Selling your home can be a complex process. If you make mistakes, you may be unable to sell your home or have seller’s remorse. There’s no need for this if you keep in mind the following.
Overpricing Your Home
It’s important to be realistic about the value of your home. Sellers should insist their real estate agents present them with objective criteria for pricing. Comparative information is the most critical in getting a house priced properly. If you ask for too much, it’s hard to ask for less later on in the process.
Not Displaying Curb-side Appeal (I know – an American term – but it works!)
You don’t have to invest thousands of dollars into redecorating your home. But there some basic steps you must take to present your house in the most positive light.
Overdoing Home Improvements
Don’t go overboard staging your home. It should feel warm and inviting. Lawns should be freshly cut, plant some flowers, organise the home’s interior, rid the home of foul smells and apply new coats of paint to all walls and doors.
Not Understanding The Buyer’s Offer
Carefully reviewing and understanding the offer or purchase contract is imperative. Here are a few things to look for:
1. Has the buyer agreed to pay down a significant deposit?
2. Is the offer contingent upon the owner selling his or her present home? If so, how is the selling process transpiring?
Home Inspection/Open Houses
Have general inspections done in advance. Even though buyers will often have the house inspected again, it’s best to prepare for any potential problems.
While it is tempting to hide or fail to mention the snafus of a home for example, it’s a hotel for cockroaches or termites, located in an area that’s prone to floods or fires, it is best to give buyers full disclosure. This kind of information can greatly affect the value or desirability of the property.
While you may think your pink walls or roman columns are fabulous, it is best to keep that opinion to yourself.
Poor Real Estate Agent Communication
Sellers should take a pro-active approach to the selling process and not rely completely on the agent. Sellers should insist upon regular updates about the house and never assume the agent has taken care of everything. It is the seller’s responsibility to ensure everything is running smoothly.
Once you have an offer on the table, it is imperative to secure confirmation of loan approval from the buyers (or their conveyancer/lawyer). Many do not ask about this – you are well within your rights to do so – and generally the buyer will have a finance clause in the contract that they must adhere to (unless you sell at auction and that is another article entirely!).
If you follow these steps, you will go a long way towards avoiding being a victim in the home selling process.
Author: Melanie Burns
To discuss this article or anything else to do with your finances, please call our office today on 0434 087 735 or email us and we will be happy to assist you.