Each one of us has a different approach to home selling. As a result, the process probably has thousands, if not millions, of variations out there. Despite the diversity, there are always the same set of mistakes home sellers commit, not just in the Las Vegas real estate market, but in other parts of the country as well.
Let’s take a look at the ten most common mistakes sellers make so you can avoid them when the time comes.
- Selling the house while still being emotionally attached to the property
- Accepting offers from unqualified buyers
- Failing to make the proper property disclosures
- Being unavailable to interested buyers
- Being present during an open house
- Selling the property on their own
It can be hard for a lot of sellers to emotionally distance themselves from their properties during a home sale. After all, we’re talking about places where they spent a significant chunk of their life. Memories were made, both good and bad.
Being emotionally attached while selling, however, could be detrimental. Some sellers are hesitant to make changes to areas they consider their favorites. Others overprice their properties because it means so much to them.
Once you decide to sell your home, it’s time to switch modes from homeowner to businessperson. Start to detach yourself from the house and treat the entire process as a financial transaction.
When a house has been sitting in the market for some time, it’s exciting when a buyer makes an offer. Some sellers, however, immediately jump on the opportunity even if the buyer isn’t pre-approved for a mortgage.
If the buyer is making an all-cash offer, other sellers completely forgo looking into their proof of funds.
Because of this oversight, they sign the contract with certain expectations. While some transactions do push through, others end up terminated because the buyer can’t produce the financing to purchase the home. The end result is plenty of time wasted and having to put the house back into the market.
Not making any repairs or improvements to the property
It’s fine to sell your house as is, especially if you’re in a hurry to make a sale. But generally speaking, I always advise sellers to make preparations before selling their homes. That includes making essential repairs and upgrading outdated elements.
Some buyers tend to be turned off by homes that give off the impression that they’re not well-maintained. And since the properties look less than what they are actually worth, it’s not uncommon for buyers to make offers lower than the asking price.
Home sellers in Nevada have a legal obligation to make the necessary property disclosures before they sell their home. Not doing so can have dire consequences.
Unfortunately, there are sellers who think they can get away with not providing an accurate picture of their homes. Some try to downplay existing issues, while others completely hide them until they’re discovered during inspections.
If the seller is found guilty of this, the buyer has the right to terminate the transaction. The worst case scenario is the buyer can even sue the seller and take the case to court.
There’s no telling when and where prospective buyers would reach out and ask to see a home for sale. It can be a nuisance, especially if you’re enjoying a nice and relaxing weekend, but the general rule is to keep yourself available to interested buyers.
Yes, that means accommodating their requests even if they are personally inconvenient. But if you want to sell your house fast, you (and your real estate agent) should be available throughout the duration of the sale. Whenever you refuse to accommodate an interested party, you’re turning away a person who could’ve bought your home in a heartbeat.
Being unavailable is bad, but being too available to the point that you are present in almost every open house is equally as unacceptable.
Even though sellers try, as much as possible, to come off as inviting, their presence during open houses serve as a foil for interested buyers. Guests won’t feel comfortable airing their opinions about the property nor will they feel at ease asking pointed questions. Sellers at open houses might also prevent prospective buyers from imagining themselves living in the home.
So, who should guide buyers during an open house? Your agent, of course. Let your realtor represent you and the property. Give them all the information they might need so they can answer any questions thrown at them.
While there are successful cases of FSOBs (for sale by owner), selling your house on your own isn’t highly encouraged. If you are unfamiliar with the real estate landscape and the nuances of selling a home a home in the Las Vegas real estate market, it is best to leave the task to experts.
Some sellers, however, overestimate their capabilities and downplay what experienced real estate agents can do. Different situations can play out, but the outcome ultimately remains the same: unsuccessful transactions.
Avoid making any mistakes as you sell your home. Get in touch with me today so you can tune in on all the things you need to do before selling your house.