After finding a buyer, all you have to do to make it to closing is to avoid these five traps.
Finding a buyer for your home is just the first step on the homeselling path. Tread carefully in the weeks ahead because if you make one of these common seller mistakes, your deal may not close.
Mistake #1: Ignore Contingencies
If your contract requires you to do something before the sale, do it. If the buyers make the sale contingent on certain repairs, don’t do cheap patch-jobs and expect the buyers not to notice the fixes weren’t done properly.
Mistake #2: Don’t Bother to Fix Things That Break
The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn’t in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a professional to fix it, and inform the buyers that the work was done. When you fail to maintain the home, the buyers may lose confidence in your integrity and the condition of the home and back out of the sale.
Related:10 Common Repair Costs
Mistake #3: Get Lax About Deadlines
Treat deadlines as sacrosanct. If you have three days to accept or reject the home inspection, make your decision within three days. If you’re selling, move out a few days early, so you can turn over the keys at closing.
Mistake #4: Refuse to Negotiate Any Further
Once you’ve negotiated a price, it’s natural to calculate how much you’ll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.
Related:How to Field a Lowball Purchase Offer
Mistake #5: Hide Liens from Buyers
Did you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowners association fees? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off). If you can do that with the sales proceeds, great. If not, the sale isn’t going to close.
How Much Value Does Regular Maintenance Add to Your Home?
7 Steps to a Stress-Free Home Closing
G.M. Filisko is an attorney and award-winning writer who wanted a successful closing on a Wisconsin property so bad that she probably made her agent rethink going into real estate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
Author:Henry Sanz Phone: 305-458-3583 Dated: October 7th 2017 Views: 36 About Henry: ...
View our latest blog posts in your RSS reader. Click here to access.
Real Estate Empire Group is a fast growing boutique Real Estate firm that was established in 2001. It began to revolutionize property sales as well as marketing through brokers, agents, and an administrative team. Our highly trained administration team ensures the best service possible as well as helps manage transactions efficiently across a spectrum of properties, prices and sales including international transactions. Our office provides agents an opportunity to grow with market- leading training and unique tools devoted for growth and expansion. We are based in Doral, FL placing us at the center of Miami’s fast-growing International market. Our wide- ranging model combines various technologies; efficient support system and leadership initiatives that help agents govern sales in a superior form while gaining a threshold as a Real Estate agent. We at Real Estate Empire Group provide to ensure excellence in every aspect of Real Estate.
Space Transformation: 3 Tricks for Home Flippers to Sell a Home Quickl
"Real Empire Group helped me to reach my dream. Thanks to Maria Gil, the best real estate i know, she is very active and always able to answer a question. I recommended her to a friend and she keep doing her work in the same way."