Top 10 mistakes of home sellers
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5. Not getting your home inspected
before listing it.
Have general inspections done ahead of time. Even though buyers
will often have the house inspected again, it's best to prepare
for any potential problems. "It can be very costly to the seller
if he or she does not go ahead with the inspection before the offer
is placed," says Gaylord. "You don't want to get stuck
with a $7,000 fee because the termite, dry rot, and fungus report
determined that the wood in the foundation of your house had deteriorated
so badly that the whole house needs to be leveled."
Withholding information from potential buyers.
it is tempting to hide or fail to mention the downfalls of a home -- perhaps it's
a haven for cockroaches or located in an area that's prone to floods or earthquakes
-- it is best to give buyers full disclosure. This kind of information can greatly
affect the value or desirability of the property.
Not being objective about your home.
While you may think your purple
walls or poly-classic columns are great, it is best to keep that opinion to yourself.
"Sellers may feel they know their home best but that doesn't mean they are
the best people to sell it," Bernard says. She recommends that sellers leave
their home while the agent shows it. "A lot of people feel uncomfortable
looking at a home if the buyer is right there. It's important to give the buyers
8. Poorly communicating
with your agent.
Sellers should take a proactive approach to the selling
process and not rely solely on the agent. Sellers should insist upon regular
updates about the house and never assume the agent has taken care of everything.
Ultimately, it is the seller's responsibility to ensure everything is running
9. Not investigating your
Once you have an offer on the table, it's important to secure
letters of pre-qualification or loan approval from the buyers. These letters should
not only state that the buyers' credit has been checked but also that it was acceptable
to the lender. Also, it's important to ask buyers to complete a loan application
and submit it to their lender within a few days after acceptance of the offer.
Not proofreading the closing statement.
Carefully review the statement, including the loan balance, repairs,
and other expenses that are detailed in order to avoid last-minute
surprises or errors. Make sure you get an estimated statement a
few weeks prior to closing and compare the final statement to the