There is more to selling a home than putting up a sign in the front yard. Many homeowners think they can put up a up sign and sell their homes quickly. There are more working parts to selling a home and getting it sold for the right price.
Let’s look at 5 mistakes sellers make when selling a home.
1. Knowing How to Sell their home
There are a few ways to sell a home. If selling FSBO (For Sale By Owner) you must do most of the work involved in the process. You will be responsible to preparing the home, organizing the marketing, organizing inspections and schedule showings. You will receive all offers, review offers, make decisions, communicate with the buyers and deal with their lending process through the transaction. You will need to get a contract and make sure it is complete or hire a professional to help with legal paperwork. You may need to secure a title company or attorney for the title work and closing.
When selling alone as a FSBO it may take longer to sell, there could be buyer problems, inspections, cancellations, contingencies, closing issues, and possible loss of the sale. You must lean on the expertise of an agent for guidance during the process.
If you are listing your home with an agent, the agent will handle all the duties involved in the sales process. They will handle everything on the list above. An agent will help the seller prepare the home, advise on making the home attractive to buyers, help the seller price the home and list it on the MLS. The real estate agent has access to the MLS for more exposure to buyers. The agent will also use Zillow and other real estate sites including social media for marketing. The agent will schedule all showings, handle paperwork, bring offers and get you to the closing table smoothly. You will receive your funds from your sale.
There is another alternative for sellers who have special circumstances or who want to bypass the traditional process. If you choose to sell your home for cash to a cash homebuying company, like Frank Jr. buys houses, then Frank Jr. will handle all the details. If you sell your home to Frank Jr. buys houses it is usually a fast process with little responsibility on the part of the seller, that means you don’t have to clean. Just take your belongings and go. When working with Frank Jr., you can have it on your terms. He can buy a home for cash or advise the seller to list it and Frank Jr. can list and sell the home on the MLS. Selling for cash can be a very quick and smooth process. You have options.
When selling alone as a FSBO there will be a lot of details a homeowner will have to sort out. It may take longer to sell, there could be buyer problems, inspections, cancellations, contingencies, closing issues, and possible loss of the sale. You must lean on the expertise of an agent for guidance during the process.
As the seller it is important to select the right method for selling.
2. Underestimating or overestimating the value of your home.
With or without an agent, the seller knows what price they want to get for their home. If a homeowner wants to sell a property for cash, it is important to have a realistic expectation of the market when a cash homebuyer presents an offer. If a seller made a lot of home upgrades in the home, and the home has a lot of great features, it’s important not to overprice the home and keep buyers from making an offer. A real estate agent will provide the accurate price based on the home, area, condition, comps in the area, and other factors to help the seller get the most for the home. Lean on the expertise of your trusted real estate professional for advice.
3. Overdoing it with upgrades.
If you sell your home to a cash homebuying company, you don’t have to upgrade anything. You can take your prized belongings and walk out leaving all repairs and cleaning behind. Many times, sellers think if they pour more money into their homes, it will bring more money. You can put too much into upgrading where it is not needed.
If selling on the market on the MLS, your agent may advise to make cosmetic updates. For example, changing kitchen and bathroom hardware and outdated faucets where necessary. Consider updating the home with a fresh coat of paint. Add exterior updates that are visible and repair any damage. If a home inspection is done the seller may be required to fix items that are contingencies by the buyer.
If the seller chooses to sell the home for cash, there are no contingencies. If Frank Jr. buys a home the home is purchased “as-is” with no contingencies.
4. Not fully understanding the market conditions when putting the home up for sale.
It is important to understand that the market we had 3, 4, 5, or even 6 months ago is not the market we have today. Prices have changed. The buying demand has settled a bit. If you have a real estate agent, or in this case hiring Frank Jr. as your agent, using the expertise of your real estate professional is vital. Frank Jr. stays up to date every day with any changes to the market, home prices, demand, mortgage lending rates, and more.
If Frank Jr. thinks you will get more for the home if you sell it on the market instead of selling it for cash, he will make recommendations to you. It is important that you choose the right method for selling your home that fits your situation.
5. Costly mistakes to sell by owner or listing without advice.
Whether you are selling by owner, listing with an agent, or selling for cash, it is important to first sit down and ask all questions before proceeding with the sale. Advice is valuable when it comes to selling your home.
A lot of people listen to advice from their friends and family instead of seeking a real estate expert to assist them.
Expert advice can save a homeowner from costly errors and future problems.
You may want to explore the option of selling your home for cash and save the commission, repairs, closing costs and fees, etc., you may want to give Frank Hopkins, Jr. a call today. It costs nothing to get expert advice from a professional. Even if you choose not to work with Frank Jr. the conversation costs a seller nothing.