7 Seller Nightmares and How to Prevent Them
Surprise! ...is a word you would want to hear at let's say, a birthday party or another monumental life event but would probably put knots in your stomach when heard during your home selling process. Since no two transactions are alike, it’s possible you could encounter a few bumps along the way. Some of these bumps may be uncontrollable but many are preventable when you have the right people and resources on your side. We’re getting candid about the 7 possible issues that sellers could face and more importantly, how to ensure they don’t happen to you!
Structural Issues, Mold and More
Buyers typically get nervous when it comes to structural issues, which can cause a cancellation of the sale. They can also get skittish when it comes to mold, termites or any other problem that could compromise the bones of the home.
One of the BEST ways to avoid this is to have a pre-inspection when you are listing your home. This way, if there are any issues, you have time to remedy them prior to the sale.
Lender Totally Dropped the Ball
You know how not all real estate agents are created equal? It’s the same for lenders too. If you don’t research and just pick any lender out there, you might end up with a huge headache. If they aren’t thorough, your paperwork could end up forgotten on the bottom of their to-do list. Even if you aren’t entirely forgotten, careless mistakes such as failing to track down a signature, misspelling a name or adding the incorrect loan amount could derail the entire transaction.
It sounds harsh (since this is their only job) but lenders can drop the ball more than you’d think. Your realtor should be checking in with the lender and be facilitating clear communication to make sure every t is crossed and every i is dotted. Also, be sure to have a copy of all documents so that you and your agent can go over them thoroughly.
Buyer was Pre-Qualified but NOT Pre-Approved
It is shockingly pretty easy for the majority of potential buyers to get pre-qualified since the screening process is not very in depth. Just because a buyer says they are pre-qualified and are out touring homes with an agent, does not mean they have actual buying power. A serious buyer needs to have a pre-approval commitment from from a lender proving they will back the loan.
In this situation, your realtor can ask the buyer to get pre-approved with one of their trusted lenders to ensure that the offer they submit on your home is legitimate. If the buyer insists on using their own lender, be sure to only accept offers from buyers who have true pre-approval commitment letters.
Appraisal was Faulty
When you’re trying to get the most money possible out of your sale, the appraisal process can be disappointing. The appraisal can be faulty when the appraisers have difficulty showing appreciation within a community where it's easy to show depreciation. Also, appraisal management companies sometimes send a representative from out of town and they aren’t familiar with the area. If they don’t have knowledge about the comparable properties near yours, they unfortunately won’t be able to generate an accurate appraisal.
To avoid this discouraging scenario, it’s always best to go with a local and trusted appraiser. It can be tempting to cut corners and hire the cheapest or first available one but it won’t be worth it in the long run. We have been through our fair share of appraisals and have relationships with the best and most respected ones in town. Feel free to ask us our recommendations anytime!
Buyer got Angry you Took the Curtain Rods
You might think this one is a joke but it’s really not. Sometimes, a seller removes what is deemed as a “permanent fixture” during the move out process. Fixtures such as chandeliers, blinds, some lights, appliances and yes, curtain rods are generally expected to remain in the home when the seller moves out.
To prevent confusion, it’s a good idea to review the list of permanent fixtures with your agent when the offer is made. You can agree together what stays and what can be taken with you. If you are planning on taking your refrigerator etc. with you, at least be transparent with the buyer that they will need to purchase an appliance… or curtain rod.
Repairs weren’t Completed in a Timely Manner
When you’ve accepted an offer and it’s coming down to the wire in your home selling process, time is of the essence. If you were given a to-do list of repairs from the inspection, they need to be completed before closing day. Ideally, you don’t want to be making multiple trips to the hardware store and rushing around right before closing day.
Instead, you can hire a contractor for big (and small) repairs. Having someone handle all repairs also makes your life easier - after all, you are packing to move and this is a very busy time for you. Be certain that this contractor offers a warranty as well. We are very knowledgeable about the best and most trustworthy contractors in our area and we’re always willing to help you find the right person for the job.
Unsatisfied with your Agent
Your agent can make or break your overall experience when selling your home. Using your friend’s cousin might sound like a great idea at the time, but it could ultimately lead to some serious regret. Your home might sit on the market for a long time without interest or you might not get the full value of your home. The agent you choose to represent you and your home should be knowledgeable, likable and tech savvy among other things.
Let us put our experience to work for you and we will help you navigate all of these pitfalls. Our goal is to provide you with the best experience possible, from information to advice. We look forward to addressing all of your real estate needs!