A home sale can be a complicated deal; it can be frustrating, exciting and apprehensive all at the same time. Things can change in an instant because you have so many different parties involved. Whether you are on the buying side or the selling side, once a deal is underway you don't want to fall apart. However, there are some things that you can do before listing the property that can avoid a lot of these home sale pitfalls.
#1. Consider a preinspection.
A preinspection will alleviate any surprises you might get later on when the buyer does their own home inspection. You don't want to find out later that that deck that you put on was done without a permit and now it is not up to code. Now is the time to repair, replace or update anything that might not be up to par with what buyers are looking for.
#2. Talk to your neighbors.
Obviously, putting the for sale sign in your yard is the obvious clue that you're moving but you want neighbors to be on their best behavior when buyers come around. I recently spoke with a homeowner that has their home on the market for several months. By the time it went under contract and the buyer has scheduled an inspection, the buyer then cancel the contract with no reason. The buyers agent later informed the listing agent that when the buyers came to view the property a second time, neighbors were screaming at each other and dogs were barking incessantly. This deterred the buyers from completing the sale. Simply by talking to your neighbors and letting them know that your house on the market may help them be on their best behavior, especially when they see buyers, agents or people browsing the home and looking at the property.
Read more: How to Attract Buyers to Your Listing
#3. Keep the appraisal in mind.
You can price your home at whatever price point you want but, unless the buyers are paying cash, that home will need to appraise for the amount that they are offering. If it doesn't, the buyers will need to come up with the difference or you will need to lower the price. You want to keep this in mind when pricing according to what the market can bear at the time. Overpricing your home may sound good, especially if you get an offer, but if the appraisal does not meet the asking price you're out of luck anyway.
#4. Don't forget to negotiate.
Many homeowners get so emotionally involved in listing their property that there insulted from lowball offers however, it could be this offer that could be negotiated to the right price. By keeping your emotions at bay, staying unemotional and realize that this is a product you are negotiating over, can help you make an informed decision on how to best negotiate with the buyer. Your listing agent should also give you adequate advice on how to negotiate so that it is a win-win for everyone.
#5. Don't underestimate your HOA.
Homeowners associations may have specific rules on listing your property. Some associations require inspection of the property prior to selling it or even listing it. Some may have rules about signage and advertising. They may also have specific rules if you live in a gated community. Check with your homeowners association before listing on any specific or unusual requirements.
The last thing you want is for your home sale to fall through but being proactive in trying to prevent some of these issues is a great way to set yourself up for home selling success. Call me today to find out exactly how much your home is worth.
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