Now that you have officially decided to sell your home, you will need to keep in mind all the potential pitfalls that you should look out for. These traps can be easy to fall into, but at best, they can reduce your profit margin on the home. At worst, these potential pitfalls have the potential to slow down or even halt a sale.
Potential Pitfall #1: Taking advice from someone that is not a real estate professional.
When you are buying or selling a home, everyone from friends and family to neighbors and coworkers will have advice for you. Sometimes, this advice can be useful, but in many cases it turns out to be well intentioned but not particularly helpful. Always consult your real estate professional before making any major decisions. Professionals like those on our team at Hunter Real Estate Group have the experience needed to give you personalized advice that is tailored to your unique situation.
Potential Pitfall #2: Skimping on necessary repairs.
While it can be tempting to avoid spending a lot of money maintaining or repairing a home that you are about to sell, a well maintained home will usually sell more quickly and at a better price. If you are interested in a smooth sale, do not skip any repairs. Be extra sure to take care of anything that might pop up as a red flag during the home inspection.
Potential Pitfall #3: Buyer’s financing falls through.
While there is not much that you can do to prevent this pitfall, you should be aware that no offer is final until the bank approves the transaction. A buyer’s financing could fall through for any number of reasons. Do not pull your home off the market too soon and lock yourself into an offer that could inevitably fall apart.
Potential Pitfall #4: The closing could be delayed.
If you are buying a home as well as selling a home, the timing of the two transactions can be tricky to orchestrate. Make sure that you are not relying on a timely closing on your old home in order to close on your new home. Any number of things can delay the closing, including errors on the part of either party or the bank, missing documentation, or other unavoidable issues. For this reason, it is important to be flexible regarding the timeline of your home sale.
Potential Pitfall #5: The initial appraisal was incorrect.
Many people choose to get their home appraised before putting it on the market. While these appraisals are usually fairly accurate, it is possible that your home could be significantly over or undervalued. The home inspection can uncover things about your home that you did not even know existed.
Fortunately, you can mitigate a lot of these issues by hiring a qualified real estate professional to represent you. If you are looking to buy or sell a home in the Houston area, contact our team at Hunter Real Estate Group and learn what we can do to ensure that the sale goes as smoothly as possible.