When selling your home (house, townhouse, condo, apartment, land, lot, farm, ranch, etc.), several things can go wrong. Below, we will look at problems related to home inspections, pricing your home, and a buyer’s inability to get a loan.
The home inspection is a common part of the home selling process that can go badly for a good number of sellers. In fact, most purchase and sales contract have home contingency clauses which allow most buyers to walk away from a deal without penalty if the home inspection reveals major repair issues.
To avoid a deal falling apart because of home inspection results, sellers can get their home inspected before putting the property on the market. That way, there are no surprises about what is wrong with their property.
Likewise, the seller may consider making any necessary repairs before putting their home on the market. Lastly, to prevent a buyer from walking away from a deal, the seller should be flexible and lower their asking price or offer concessions if the home inspection reveals significant repair issues.
Price Negotiation Going Sour
A common problem that shows up all too often during contract negotiations is that the seller has left little room for the buyer to negotiate the price. If the seller is not negotiable, it may drive many qualified buyers away.
The solution is simple. One pricing strategy is to price your property at a slightly higher price than you require, leaving room for negotiation. It requires you to get reasonable market value for your home. You can begin at the top of the marketplace, and if your buyer desires to negotiate price, you have built-in some wiggle room with your listing price.
The correct pricing strategy is one of the many things a seasoned agent will bring to the table.
Contrary to popular belief, price isn’t the only thing that matters to buyers.
Another sticking point is when buyers ask the sellers to pay all, or some, of the buyers’ closing expenses. Frequently, the seller’s first reaction is that they shouldn’t have to pay any of the buyer’s closing costs.
However, as a seller, it is best not to fret about what the buyer is getting out of the deal. Instead, consider what you stand to gain from closing the deal faster. After considering these factors, perhaps you should consider paying all, or most, of what the buyer requested.
No matter what the proposal is throughout agreement negotiations, don’t freeze into a negative position. Think bottom line.
The Buyer Can’t Perform
One of the most common things that go wrong when selling your home is when the buyer can’t receive a loan to buy your home.
Be sure the buyer has approached a loan provider who will make loans to people with less than ideal credit. If that does not work, write it off as a mistake. The next time someone wishes to write an agreement offer for you home, make sure they have a letter from the lender stating they’re qualified to buy your house. It doesn’t mean that financing is guaranteed, but it’s an added insurance policy.
Overall, the most important thing to remember when selling your home is to stay calm. Usually, the buyer wants to purchase your property and doesn’t want to waste your time.