Selling your home can be quite a long and complex process. There are all kinds of considerations that need to be taken into account when getting ready to list your property for sale. Often times, sellers make mistakes which potentially impact their finances as well as the overall peace of mind.
From start to finish, the process can be stressful, challenging because homeowners often times overlook the various obstacles.
Below we take a look at some of the most common items that come up when selling your property:
Listing Your Property on the Market with an Unrealistic Price
Setting the “right” price for your home is critical. If you price your home way too high, you will turn off a large buyer pool and your home may stay on the market and never sell. It is extremely important that you have a licensed Realtor guide you to make sure your home price is competitive and not too high.
There are many instances where sellers simply “want” a certain price for their home, regardless of the market conditions. This is simply something that should be avoided, especially if you’re looking to sell your house fast and not be stuck with it for months.
Before you put your house on the market, you need to make sure the home in inspected and that all major repairs are ideally taken care of to make your home more appealing to buyers and during open houses.
Often times, experienced licensed real estate agents will negotiate with the seller on behalf of the buyer to reduce the price of the home if there are significant or concerning repairs that need to be taken care of.
If you’ve taken efforts to upgrade your home and make it open-house ready, you’ll occasionally run into indecisive buyers which can drag the process out. Some homeowners may be ready to sign the offer letter and then back out, which leads to you putting the house back on the market again. This extends the timeline and depending on how competitive your market is, it may really slow you down.
Buyer’s Mortgage Approval / Bank Loan
Buyers shopping for a home should be pre-approved by their bank so that they know the price of a home they’re able to afford. Often times, the pre-approval letters that buyers submit with their offer letter could be false.
This is why often times you see properties end up going back on the market with clauses such as: “Back on Market Due to Buyer Financing”.
If you’re selling a home, be sure to have your Realtor carefully review the buyer’s proof of funds and pre-approval letters. Experienced agents will call the lender directly to make sure that the buyer’s taxes, income, and financial statements have been fully vetted, ensuring that the pre-approval is in fact legit.
We hope that you found these tips helpful. For additional information, Investopedia has a great resource section that outlines the process in even more detail which we strongly recommend you go through.
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