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
home selling 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.
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.
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 home owners 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.
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Fred Yancy, Realors LLC ~ 225 Creekstone Ridge, Woodstock, GA 30188 ~ (678) 922-2463
www.FredYancy.com