THE 6 MOST COMMON MISTAKES WHEN SELLING YOUR HOME.

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THE 6 MOST COMMON MISTAKES WHEN SELLING YOUR HOME.

Read by Juan Perez & Sinai Gomez

1. NOT PRICING YOUR PROPERTY ACCURATELY.

Conduct a CMA:
Conduct a Comparative Market Analysis (CMA) with at least three comparable properties.
Importance of a Comparable Market Analysis (CMA):
Conducting a CMA involves comparing your home to similar properties sold recently in your area.
Limitations of Online Listings:
Online platforms like Zillow or Facebook Marketplace may not provide accurate valuations due to various factors, especially since they aren't sold.
Utilizing Local Resources:
Local appraisal districts like HCAD or CCAD can offer insights but may not present a complete picture. When selling your home

2. NOT PREPARING YOUR HOME FOR SALE (STAGING, REPAIRS, ETC.).

Staging:
Declutter and depersonalize to create a neutral canvas and Strategically highlight the home’s best features.
Cleanliness:
Ensure a clean and inviting environment and Address any odors and maintain tidiness.
Lighting:
Get light bulbs with cooler tones for a brighter and more natural atmosphere as well Utilize natural lighting to enhance space.
Repairs:
Address potential red flags and prioritize repairs.
Quick Fixes:
Fix the easy repairs like doors and door handles, light bulbs, applying W40 on squeaky metal hinges, The toilet fill valve, patching drywall, using a wood marker to cover scratches on wood, applying fresh coat a caulk to wood trimming, painting the walls a new color, Etc.

3. MARKETING YOUR PROPERTY NOT EFFECTIVELY TO ATTRACT QUALIFIED CUSTOMERS.

Targeted Advertising Campaigns:
Utilize online platforms to reach relevant audiences.
Virtual Tours, Professional Photos/Video:
Allow buyers to see your home with clarity to attract serious buyers.
Open Houses and Private Showings:
Host events to showcase the property. In all sincerity you may not find a buyer right away with this method however it does work. Just be aware that when a buyer see's a for sale by owner they may expect to get a deal.
Collaboration with Real Estate Agents:
Partner with a listing agent or buyer agents to expand reach and access qualified buyers.
Highlighting Unique Selling Points:
Emphasize what makes your property stand out.

4. HANDLING NEGOTIATIONS AND OFFERS POORLY

Evaluate Offers Thoughtfully:
Review all aspects of offers with care. A bigger sales price isn't always the best offer.
Understand Market Dynamics:
Have an attractive offer to attract serious buyers. So figure out whether you are in a sellers or buyers market this can really help you create an offer as such.
Communicate Clearly:
Maintain open and transparent communication.
Negotiate Strategically:
Aim for a win-win outcome. If your reasonable, this allows you to have more leverage when strings need to be pulled.
Finalize Terms in Writing:
*IMPORTANT* Ensure all agreements are documented. That EVERYTHING SAID is in writing it may seem like common sense but when your midst negotiation, it may seem easy to agree just because "they said." *IMPORTANT*
Consider Closing Cost Negotiations:
Negotiate closing costs if necessary.
Consult Legal and Financial Advisors:
Seek professional guidance as needed.

5. DEALING WITH THE LEGAL PAPERWORK AND IT'S COMPLEXITIES POORLY.

Review Documents Carefully:
Pay attention to details and deadlines. Ex. The day contracts were executed, the closing date, the ends of the option period, Who pays for title policy and survey, whether or not the buyer requests for sellers concessions, home warranty, lease agreements in regards to your property, repairs being requested, ETC.
Seek Professional Assistance:
Get guidance from legal and real estate professionals. Such as real estate attorneys or real estate agents. (Such as ourselves!)
Disclose Everything:
Be honest about property issues. It is so important you do this in the case something goes wrong this disclosure will protect you.
Title and Ownership Issues:
Ensure clear title and address any issues.
Stay Organized:
Keep all paperwork organized and accessible.
Follow Legal Requirements:
Adhere to local regulations and requirements.

6. HANDLING UNEXPECTED SETBACKS AND CHALLENGES POORLY.

Appraisal Discrepancies:
If your property ends up being appraised for less then the sales price, we would likely be hearing from the buyer or buyers agent on potentially lowering the sales price or changing some aspect of the transaction.
Buyer Financing Problems:
This setback can easily be tricky and/or unexpected. There is just so many variables that can result in this setback.
Unexpected Repairs or Property Issues:
Life happens where features of the home stop working or a storm hits, be mentally prepared if it comes to it to either fix it, change some aspect of the transaction or pay someone to fix it.
Legal or Title Issues:
Hopefully this can be resolved before you even enter a transaction but sometimes a title company may find something in the title chain. In which case you need to seek legal guidance.

THE CONCLUSION

There is a multitude of challenges when selling your home, while you can do it all yourself. If you are not educated in real estate it may be a bad idea to do a transaction on your own especially if its your first time.

Why risk getting into legal disputes, losing time and money, and stressing out more then what is necessary for your property sale? (which is not a small transaction, one of the biggest in most peoples lives.) Rather trying to figure out everything out on your own using google and YouTube… Which if we may be transparent with whomever is reading. You can but, It’s like trying to learn how to fly a plane using google and YouTube. 

Real estate is a very specialized field of knowledge some information you won’t find so easily, let alone knowing which questions you need to ask. (Quality of questions) Feel free to reach out to us, we are here to assist you in selling your home. The information above shows only a few of the challenges you will and can potentially face.

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