Critical Home Seller Mistakes and How to Avoid Them
By Kay Pascale.
Selling your home is one of the most important life-changing decisions you’ll make. It’s both personal and financial, and the stress of the home sale process can leave you open to some critical, and costly, mistakes. Here are a few common mistakes and how to avoid them.
Choosing the Wrong Real Estate Agents
The second most ill-advised choice, beyond trying to sell your own house, is the wrong choice of estate agents. Properly-vetted estate agents, with proven sales records, can help you with many of the costly legal requirements of property transfer as well as avoiding the myriad of pitfalls of a poorly marketed home. Consult several local estate agents and ask each how they would market your home. Also, ask for a comparative marketing analysis that would give you the values of homes in your area.
Part of a successful home sale is the attractive staging of the property. Decluttering your home will allow the potential buyer to visualize themselves in the home. Putting your extra clutter from the garage, attic, and even some of the main rooms of your home in storage will make your home feel more spacious to the buyer.
Small upgrades like fresh paint and home repairs are necessary to secure the best price for your home. The basics of home maintenance give the buyer confidence in your home as their choice. Keeping your home picture-perfect and ready at a moment’s notice for a showing can greatly improve the likelihood of a successful and quick sale. A well-staged home ready for viewing will get the most potential buyers for your home.
Pricing Your House Too High
Pricing your home too high is one of the costliest and time-delaying mistakes. Too high a price can turn off buyers and delay the sale of your home. Each subsequent lowering of your sale price will put you in a more vulnerable position in negotiating an optimum home sale price.
Not Giving a 90-Day Notice
One of the legal pitfalls that good estate agents can help you avoid is not giving a 90-day notice of cancellation to the bank. This is a costly mistake since it results in a penalty of 1% on the remaining balance on the bond for the full 90 days.
Forgetting to Secure Your Funds for a Down Payment on Your New Home
Once you give a cancellation notice on the bond, your bank will freeze the funds. If you need those funds for a down payment, it could jeopardize the purchase of your new home. The cancelled bond will pay out usually in 10 weeks. Withdrawing the necessary funds for your purchase before giving a cancellation notice would avoid a costly delay.
In the End
It’s essentially the researched choice of an experienced estate agent that will help you avoid critical and costly mistakes when you sell your home. Take the time to choose the right agent, so you can feel confident in relying on their guidance during the entire home sale process. When you’re ready to find your dream home, speak to an experienced agent who can help you sell your current place and move on to your next adventure in life.
Note: Kay Pascale is a writer on the subject of real estate and will be contributing more interesting and informative articles towards my blog.
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