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1.
Timing:
It can make a significant difference in price depending on
what time of the year you sell your house. The worst time
is between Thanksgiving and New Year’s Day. The best
time of the year is usually between March and October,
except in winter resort areas where winter is the best
time to sell your home.
2.
Not Considering Tax Implications:
You could end up paying heavy taxes by losing “Home Sale
Tax Exemption” benefit if you do not consult your tax
advisor before selling your house.
3.
Selling
Without Professional Assistance: Although it is tempting to “save the commission”
and sell your home without a professional real estate
agent, but it is very likely that you will end up making a
legal mistake that will haunt your for years. Studies show
that professionals can sell your home at much higher price
than you can sell yourself, even after deducting agent’s
commission. Why take risk and go through hassle when it is
not worth it. Let professionals handle what they do best.
4.
Not
Signing “An Exclusive Right to Sell” agreement with an
Agent:
You will not receive an agent’s full commitment and
efforts unless you sign “An Exclusive Right to Sell”
agreement. If you think that you have a potential buyer,
you can add a reservation in the listing and avoid paying
commission if you sell the house yourself.
5.
Not
Cooperating With Your Agent: The agent needs your full cooperation to effectively market your home and
bring in the highest priced offer in the shortest amount
of time with the least inconvenience to you. Not
cooperating with your agent may hinder his efforts.
6.
Not
Allowing Lock-Box:
If
you do not allow your agent to put a lock box on your door
you will miss a large number of potential buyers. Agents
prefer showing properties with a lock box. If your house
is not easy to show, many agents will avoid showing it to
potential buyers.
7.
Requiring
Appointment to Show Your House: If an agent must make an appointment to show your house, you will miss a
significant portion of potential buyers. The agent will
first take the buyers to show properties that are easy to
access and then if the buyers do not find a house that
meet their requirements in the first few days, the agent
will considers properties that are without lock boxes or
require an appointment.
8.
Not
Being Creative With Financing For Your Buyer: Unless homebuyers have excellent income and
excellent credit they have difficulty obtaining mortgage.
If you are more willing to help buyers with creative
financing, you increase you chances of selling your home
at a great price. Paying discount points or the buyers
financing costs are a few things to consider.
9.
Forgetting
Your Closing Costs:
Although you’ll not pay all the closing costs, such as,
title insurance, transfer taxes, sales commission, fix-up
costs, recording fees, etc., but you should consider
closing costs when estimating your net sale proceeds. As
part of full service, your agent should prepare an
estimated statement of net sales proceeds.
10.
Not
Disclosing All Known Defects in Writing: If you fail to disclose all material defects in the house, you may end
up getting into legal entanglements, the sale can be
rescinded or seller can be held liable for monetary
damages. It is your agent’s responsibil ity to guide you
through your responsibilities.
11.
Not
Providing The Buyer With a One-Year Home Warranty Policy: You should advertise that a one-year home warranty
is included in the sales price. It is a minimal cost to
you but you can avoid endless hassles if something goes
wrong with the house shortly after the sale closes.
12.
Pricing:
To get your listing, many agents will tell you that they
can sell your house at a much higher price than its true
market value. After wasting couple of months, they will
convince you to reduce the price, but then it would be too
late. By then, the reputation of your house will be
tainted and it will eventually sell far below its fair
market value. In addition, other agents will show buyers
your house just to sell another reasonably priced house
across the street. Select an agent based upon commitment,
experience, and solid marketing plan not on a promise.
13.
Housekeeping:
Many sales are lost for not taking care of seemingly
insignificant items, such as lawn maintenance, cluttered
rooms, bad stains, dirty kitchens and bathrooms,
unpleasant odors, etc. Imagine buying a home and then
cleaning it. Prospective buyers seek home in an immaculate
move in condition.
14.
Condition
of your house: When
selling a house, do not hold back on spending money on
necessary repairs including house cleaning, painting,
carpeting, or lawn maintenance. Without these you house
will be difficult to sell and bring much lower price than
what you can save by avoiding these expense. Experience
shows that even minor improvements will yield as much as
three to five times the repair cost at the time of sale.
15.
Location:
Factors
such as undesirable schools, high crime rate, neighborhood
condition, busy road or noise pollution call for pricing
your house slightly lower than other similar properties in
the area to compensate for these shortcomings.
16.
Choice
of an unqualified agent: Having
an agent who is uncooperative or possesses condescending,
rude, or arrogant personality will keep other agent from
bringing buyers to your property. Check agent’s
reputation by asking for personal references before
signing a listing contract. Also, avoid inexperienced and
unmotivated agents.
17.
Negotiating
lower commission: Many agents will offer their services at discounted rates, but keep in
mind the same agent will try to save on marketing your
property, will be less motivated to sell your property and
will prefer to take buyers to full commission properties.
18.
Making
decision based on emotions:
You must realize that selling your home is a business
transaction. Do not let your emotions cloud your judgment
in making decisions.
19.
Failure
to understand market conditions: Before deciding on selling your house, understand marketing conditions.
Is it sellers or buyers market? Remember the price of your
house will be dictated by market.
20.
Wasting
time on unqualified prospects: Do not waste your valuable time on unqualified buyers. You can better use
your time on pre-approved buyers who are able and willing
to buy your house.
21.
Lack of
solid marketing plan: In
addition to experience and motivation, chose an agent
based upon offering a solid marketing plan that far
reaches traditional marketing techniques. Also, ask for
commitment to the plan in writing allowing you to cancel
the contract if agent fails to meet the commitments.
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