Jan. 22, 2018
"Sellers" - Don't let your Home Sale fall apart!
Avoid these 5 common mistakes/traps;
Tread carefully in the weeks ahead because if you make one of these common seller mistakes, your deal may not close.
1. Forgetting about/Ignoring your 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.
2. Neglecting to fix obvious things that break or will break -
The last thing any Seller needs is for the Buyers to notice during the pre-closing walk-through that the home isn't in the same condition as it was when they made their offer. When things fall apart in a home about to be purchased, Sellers must make the repairs. If the air conditioner fails, get a professional to fix/service it and inform the Buyers that it was done. When you fail to maintain the home, Buyers may lose confidence in your integrity and the condition of the home may come in to question. The Buyer may very well back out of the deal.
3. Losing track of 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.
4. Digging in/Refusing 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.
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.