Selling your home is a major decision and is a process that can be overwhelming if you don’t know what to expect. One mistake can gravely affect the entire process leaving you with financial difficulties and possibly legal issues if you can’t fulfill a contract to buy a home.

Fortunately, there are ways to prevent the top issues that could occur when selling a home.

Financing Falling Through

You’ll likely get a lot of buyers walking through your home, but are they qualified? That’s where the issues start. If you accept a bid from a buyer that’s not pre-approved for financing, your risk of the contract falling through is much higher than if you choose a pre-approved buyer.

Fix: Only accept bids from buyers with an official pre-approval. Make sure the approval is from a reputable lender and there aren’t a litany of outstanding conditions.

Pricing the Home too High

You may have an idea what your home is worth, but that’s your opinion. Lenders base it on the home’s fair market value determined by an appraiser. Basing your home’s sales price on the prices of comparable homes in the area in the last few months is your best bet. Price it too high and buyers won’t be able to get financing.

Fix: Work with a reputable real estate agent and appraiser so you know your home’s fair market value and can price it accordingly.

Not Fixing up your Home

It’s frustrating to put money into a home you won’t live in, but if it means a smoother selling process and higher selling price, it’s worth it, right? If your home has many major issues it could sit on the market much longer than necessary. If you do get bids, they will likely be much lower than you could get.

Fix: Pay for a professional inspection or work with a reputable real estate agent who can tell you what issues to fix to get the most for your home.

Not Working with a Reputable Real Estate Agent

You may think you’d rather sell your home by owner so you save the real estate commission. But most FSBO homes sell for $60,000 – $90,000 less than real estate agent-assisted sales. This doesn’t even include the time, work, and energy put into selling the home yourself. Many people lose out when they sell their homes themselves.

Fix: Find a reputable real estate agent who understands the area and your home’s niche. Work with someone who will value your home as much as you do and help you get top dollar for it.

Final Thoughts

Selling your home is exciting and emotional all at the same time. Trying to take the work on yourself or making any of the largest mistakes above can leave you with a home that sits on the market much longer or doesn’t sell for as much as you hoped.

If you’re ready to sell your home, contact me today and see how I can help make the sales process much easier for you.