bad. Reminiscing about the bad ones at closing could get you in trouble. For example, if you talk about the winter when the pipes froze and burst, “it’s going to plant doubts in the buyers’ mind, especially if their home inspector missed it,”. “All the sudden, the buyer might be worried there’s mold behind the walls.” However, always disclose the current condition of your home’s components (roof, foundation, electrical, plumbing, etc).

3. ‘I’m getting divorced, and really have to sell this house fast’. It’s safe to assume that no one feels comfortable hearing about a stranger’s pending divorce (awkward!), but broaching the topic at closing can actually create serious legal complications for a home seller.
“If you’re going through a divorce, you typically need to have the divorce finalized before you can legally sell the house, since it’s an asset that needs to be divided,” Furthermore, if the house’s mortgage hasn’t been paid off yet, a divorcing couple usually need to decide how they’re going to split the amount owed before selling the house.
Therefore, if you’re getting divorced, it’s best to iron out all these details before your close, as raising these issues without firm answers during your close could stop the whole process in its tracks.

 

Disclosure: To avoid lawsuits, always tell the truth when filling out disclosure statements

Posted on September 19, 2017 at 8:07 pm
Steven Galindo | Category: Home Seller Advice

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