Becoming Friends with the Buyer
It’s appropriate, even important, to be friendly, but don’t let the personal nature of someone being in your home allow you to get into too many long discussions with the buyers, because personality conflicts often cloud judgments. Watch what is said in discussing items related to the house and neighbourhood. Remember, this could be their new home. You’re no doubt excited about moving but buyers may start second guessing if too much is said. A casual statement about the house “really being too small for a growing family,” or “the schools are going through some changes” might be enough innocent chatter to squash their interest. Wait until after the sale closes to make friends.
Underestimating Closing Costs
Many sellers only consider the money they are selling their home for (the purchase price). They don’t appropriately calculate all the costs associated with the sale and overlook the following items: • Balance of Down Payment — the required down payment according to your mortgage agreement purchase price less your initial deposit that accompanied the accepted offer • Legal Fees — amount depends on purchase price and lawyer (approximately $1,600 for a $500,000 purchase in Alberta) • Title Insurance — generally added to legal fees if applicable ($250-$400) • Realtor Commission — if you use an agent/real estate professional to sell your home • Adjustments/Prorated Costs for Annual Expenses — includes property taxes, condominium fees, and utilities
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