When it comes to selling a home, many consumers jump into the process without properly arming themselves with all the information needed for a rewarding outcome. While it may seem like a cut and dry process, there is much more to it than simply listing your home, finding a buyer, and signing the papers. It is not unusual for sellers to start the process and quickly become overwhelmed with the numerous steps required for a successful sale. Below are some of the most common mistakes made by sellers, and how you can avoid these pitfalls.
1. Not Prequalifying the Buyer
It’s a common mistake for eager sellers to jump into the sales process with a potential buyer who makes a good offer. However, if the buyer hasn’t been prequalified, it can lead to wasted time and headaches down the road. It is important to be sure a potential buyer either has the money available or has prequalified with a lender.
If you do not prequalify the buyer properly, the closing can be delayed if they decide to switch lenders, or the sale can even fall through altogether. If this happens, you can lose crucial time – and if you put the house back on the market, you may end up accepting a lower price due to changes in the market, or transitioning into a time of year when houses typically take longer to sell.
2. Neglecting Repairs
Many who want to sell their homes tend to rush to get their home on the market quickly, overlooking repairs that should be done prior to listing the property. It’s advisable for a seller to find someone who is licensed to do the repairs rather than trying to fix the problems themselves. If the repairs are not done 100% correctly, it can impact the selling price.
Also, don’t make the mistake of making only a few repairs. If you do one thing, then do it all. For instance, if you replace the carpet, the older paint will be more obvious. If you replace cabinets and counters, then the older flooring will stick out. In some cases, you could be throwing money away if you don’t do a full remodel. Make sure that what you put into the house will generate a financial return – often it will not.
3. Not Knowing the True Buyer
It may sound a little silly – the buyer is the buyer, right? Not necessarily. A seller should take steps to ensure that the potential buyer is not wholesaling the property and actually has the cash to close on the property. Here’s a great example of this frustrating situation.
If the wholesaler does not find a buyer, they will have wasted a lot of your time. Even worse, they can end up costing you a lot of money due to holding on to the property longer and potentially being forced to accept a lower price to close quickly.
4. Managing Closing Time
A seller should make their buyer close ASAP. In some cases, wholesalers will intentionally push the closing out by 60 days or more to give them time to find a buyer. This can lead to the wholesaler backing out at the last minute and wasting the seller’s time.
Always ask for a closing time frame of 30 days or less. For someone who is qualified, this time frame shouldn’t be an issue. If it is, there is a bigger problem. Don’t waste valuable time working with the wrong buyer. Professional Home Buyer promises 30 days or less, and usually closes in 2 weeks or less if the client prefers.
5. Handling All of the Details Themselves
The closing process can be daunting. It is much more than signing the closing papers. It includes the coordination of property showings, scheduling home and property inspections, corresponding with the title company, and more. Sellers can become easily overwhelmed by this process if they aren’t familiar with the in’s and out’s of it.
Make sure that whoever you sell the home to has a team of professionals that can take the home from contract all the way to closing. Missing a step or not doing it right can lead to a lot of headaches and delays, costing you time and money.
As you can see, the selling process can be complex. If you’re looking to sell your home quickly and would like to get a cash offer to close within 7 days, reach out to us. We can do all the hard work for you! We have a trained, qualified team that can handle all the backend work and see that all those important details are taken care of for you. Call us today at 316-202-1628!