Top 10 Mistakes Sellers Make
Not preparing the house properly for a showing.
First impressions are lasting. Cleanliness sells! It takes a minimum of 20 minutes for a woman to make a decision on a house. It takes the average man 2 minutes to go through a house. If the house is not clean, the woman will go through it as quickly as the man.
Not having the house available for all showings.
It takes a degree of planning to arrange a time that both agent, husband and wife can make a showing. Often a number of homes are seen on the same day. How many customers can you simply turn away?
Taking advice from friends and family members
These are the people that look out for your best interests and in most cases you need to heed their advise. One of the first things you need to ask yourself is, "when was the last time this person has purchased a home"? Market conditions change from month to month, even from day to day. First hand information is so much more reliable than hear say.
Setting expectations too high
Two major points here; price and how long will it take to sell the property. Having an open mind to the current market conditions will set your expectations at realistic levels.
Expecting too much from the Agent
You should expect a lot from your Agent in terms of Real Estate matters. But these do not include shoveling snow, cutting grass, cleaning the house, dealing with pets or any of the other errands that come up in everyday life. Your Agent needs to be dedicating the time and effort it takes to sell your property in matters that relate to finding that one qualified buyer.
Taking the sale of the property on a personal level
You need to take your personal feelings out of the sale of your property. This includes the memories of all the good times you have spent and the personal attachments that you do have. You need to set your frame mind on the fact that this is a business transaction and weigh your options accordingly. You should not be insulted by an offer that is obviously too low. There are other matters to consider and you need to have your mind open to all of the options and not dwelling on one aspect of the sale. Agents are trained to handle these matters.
Not being fully committed to the sale
You need to be fully committed to the sale of your property before you sign a contract. If you have any reservations you need to discuss these before entering into a legally binding contract.
Not being aware of all of the costs involved
All of these details need to be discussed before making the decision to sell your property. How much do you owe on the mortgage? Is there a second mortgage. Get an estimate on the proceeds of the sale before committing yourself.
Not having enough knowledge of current market conditions
These are facts that should be discussed before deciding on a list price and marketing plan.
Not asking enough questions
Make sure that you understand everything you need to do and everything your Agent is going to do for you. If there are any questions make sure you ask them.
Showing posts with label Top 10 mistakes Buyers make. Show all posts
Showing posts with label Top 10 mistakes Buyers make. Show all posts
Thursday, March 15, 2007
Top 10 Mistakes Buyers Make
Top 10 Mistakes Buyers Make
Not having a personal Agent
Many Buyers are able to find that home on their own. But what happens after that may determine if it will turn out to be the best value for them. There are many conditions and contingencies that may become part of a contract to purchase a home. Sitting down face to face with your Buyer's Agent can make a significant difference in the way an offer to purchase is structured.
Not understanding representation
On July 1, 2006 the Real Estate laws have been changed in Wisconsin to benefit Buyers significantly. You need to know where you stand as a Buyer and who the Agent represents. Ask about a Buyer Agency Agreement and what one can do for you.
Not having a plan
How often do you purchase a home? This is not an everyday occurrence for you and it may look simple from the outside. There are two facts to consider. Purchasing a home may be the largest investment of your life. If this were a business would you be entering into such a large investment without a plan?
Using more than one Agent
Often times Buyers will think that by working with more than one Agent they have less of a chance of missing that one property that is right for them. Loyalty is a two way street. A dedicated Agent will work for you until the job is successfully done. Looking for the home is only a small part of that job. By giving your loyalty you will see many returns throughout the transaction and beyond.
Not knowing what they want
This is why a face to face meeting without distractions is necessary. The type of home you need is determined by your lifestyle, your family situation, plans for the future and a host of other questions. After a short interview many of these questions can be answered and in most cases the search time will be greatly shortened. The best part of this is that the quicker you find your home the better chance you have of buying it before anyone else has the opportunity.
Waiting to make a decision
Often times in Real Estate, if you wait to make a decision someone will make it for you. It makes sense, you are looking for the best value on the market, just like everyone else in your price range.
Not being pre-approved for a loan
Imagine finding that perfect home then losing it because you could not prove your ability to secure a loan. Having a pre-approval letter in advance can eliminate that problem. It will also inform you of the maximum amount you will be able to spend on a home.
Not choosing the right lender
This is something that is covered to a great extent in a Buyer Counseling Meeting. Choosing the right Lender is as important as finding the right home.
Unreasonable offers
This could happen on either side of the list price. Too low of a price may offend the Seller and make any further negotiations more difficult. Do I need to explain how too high of a price will affect you?
Not having an inspection
We recommend that the prospective purchaser PERFORM A THOROUGH INSPECTION of all properties visited. We further recommend that the prospective purchaser have the property inspected by a qualified inspector. The standard language in the Offer To Purchase provides for an inspection by a Wisconsin Registered Inspector.
Not having a personal Agent
Many Buyers are able to find that home on their own. But what happens after that may determine if it will turn out to be the best value for them. There are many conditions and contingencies that may become part of a contract to purchase a home. Sitting down face to face with your Buyer's Agent can make a significant difference in the way an offer to purchase is structured.
Not understanding representation
On July 1, 2006 the Real Estate laws have been changed in Wisconsin to benefit Buyers significantly. You need to know where you stand as a Buyer and who the Agent represents. Ask about a Buyer Agency Agreement and what one can do for you.
Not having a plan
How often do you purchase a home? This is not an everyday occurrence for you and it may look simple from the outside. There are two facts to consider. Purchasing a home may be the largest investment of your life. If this were a business would you be entering into such a large investment without a plan?
Using more than one Agent
Often times Buyers will think that by working with more than one Agent they have less of a chance of missing that one property that is right for them. Loyalty is a two way street. A dedicated Agent will work for you until the job is successfully done. Looking for the home is only a small part of that job. By giving your loyalty you will see many returns throughout the transaction and beyond.
Not knowing what they want
This is why a face to face meeting without distractions is necessary. The type of home you need is determined by your lifestyle, your family situation, plans for the future and a host of other questions. After a short interview many of these questions can be answered and in most cases the search time will be greatly shortened. The best part of this is that the quicker you find your home the better chance you have of buying it before anyone else has the opportunity.
Waiting to make a decision
Often times in Real Estate, if you wait to make a decision someone will make it for you. It makes sense, you are looking for the best value on the market, just like everyone else in your price range.
Not being pre-approved for a loan
Imagine finding that perfect home then losing it because you could not prove your ability to secure a loan. Having a pre-approval letter in advance can eliminate that problem. It will also inform you of the maximum amount you will be able to spend on a home.
Not choosing the right lender
This is something that is covered to a great extent in a Buyer Counseling Meeting. Choosing the right Lender is as important as finding the right home.
Unreasonable offers
This could happen on either side of the list price. Too low of a price may offend the Seller and make any further negotiations more difficult. Do I need to explain how too high of a price will affect you?
Not having an inspection
We recommend that the prospective purchaser PERFORM A THOROUGH INSPECTION of all properties visited. We further recommend that the prospective purchaser have the property inspected by a qualified inspector. The standard language in the Offer To Purchase provides for an inspection by a Wisconsin Registered Inspector.
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