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Seven
Common Mistakes to Avoid
- Failing To Have A Plan
Evaluate
your current situation. Why are you planning to sell your house?
Are you moving up to a larger house? Do you need the money out of this
house to make your move? One thing you need to do is to get a
realistic idea of exactly how much cash you will be getting out of
this house when it sells. Are you going to move locally? What mortgage
amount can you really afford with payments including higher taxes and
insurance? Can you afford a house significantly better than the one
you already have.
Are you moving down to a smaller property? What are you going to do
with your furniture and other things that you have collected over the
years? Will be comfortable in a smaller place?
Are you retiring? Moving locally or out of state? Are you going into a
retirement community? What activities do you expect to be involved in
after working days are over?
Are you moving out of the area because of employment? How fast do you
have to be in your new location? Are housing costs higher there, or
lower? Is your employer helping with sales costs, moving, costs,
temporary housing, etc? How does your family feel about the move? One
reluctant teenager can seriously undermine the entire process.
Are you the executor of an estate? What is the time schedule for your
plan?
- Failing To Take A Hard, Serious
Look At The Condition Of The House.
Houses wear, paint gets dull and shabby, landscaping can become
overgrown, and roofs deteriorate Often times as we live in a house we
"live with" minor inconveniences that we intend to fix
"Some day." It is not unusual to not notice conditions that
are glaringly obvious to a buyer.
How old is your roof? An average lifespan is 25 years. How old is your
furnace? An average lifespan is 15 years. How old is your hot water
heater? An average lifespan is 10 years. Is there asbestos insulation
covering your beat pipes in the basement? Do you have a septic system?
Has it been pumped and fully inspected within the last two years? Is
there any obvious water damage from old leaks? Have you had any
improvements done to the house without permits and inspections? Are
your hardwood floors scuffed and scratched? Are your carpets worn?
Any of these conditions that are noticed by the buyer may make him
bypass your house and buy another. Or any found during the home
inspection can cause the buyer to cancel the sale. It is best to have
someone with fresh eyes take a hard critical look at your house. A
good Realtor will do this and make his or her recommendations.
- Failing To Properly
"Screen" Your Realtor.
It's likely that you don't often interview people. Yet, in order to
find the Realtor who is right for you, you may need to interview
several. The quality of your home buying experience is dependent upon
your skill at selecting the best-qualified person.
It's interesting that in the real estate business someone with many
successfully closed transactions usually costs the same as someone who
is inexperienced. Bringing that experience to bear on your transaction
could mean a better price at the negotiating table, selling in less
time, and reducing the number of hassles. Your agent should be a
skilled, win-win negotiator!
- Failing To Get Pre-Qualified For
The Home Loan On The Next House.
Don't waste hours searching for a home that is not in your price
range! Save time and money by pre-qualifying for a loan. Before you go
shopping for a home, you need to determine how much you can afford.
You can get pre-qualified at http://www.MorrisCountyHomes.net/qualify.htm.
Once you are pre-qualified for a mortgage, you will know your buying
power-you will save time by looking only in your price range.
This process is simple. A lender will ask you basic questions
concerning your history, run a credit report, and determine your
buying power.
You can even get pre-approved for a loan! Imagine for a moment that
when you and your Realtor initially draft your offer for the home you
select, you are already approved for the loan- IN ADVANCE. No stress,
no worrying about qualifying, no concern whatsoever about your ability
to qualify would stand between you and the home of your dreams. In
today's market, a pre-approval can be a powerful negotiating tool.
Many owners will not accept an offer without a pre-approval. If there
is more than one offer on the same house, the pre-approved buyer has
the advantage. You deserve peace of mind and negotiating power by
getting an approved loan before you make an offer.
- Pricing The House Incorrectly.
Whether a house is priced too high or too low, it can cost you
thousands of dollars. Obviously a house priced too low will net you
less cash at closing. However, a house priced too high will take
longer to sell. The homebuyer today is an educated consumer. On
average a buyer will see 18 homes before purchasing. The house that
sells today is the best one on the market in the price range. The sale
of a house is a competitive enterprise. Ask your Realtor to show you
what homes you are competing against.
Some people will say, "I can always lower my price later."
Both Realtors and buyers are looking for new listings. Rarely do they
notice a reduced price. The saddest sign anyone can put on a sign
rider is "Price Reduced." That means the house was not
priced right in the first place. The buyers will ask, "If the
price was wrong, what else is wrong?"
- Failing To Obtain A Home Inspection
From A Qualified Inspector.
The job of a professional home inspector is to look over every major
part of a home and write a report that judges the homes quality and
condition. A home inspector reports on the structural and mechanical
condition of the home. A well-qualified inspector who has adhered to
federal licensing standards can spot problems that you might not be
able to see. Expect problems to be clearly explained, repair expenses
closely calculated, maintenance costs estimated, and a written report
delivered within a day or two.
Most-contracts are contingent upon the outcome of several inspections
such as: wood-boring insects, excessive amounts of radon gas,
structural soundness, and the condition of the heating, electrical,
and plumbing systems. These problems must be corrected or the buyer
has every right to cancel the contract. Getting an inspection up front
can save money by giving you time to shop for the best repair price
instead of being under pressure to get repairs done immediately.
-
Not
Knowing Your Rights And Obligations.
Real estate law is extensive and complex; the contract for sale and
purchase is a legally binding document. An improperly written contract can
cause the sale to fall through or cost you thousands of dollars for
repairs, inspections, and remedies for title defects. If there are defects
in the title, or if the property is in conflict with local restrictions,
you must remedy them. Some real estate companies require a "Seller's
Disclosure" form to be filled out when the property is listed. An
attorney is recommended for all real estate transactions in New Jersey.
However, all attorneys are not real estate specialists. Your Realtor
should be able to recommend several good attorneys.
It is your Realtors job to know the laws governing real estate
transactions. They are involved in an on- going training program to keep
up to date with these laws. You deserve to have an agent who is not only
knowledgeable about the transaction but is also willing to educate you
throughout the process so you will feel more comfortable.
Selling your house? Request a FREE Comparative Market Analysis and
Comprehensive Marketing Plan. E-mail mattixc@windermere.com or phone Chris
Mattix at (425) 954-4020.
Copyright © 1998-2006
Chris Mattix All rights reserved. Reproduction in whole
or in part in any form or medium without express written permission is prohibited.
Chris Mattix
Windermere Real Estate/North, Inc.
4211 Alderwood Mall Blvd Ste 110
Lynnwood, WA 98036
Direct Line: 425-954-4020
Toll Free: 1-877-954-4020
Fax: 425-776-5680
E-mail: mattixc@windermere.com
Search Over 100,000 Homes Online At:
www.NwHomesOnline.com
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