Overpricing Your Home

It's important to be realistic about the value of your home. Sellers should insist their realtors present them with objective criteria for pricing. Comparative information is most critical in getting a house priced properly. If you ask for too much, it's hard to ask for less later on in the process.

Not Displaying Curb Appeal

You don't have to invest thousands of dollars into redecorating your home. But there some basic steps you must take to present your house in the most positive light.

Overdoing Home Improvements

Don't go overboard staging your home. It should feel warm and inviting. Grass should be freshly cut, plant some flowers, organize the home's interior, rid the home of foul smells and apply new coats of paint to all walls and doors.

No Understanding The Buyer's Offer

Carefully reviewing and understanding the offer or purchase contract is imperative. Here are a few things to look for:

1. Has the buyer agreed to put down a significant deposit?

2. Has the buyer asked for some credits to cover loan costs?

3. Is the offer contingent upon the owner selling his or her present home? If so, how is the selling process transpiring?

Home Inspection

Have general inspections done in advance. Even though buyers will often have the house inspected again, it's best to prepare for any potential problems.

Withholding Information

While it is tempting to hide or fail to mention the snafus of a home for example, it's a the hotel for cockroaches or located in an area that's prone to floods or earthquakes, canyon fires, it is best to give buyers full disclosure. This kind of information can greatly affect the value or desirability of the property.

Be Objective:

While you may think your pink walls or roman columns are fabulous, it is best to keep that opinion to yourself.

Poor Realtor Communication

Sellers should take a pro-active approach to the selling process and not rely completely on the realtor. Sellers should insist upon regular updates about the house and never assume the realtor has taken care of everything. It is the seller's responsibility to ensure everything is running smoothly.

Investigate Buyers

Once you have an offer on the table, it is imperative to secure letters of prequalification or loan approval from the buyers. These letters should not only state that the buyers' credit has been checked but also that it was acceptable to the lender. Also, it's important to ask buyers to complete a loan application and submit it to their lender within a few days after acceptance of the offer.

Closely Read Closing Statements

Cautiously review the closing statement, including the loan balance, repairs and other expenses detailed there to avoid last-minute surprises or errors. Make sure you get an estimated statement a few weeks prior to closing and compare the final statement to the estimated one.

If you follow these steps, you will go a long way towards avoiding being a victim in the home selling process.

Posted by Gary Peterson on December 13, 2008 at 12:00 AM

About Gary Peterson
Gary Peterson is affliated with Prudential Real Estate, which is located in Roseburg, OR. For further assistance please use the contact information located on the right.




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