8 Most Expensive Mistakes Sellers Make

I have seen many of these mistakes in my experience and want to send a word of caution to you. These mistakes are Common and Costly!

1. Putting your house on the market before it’s ready. When you put your home on the market, you should have already completed the cleaning, painting, curb appeal, carpet or other small improvements to your home. Don’t do these things AFTER you put it on the market. This only creates chaos.

2. Not knowing your numbers before you list. Don’t wait until after you have listed your home to find out the details of your mortgage and what the market will bear for your selling price. How much do you owe on your home? Do you have a prepayment penalty? How much will your home likely sell for? What fees are involved with closing, taxes, commissions, etc.? Also think about what items may come up during the inspection process. Once you know your numbers and are comfortable with the reality of it, you will be in a much better position to sell your house.

3. Not Disclosing Problems on Property Disclosure Forms – if you know of issues in your home, disclose them. Do not try to hide these items. Most states have these disclosure forms that must be filled out honestly when you sell your home. Not disclosing issues that you know about can lead to law suits down the road.

4. Not hiring a competent agent. If you hire an agent to handle the sale of your home, make sure they know the business of selling homes. They must have a proven track record of keeping up with the details and successfully closing homes. Making this mistake could cost you time and money.

5. Making it difficult to show your home. When buyers want to see your home, make it happen. You must be flexible on this and you must keep your home ready to show. Give the kids a weekly bonus for keeping their rooms clean and each day make sure you are ready for a last minute out-of-town buyer who needs to find a home quickly.

6. Pricing it too high. Maybe this should be Mistake #1. The seller sets the asking price, so price it wisely. The market will set the "sales" price and that is based on facts and a good solid market analysis. If you price yourself above the market, you may have a “for sale” sign as a permanent fixture on your front lawn. Then buyers will assume there is something wrong with your house.

7. Not keeping your emotions in check. Once you put your home on the market, it becomes a business transaction. Potential buyers are going to come and look. Your home may or may not fit for some buyers. It’s important that you step back and not get emotional if the buyer doesn’t appreciate the home the way you have.

8. Being insulted by an offer - As in mistake #6, don't feel insulted if you get an offer that is based on the market value of your home and not the asking price.  Someone likes your home enough to make an offer on it, isn't that great! The market determines price and the buyer is looking at several homes and knows the prices of them. Many times if you get a lower offer, it's because the buyer has done his homework and has other similar homes in mind for the price he is offering you.