We have talked to dozens if not hundreds of homeowners over the years that want to sell their property and are looking to do it quickly, efficiently and of course, for the most profit possible. But nine times out of 10 many of them are making a lot of mistakes along the way that they don’t even know.
Here are some very simple and common mistakes many homeowners make when they list and sell their property.
The agent can still receive a commission if they bring a willing and able buyer and the sellers choose not to accept the offer.
The homeowner is legally required to pay a commission even if they don’t sell the property but the agent brought a willing and able buyer. This might sound crazy but think about it. As an agent, I bring in a buyer that can legally and financially buy the property and at a full and honest price. If the seller decides not to sell to that buyer, the agent still should receive the commission because they have done their original job. Of course, there are always stipulations and unusual circumstances and the homeowner does have the right to refuse an offer, but the job was to sell the property and that is what the agent is trying to do. If the offer is too low or there are a multitude of problems with the buyer, the seller can reject the offer and hope for another. It’s a muddy situation but the goal is to sell the property and when it’s all said and done, ready to close and the seller just changes their mind, the agent is still due the commission.
[Read More: 5 Questions to Ask Your Realtor®]
Not disclosing everything you know about the house.
This is like cheating on your taxes. You can’t just conveniently leave out some minor damage the house had a few years ago or neglect to mention you didn’t have the septic tank pumped. If found out the homeowner could be seriously affected by a lawsuit or be out a lot of money in repairs. It’s best to just be honest and upfront. If the house has had a flood, tell them. If it’s had major renovations or repairs, say it. If it has lead paint and you know you, you have to say so.
[Read More: The real cost of selling a house]
Not planning the sale around tax benefits.
Forbes magazine said it best, “even a sale miss schedule by one day can cost you tens of thousands in extra taxes. Don’t be left a day late and many dollars short. Make sure you talk to your accountant to find out if any long-term capital gains tax breaks apply to you, and check your calendar to determine when they come into play.” [Forbes]
Of course, many sellers make simple mistakes such as overpricing their home, not doing proper cleanup or staging the home before listing, but these are items that most agents should inform their sellers of before listing. Homeowners can get lazy on the staging, especially if the home has been on the market for some time but it’s important to keep the home properly staged and clean because you never know when you might get a buyer.
For more information about selling your home in Brunswick Islands or Sunset Beach and the surrounding communities contact our office today.