Selling a home is never an easy task. You’re dealing with huge amounts of money, as well as extremely valuable assets that can change an individual’s financial trajectory. You’re going to want to be on the lookout for ways that your home can be suddenly derailed.
Setting the Wrong Price
This is why it can be so helpful to either know the market well yourself or to have an experienced agent with you. An agent will know what the standard prices are for your area – and they will know if a given appraisal is accurate or not. Even if you were to visit some other homes for sale in your area, it would be difficult for you to understand the real estate landscape as a whole. And setting the wrong price can have serious consequences; too high, and you won’t sell. Too low, and you’ll get less than what you deserved.
An Offer Falls Through
Offers falling through happens often enough that you should be aware of the most common motivations for buyers who rescind their offers. While you can try your best to avoid it happening, most of the time the issues that cause someone to back out will be beyond your control. It might be because their finances didn’t work out and they don’t get approved for a loan (although it’s worth noting that cash buyers don’t work with the same contingencies that can cause financing to fall through). It can also happen when they feel there is an issue with the condition of the house that they didn’t realize was there before. They may even just simply change their mind if they feel the purchase is too risky or expensive.
The last thing you want is to discover a deep, debilitating problem with your house. Some such problems are, after all, quite easy to miss – such as with the case of a gradually crumbling foundation. This is why it is best to get a professional inspection done before you ever put your house on the market. If your home is already listed, or you already have an offer, and then a problem of that scale is found, it can derail everything. You might have to reprice the home entirely.
Preparation will be your key to avoiding disaster. Make sure you know how to cover your bases. Use a trusted agent or other hired professionals to help you get everything ready. And don’t forget to be persistent – since sometimes a sale can take months.
Check out this article on how to be self-sufficient as a homeowner!