Selling your home can be a challenging and emotional time for home sellers. It takes an experienced REALTOR® to guide you through, a cool head, and a large dose of perspective. Here are 5 mistakes that home sellers often make which may jeopardize the successful sale of their home.
Mistake #1: Don’t make the effort to fix things that break.
It’s unfortunate, but it does happen. If a fixture or system breaks when the home is about to be purchased, sellers must make the repairs and let the buyers know. If you fail to maintain the home, buyers will most likely lose confidence in the condition of the home and back out of the sale.
Mistake #2: Don’t use licensed contractors
Don’t cut corners if repairs have been agreed to. Using a licensed contractor to make repairs is usually in the best interest of both the buyer and the seller. They are bonded and insured, and their work is usually backed by some kind of warranty. Using a contractor is in everyone’s best interest to keep the home sale on track and alleviate future problems that may arise.
Mistake #3: Ignore Contingencies.
Contingencies have deadlines. If you don’t meet contracted deadlines, the contract becomes voidable. Do not assume that you can extend the contract; buyers might just walk away. Pay attention to when the deadlines are and leave a buffer for problems that may come up.
Mistake #4: Become rigid about further negotiations.
Remain flexible throughout the transaction. Problems may show up during the home inspection that need to be addressed, or the appraisal may come in under the contract price. It is wise to remember that negotiations aren’t over until the documents are signed and the keys are delivered.
Mistake #5: Hide liens from the buyers.
Did you forget to mention that you owe six months of HOA fees or that there is a tax lien on your home? A title search is going to turn up any liens filed on your home. To sell your house, you have to pay of the lien. Disclosing everything fully from the beginning is your best opportunity to find out what solutions are available to make your home sale possible.
In a perfect world, no one will run into any of these issues, but it helps to go into the home selling process with an open mind and information about the many things that could possibly go wrong. Selling your home is a stressful experience so it always helps to have realistic expectations from the start; This way, when the unexpected happens, you have a game plan to help get you to the finish line.