So, you’ve listed your home for sale, found an interested buyer, and accepted his offer. What next? Unfortunately, some offers will not make it to closing for one reason or another. But, you can improve your chance of closing on a deal and selling your home by avoiding these common mistakes:
Letting your emotions get in the way.
It can be hard to say goodbye to a home—and the memories you made within it. Once you find a buyer and set a closing date, the fact that you’re selling your home may suddenly seem more real. But, it’s important to prevent your emotions from getting in the way of closing the deal. Try to think of selling your home as a business transaction so you can distance yourself from the emotional aspect of it.
Before the closing date, buyers will hire an inspector to take a look at the home. If the inspector uncovers any issues, such as mold or structural damage, this could affect the deal. Buyers may ask you to either fix the problems prior to the closing date, or reduce the price of the home to account for the cost of repairs. If the problem is severe enough, buyers may just back out of the deal altogether. Avoid this problem by being upfront and letting buyers know about any issues.
Taking a chance on an unqualified buyer.
Many real estate transactions end up falling through because the buyer who made the offer is not financially prepared to pay for the home. This can be incredibly frustrating for sellers who then have to start back at square one to find another buyer who is interested in the home. How can you avoid this problem?
Don’t make the mistake of taking a chance on an unqualified buyer. Before accepting an offer, ask the buyer to present proof of funds or a pre-approval letter from a lender. If you don’t do this, you are taking the chance that the buyer will have to pull out of the deal at the last possible minute when he realizes he cannot get a loan.
Asking for more time.
Once you have accepted an offer, it’s time to start packing up your stuff and arranging to move out of your home. However, some sellers make the mistake of waiting too long to start packing, so they end up running out of time and asking the buyer to push back the closing date.
Sellers should be aware that buyers may back out of a deal if they feel they are being taken advantage of or pushed around by an unmotivated seller. If you want to ensure that you complete the transaction, don’t inconvenience the buyer by asking for more time.
The best way to ensure that selling your home is a smooth process is hiring an experienced real estate professional. An agent can guide you through every step of the process and offer you advice along the way. With the right real estate agent by your side, you won’t have a problem finding a buyer and making it all the way to closing!