Tips to Prevent Common Home Seller Mistakes

Source: Inman News

  1. Price Your Home Right. If you either need to sell or would like to sell your home, pricing at current market value is key. Researching prices that comparable homes recently sold for is a crucial component to determining a price that will make the home sell. If you don’t need to move, consider waiting for the market to improve.
  2. Consider a Presale Inspection. This will accomplish two goals. First of all, it will let you know the potential problems that need to be fixed, and secondly, buyers can make offers that takes those items into consideration up front rather than renegotiating concessions later.
  3. Ensure Qualifications. Before entering into a contract, ask the buyer to disclose the name of the lender with the prequalification letter. Make sure underwriting approval happens shortly after accepting the offer by writing this into the contract.
  4. Consider All Offers. Refusing to entertain an offer from a qualified buyer can be a big mistake for sellers in this market. Wait until the offer has been negotiated to refuse it.
  5. Accept Backup Offers. Consider a backup offer in case the primary one falls through. Also take into consideration that a lower offer with a larger down payment can be a more solid deal than a higher price with less money down.
  6. Choose the Right Agent. Solid negotiation and communication skills combined with local area expertise can help sellers to get the most out of their experience.