Selling a home is a complex, multi-faceted process. From choosing a trustworthy real
estate agent to pricing your home accurately and presenting it properly, the selling
process can be downright daunting, especially for first-time sellers. You don't want to fall
victim to the top-10 list of sellers' biggest mistakes:
Choosing the cheapest service - Recently there are a number of real estate
companies providing “discounted” commissions. Although this may be attractive at first
glance, it is important to consider the ramifications. These “limited service” providers need
to cut corners to make their profit. Remember that old saying, “You get what you pay for.”
Overpricing your home - It's important to be realistic about the value of your home.
“Comparative information is most critical in getting a house priced properly." While all
sellers are tempted to see how much they can get for their homes, once you ask for too
much, it's hard to ask for less later on in the process. You run the risk of buyers thinking
“'Oh boy, I wonder why they had to reduce this one. There must be something wrong with
it." To get a realistic assessment of your home's worth consult a full service realtor and
price it accordingly.
Not displaying curb appeal - You don't have to invest thousands of dollars into
redecorating your home. But there some basic steps you must take to present your house
in the most positive light. When people drive by a home they're either turned on or turned
off. There's nothing more important than the exterior of your home.
Overdoing home improvements - Don't go overboard with staging your home. You
don't want your house to be so pristine that it feels cold or so overdone that it looks like it's
out of a magazine. You want it to feel warm and welcoming. Do, however, spruce up the
yard, plant some flowers, de-clutter the home's interior, rid the home of unpleasant smells,
and apply fresh coats of paint to all walls and doors.
Misunderstanding the buyer's offer - Carefully reviewing and understanding the offer
or purchase contract is imperative. Here are a few things to look for: How much deposit the
buyer has agreed to put down -- is it a significant deposit? Has the buyer asked for some
credits to cover loan costs? Is the offer contingent upon the owner selling his or her
current home? If so, how is the selling process going? These kinds of things are worth
investigating.
Not getting your home inspected before listing it - Have general inspections done
ahead of time. Even though buyers will often have the house inspected again, it's best to
prepare for any potential problems. Corrective costs can often be incorporated into the
pricing strategy prior to determining the list price. Otherwise, it can be very costly to the
seller.
Withholding information from potential buyers - While it is tempting to hide or fail to
mention the downfalls of a home it is best to give buyers full disclosure. Material defects
are always required to be disclosed by law. This kind of information can greatly affect the
value of the property and full disclosure will lead to the smooth and successful transfer of
the property.
Not being objective about your home - Sellers may feel they know their home best but
that doesn't mean they are the best people to sell it. We recommend that sellers leave
their home while the agent shows it. A lot of people feel uncomfortable looking at a home if
the buyer is right there. It's important to give the buyers space.
Not investigating your buyer. - Once you have an offer on the table, it's important to
secure letters of pre-qualification or loan approval from the buyers. These letters should
not only state that the buyers' credit has been checked but also that it was acceptable to
the lender. Also, it's important to ask buyers to complete a loan application and submit it to
their lender within a few days after acceptance of the offer.
Not proofreading the closing statement - Carefully review the statement, including the
loan balance, repairs, and other expenses that are detailed in order to avoid last-minute
surprises or errors. Make sure you get an estimated statement a few weeks prior to closing
and compare the final statement to the estimated one.
Call Mikel today to get a free market analysis of your home’s worth.
