What Can Go Wrong When Selling Your Home
Anybody who has ever had a home for sale will know how stressful this can be. Having made the decision to move on, for whatever reason, selling a house is thwart with potential challenges. These range from not being able to get your price, to a willing buyer not being able to raise the money to pay for your home for sale.
But there are solutions to most problems, and here are some ideas that will help you meet the challenges you might face when selling a house.
The Importance of Being Able to Negotiate the Price When Selling Your Home
While it is not a good idea to set an unreasonably high price for your home for sale, you may need to leave a margin for negotiation. If the price you ask is your bottom line, and you seriously cannot reduce the amount you are asking when selling your home, you will have two choices:
- Accept a price lower than you need.
- Lose a willing buyer.
The obvious solution is to negotiate your asking price just a little. This can also help to cover some of those extras, like buyers’ closing costs.
Evaluate Buyers Before you Accept an Offer to Purchase Your Home
Even some of the nicest potential buyers cannot afford what is needed for house sales. It is a rarity for buyers to have enough cash to pay for a home, and most need to raise a mortgage or borrow elsewhere. Some have a home for sale; and this deal needs to be concluded before they can buy elsewhere.
Instead of waiting to find out later that the person you thought was going to buy your house actually doesn’t have the money or qualify for a loan, check this detail before you accept the offer to purchase. Insist on a letter or some other proof that they are qualified to buy your home for sale.
Perhaps the buyer really wants your home, but if he or she can’t come up with the finance, the offer isn’t worth the paper it is written on.
If the buyer owns a house or property they are selling, you might accept the offer to purchase with a clause that gives them a limited period to sell. Alternatively, give them first option if someone else wants to buy your house – and has the money – before they have concluded a sale. If they can’t find the cash, they lose.
Buyers Back Out for Other Reasons too!
If you are selling a house, you might find that a willing buyer sometimes backs out even though they do have the finance. Often this is because they have suddenly found a better house at a better price; or personal issues might come into play (divorce, pregnancy, job loss are all possible issues), perhaps the inspection was not what they were expecting or the appraisal may be an issue
At the end of the day, there’s a lot that can go wrong when selling your home, but you need to remain positive and trust in your agent to get your home sold.
Thinking of Selling Your Home?
Take a look at the Market Snapshot and see what your home is worth in todays market and if you are ready to consider your options - I would love to assist you with this big decision.
