So let me guess, you were ready to sell your home, everything was going perfectly, you thought you were about to shake on it with your buyer when suddenly, it hit the fan! Everything fell apart much faster than it was put together, all the hand cramps from signing so many papers was instantly a waste of time. Oddly enough this scenario is not all the uncommon, and what’s worse the common culprits could have been easily avoided. So today we will talk about quick fixes to deal breakers.
Probably the most common deal killer has got to be bad appraisals. So here’s the scenario, you list your house for 400K, your buyer offers 350k but with some haggling you two agree to 375k. The deal is done and you sign the contract, but a week before closing the appraisal comes in at 340k, which is the max the bank is willing to loan. So who’s going to pay the missing 35k? So what can you do to avoid a situation like this? Probably the easiest would be to get an appraisal before you list your home, it will give you a realistic idea of what to list your house at, and when your buyer’s appraiser shows up, give them a copy of your prelisted appraisal. Another would be to meet with your appraiser before the appraisal. Give them as much helpful information about your house as you can give them. Otherwise they’re probably going to pull any information they need off the MLS, and that does not help your chances for a good appraisal. Finally if the appraisal does not feel right, question it. An appraiser or a bank is likely to reconsider an appraisal with new or overlooked information.
Another common problem is a bad home inspection. After your home inspection comes in a few issues are bound to come up. More than likely your buyer is going to ask you to fix them, if you just say no, that’s going to kill your deal. So what should you do? Get bids and Negotiate. Sometimes all the fixes your buyer wants will not be that expensive. So talk to your buyer about it, be kind, and there’s a chance you won’t have to pay for 100% of the repairs. Another solution would be to fix the issues with your vendors. You may know people who can do what needs to be done, which will give you brownie points with them, and probably save you money.
Finally we have probably the easiest problem to fix, tense negotiations. So here’s the hypothetical situation, you have a buyer, and you guys are negotiating the price. However no one is getting anywhere because you two obviously do not see eye to eye. Frustrated, your buyer backs out. So what should you do? Listen to your agent. Your agent is the person to tell you if the buyer is low balling you, or if the buyer is actually making a reasonable offer. I mean you are paying the guy to know as much if not more about your house than you do, and he or she probably has a lot more experience selling homes than you do.
So with that in mind, if you’re ready to sell your home and you need an agent, stop by or call National Realty Group to find an agent, we have plenty of them. They won’t be able to keep your hand cramps from coming, but they will do their best to keep it from happening twice.