Four Common Mistakes Home Sellers Make
and How to Avoid Them
- Not Preparing Your Home To Look Attractive To Buyers. Your
home is competing with more than 1,000 other homes. Buyers buy on emotion,
not logic. The best marketing program in the world can only bring lots of
buyers into your home – it can't make them like the home. See our How
to Show Your Home flyer.
- Signing A Long-Term Listing Without A Written, Specific Performance
Guarantee And Easy-Exit Clause. Don't rely on verbal promises. Make
sure that you receive a written promise stating that you can cancel without
charge if the performance is other than what was promised.
- Not First Obtaining A Qualified Bank Appraisal And Commitment For
Financing From A Home Lender. How would you feel if your home sold
for $106,500 and then you find out from the bank appraiser that it was worth
$116,000? In today's real estate market, this happens often! Your home will
have to be appraised by a state licensed bank appraiser sooner or later. Sooner
can result in several extra thousands of dollars in your pocket.
Bonus: Buyers are afraid of paying too much for a house.
That's why they often make low offers. A certified bank appraisal helps you
sell for full price because the buyer can see that the price was established
by a professional third party.
- Not Obtaining Written Pre-Approval For A New Home Loan For Your
New Home. Nothing is more heartbreaking than to sell your home and
find your new dream home, only to find that you can't obtain financing for
the dream home.
A written pre-approval is a formal written promise by a home lender to make
you a new home loan. It costs only $100 (I can often help you get them for
no charge), which will be applied to your down payment when you get your new
home. Do not confuse a verbal pre-qualification with a formal written pre-approval.
Verbal pre-qualifications are just that – verbal. They are not binding
on the home lender. Many home buyers have received verbal pre-qualifications,
only to later be denied a home loan and have their dream shattered.
I'd be more than happy to give you the name of several highly competent, well-respected
home lenders, who may provide you with a formal, written pre-approval at no
charge, as a result of my recommendation. Please feel free to give me a call
for their names.
The above recommendations come from years of experience in the
real estate industry during buyers' markets, sellers' markets, high interest
rates and low interest rates. In any economy, however, the listed recommendations
apply in all situations. Follow these guidelines and you will substantially
reduce the often stressful and sometimes expensive mistakes made by hundreds
of home sellers in our area each year. For FREE help and guidance in selling
your home, call Paul Russell at Century 21 Prestige: 615-481-1899.