"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. It's important to note that if you DO have a pre-inspection, you should be prepared to remedy those items or know that you are legally obligated to disclose this information to your Buyer. Discuss the pros & cons of a pre-inspection with your REALTOR®.
Lender Totally Dropped the Ball
You know how not all real estate agents are created equal? It’s the same for lenders too. If the Buyer doesn’t research and just picks any lender out there, you both might end up with a huge headache. If the lender isn't thorough, your file could end up forgotten on the bottom of their to-do list. Even if the file isn'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, your agent will know which lenders have a great reputation for closing on time and which ones don't and this can be discussed and considered when the pre-approval is received with the offer.
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 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 letters. Your REALTOR® will be able to tell the difference between the two types of documents and can call the lender to confirm that a credit check and other criteria have been completed by the lender BEFORE you accept the offer.
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 for your REALTOR® to meet the appraiser at your property and provide information on recent home improvements and share the appropriate comparable properties. Hiring an agent that will take the time to meet the appraiser can be the difference between your property appraising for what it's worth or potentially losing tens of thousands of dollars (with a low appraisal).
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 REALTOR® when the offer is made. You can agree together what stays and what can be taken with you during the negotiation of the offer. If you are planning on taking your refrigerator etc. with you, you'll need to be transparent with the Buyer that they will need to purchase an appliance… or curtain rod....LOL!
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. We are very knowledgeable about the most cost-effective and 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 REALTOR® 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, tech-savvy and a great communicator among other things.
If you had a bad or even average experience with your last agent, we have full confidence we will exceed your expectations. We couple GREAT service with cutting-edge digital technology to make your home stand out to potential Buyers. We'd love to share how we are able to obtain an average of 101% of list to purchase price ratio and how 75% of our listings sell in 7 days or less! If you want to know more about us and our services--just reach out and let us know. We will get right back to you!
We’re curious. Have any of these things happened to you when you sold your last home? Let us know right here!