Are you thinking of listing your home? Then you definitely have to understand these 6 simple but important facts about house selling that no agent will tell you.
Read this post before you contact a real estate agent to help you sell your property. It won’t take much time, and it’s better than looking back with regret because you did not understand everything that is involved with the traditional listing process in use today.
Dinner time? While sitting down together at the table with your family is considered a highly valued time, the dinner time or weekends are most likely going to be the time your potential buyers come to visit with their agents.
While no one enjoys the thought of a stranger going through their personal space and looking around their home, it is the job of a real estate agent to ensure that many strangers do just that.
As a result of these impromptu visits, your house will need to be picture-perfect at all times. Be prepared to include showings and open houses into your life. This is one important fact about getting a suitable offer for your house that no agent will tell you.
Show me the money! Settlement can be delayed because the process heavily relies on the completion of appraisals, inspections, deadlines and other possible but not always foreseeable hurdles.
For this reason, it is not uncommon for closings to take as long as 60 days, or longer if settlement is to be done through the conventional financing used in the traditional real estate. This is one more fact that an agent will not tell you when it comes to selling your house.
Days on the Market
When will it sell? While it may be easy for your real estate agent to tell you the average days on market for homes in your area, one thing they can’t pinpoint are the exact days it will take your property to sell.
Without having any real idea of the waiting period you’ll have to deal with, the plans you’re likely to start may all become meaningless. Additionally, you may become responsible for two properties if you have to leave your home before sale is completed. This is another critical element an agent will not apprise you of when it comes to selling your house.
The deal falls through? The main point here is that an agreement you have with a buyer may not go according to plan if a contingency isn’t met. Contingencies are the conditions of a contract which must be met before the terms of that contract are fulfilled. These contingencies are very common in conventional real estate.
For example, if the quality of your house is not on par with the purchase price it needs to appraise for or does not pass the required inspection, then the buyer or their lender may try to renegotiate or call off the deal. This information may be a devastating one to know about selling your house after the process has already started.
Were you under the wrong impression that everything in the house was in perfect order? Inspections are extremely important parts of traditional listings which can bring very expensive secrets to light. Depending on what the issue that is discovered during inspection is, the cost to repair or replace can run into thousands. One more thing an agent will not inform you about selling your house is that you’ll be responsible for making repairs required by the lender or a contract contingency. Any failure on your part to do the repairs, even if you simply lack the funds, may lead to a void contract.
Slice of the Pie
Commissions, fees, marketing, staging, storing belongings to decrease clutter, and closing costs. For quick sale, your real estate agent will assume that you’ll be making some aesthetic changes which may include updating or renovating your house. All of this can run into the thousands.
Additionally, real estate agents and their brokers will also take a cut off the top in commissions. And then there’s costs for hiring a professional photographer, maybe even a drone pilot, to boost your online presence.
In addition to these costs, staging with the intention to increase the appeal of your home to the highest number buyers will need to be paid for. This will help to sell your house quicker and at a higher rate.
For effective staging, you may be required to put many of your belongings in storage till the home sells. As a result of many unforeseeable factors, you may also be responsible for certain expenses which may reduce your expected profit at the closing. Therefore, you need to take into consideration these facts that may remove from your bottom line that an agent will most likely not tell you, when selling your house.