Finding a buyer for your home is just the first step in selling your home. Be careful in the weeks ahead because if you make one of these common seller mistakes, your escrow 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.
Mistake #3: Get Lax About Deadlines
Treat deadlines seriously. 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 or credited. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these 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 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.
If you have any questions or would like to an initial consultation to review your home goals, please contact Joan Bang at (213) 675-3289 or by email at Joan.Bang@dilbeck.com.