How To Deal With Contingencies And Closing Delays In The Selling Process
Contingencies and closing delays
are common challenges in the selling process that can affect both buyers and sellers. Contingencies are conditions that must be met before a deal can be finalized, such as financing, inspections, appraisals, or due diligence. Closing delays are situations that postpone the signing of the contract, such as missing documents, legal issues, or unexpected problems.
Here are some tips on how to deal with contingencies and closing delays in the selling process:
Plan ahead and communicate well
Both parties should be proactive and transparent about their expectations, timelines, and potential issues. They should also keep each other updated on the progress of meeting the contingencies and resolving any problems.
Be flexible and cooperative
Both parties should be willing to compromise and accommodate each other’s needs and requests. They should also be respectful and courteous to each other and avoid blaming or accusing each other for any delays or difficulties.
Seek professional help
Both parties should consult with their respective advisors, such as lawyers, accountants, brokers, or consultants, to ensure that they are following the best practices and complying with the legal requirements. They should also seek expert guidance if they encounter any complex or unfamiliar situations.
Focus on the big picture
Both parties should remember their ultimate goals and motivations for entering the deal. They should also keep in mind the benefits and value of the deal and avoid getting distracted by minor details or emotions.
Contingencies and closing delays are common challenges that can affect both buyers and sellers, but they can be overcome with proper planning, communication, flexibility, and professionalism. By following the tips and advice in this post, you can avoid or minimize the impact of these issues and close your deals faster and smoother. I hope this article helps you understand how to deal with contingencies and closing delays in the selling process.
Keep it Foxy,
Sales Manager & Founder