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Home Seller Common Mistakes

Although sellers seem to have the advantage in the current market, this does not mean that sellers can simply put their home up for sale and wait for offers.  There is still some work to be done in order to get a buyer to pay the right asking price.  In fact, a lot of sellers are not aware of costly mistakes that are made that turn away buyers.

Mistake #1: Condition does not meet Home’s Price

Nobody likes to pay more for a product than they have to.  When a home is priced above its condition then most potential buyers are immediately turned off.  If your home is priced at the upper end of your area’s price range then the home should be ready to move in, right now.  If a potential buyer has to replace a window pane, steam clean the carpet or any other minor repair then the price of the home needs to be reduced or you can keep the price as is and make the necessary improvement.

Mistake #2: Limiting the Buyer’s Ability to Inspect the Home

There is no doubt that trying to hold down a full time job, take care of social and personal responsibilities while keeping a home sparkly clean can be nerve racking.  However, most real estate agents will agree that people who don’t make their home readily available to a potential buyer often lose a chance for a sale.  It is important that you are easy to reach during normal hours so that your agent can contact you and schedule a showing.

Mistake #3: Getting Too Attached to Memories

People that have lived in a home for 10+ years have built up some memories in that place.  A first marriage, a first child or a college graduation can all carry some cherished memories that we associate with a particular room or the whole house.  Some sellers will ask full price for their home simply because they are so connected to the property in an emotional way.  It is important for sellers to communicate with their agent and develop a reasonable price for the home and come to the realization that they will soon part with that special walkway or bedroom.

Mistake #4: Failing to Disclose any Problem

If a deal fails to close the blame can sometimes be laid on the seller.  Almost every home has some type of flaw that needs to be repaired or replaced.  Some of these flaws are minor and can be negotiated in a contract before purchase.  But certain items, like a roof that leaks or an electrical system that operates sporadically, can cause not only monetary damage but also physical harm.  It is vital that a seller walk through their home and inspect every room and every feature.  Being up front and honest about potential problems will make it easier on you and your agent to sell the home.

Take some time to go through the home and fix the things that are within your budget and ability.  When you are through, talk to your real estate agent and ask them to go through the house with you and come up with a firm asking price.  This will make the whole process much simpler for you.

Considering the cost of purchasing a home it would make sense that buyers would take necessary precautions to see if the home has any problems. A home inspection can point out any problems, if they even exist. The following list represents some pointers to consider when ordering a home inspection.

Review Credentials of the Inspector

It is wise to choose an inspector with engineering qualifications. The inspection process may discover some problems that would be best suited for an engineer to review. If that is the case, and your home inspector has no engineering certifications, then you could end up paying for the inspection of the home as well as an inspection by an engineer. A Professional Engineer designation is offered by the state and governed by a state board as well. You may ask for the inspector's designation before hiring him or her to look at your home.

Be Part of the Inspection

Do your best to coordinate the inspection with time that you are free. These inspections will typically last one to two hours. Going along to look at the home can give you a chance to see the home through the inspector's eyes. While it is a given that you will receive a copy of the report, and hopefully accompanying pictures, being present when the home is reviewed will allow you to hear and see the inspector's reaction to the condition of the home. It will also give the inspector a chance to actually show you an area of concern and perhaps provide some suggestions for how the issue can be resolved.

If Something is Confusing, Ask Questions

Home inspectors are trained professionals. They understand the structure of a home along with its working systems such as the plumbing, electrical and heating/air conditioning system. This means that the inspector may use terms foreign to you. Ask the inspector to explain any observation or issue that you do not understand. Buying a home does not mean that you have to be as knowledgeable as a general home builder. However, you should feel comfortable that the home is safe for living and that there are no immediate problems demanding expensive repair. Conversely, if the home is in need of serious repair and you have the ability or resources to fix it then you could negotiate with the seller to lower the home's price.

It is important to try and remain impartial about the home inspection. If the inspector finds some significant problems that will require a great deal of work and expense to rectify then it may be wise to consider buying a different home. However, it is also a good idea to remain rational. If you are looking at a previously owned home then you should expect that the home is not perfect and may need attention in a few areas. Just like buying a used car can mean saving some money in place of some small sacrifices, getting a used home can save many buyers some money if they are not afraid of doing a little clean up and some simple projects like a little painting or wallpapering.

Tips on your first Home Inspection - Original Post
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