Common Pitfalls When Buying or Selling a Home

There are often hidden or unexpected pitfalls that cause problems for buyers and sellers. Doing your homework upfront can eliminate these pitfalls and even give you an advantage as you seek to sell your home or buy a new home!

Buyer Pitfalls:

1. Not interviewing and hiring the right Realtor. A relationship with a Realtor is all about trust. Choosing someone without first interviewing him or her does not give you the chance to make a connection and choose someone you feel comfortable with and trust to give you sound and honest advice. Take time before signing a contract, to find out how your Realtor will work with you and for your through the entire home buying process.

2. Making low ball offers. The numbers do not lie. The fair market value of the home is determined by other closed sales. If you are determined to find out how desperate a homeowner is to sell by making a low-ball offer, your chances of getting the home are minimal. Often sellers who receive low-ball offers are offended and refuse to even negotiate. Listen to your Realtor and offer a competitive but fair price.

3. Not speaking to a loan professional upfront. In today’s fast-selling market, it is imperative that you have a pre-qualification letter from a reputable loan professional and company that demonstrates your ability to purchase. Often, sellers have multiple offers and will not wait for you to go through this process after making your offer. If you are in need of an honest and dependable loan professional, give me a call. I’d love to make a recommendation.

Seller Pitfalls:

1. Not decluttering or staging. When buyers walk through your house, they need to be able to imagine their belongings living in the home. If not, they quickly eliminate your house, even if it fits their needs exactly. No matter how much you love your home furnishing and personal belongings, remember you are selling your home, not your stuff. A great Realtor can make suggestions and even recommend a home stager when needed.

2. Hiring a Realtor based on commission rate. Cheaper is not better. Better is better! We all want to make the most money we can when selling a home. That is just good business sense. However, if the price is the most important quality when looking for a Realtor, you most likely will not get someone who will give your home the daily attention and effort you will need to get the best offer you can get. Choose a Realtor based on recommendation, past client reviews, and the experience and feelings you have as you meet and interview potential Realtors.

3. Rejecting an offer instead of countering. Sometimes the first offer is the best offer you get. A long time on the market or overpricing (constantly being just a little bit above market rate) hurts you in the selling process. If you don’t like the first offer, counter back. Your counter doesn’t have to always be about the money. Sometimes potential buyers need the home sooner or later or would be happy if the appliances were left. Work with your Realtor to negotiate a good counter-offer.

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