might be enough innocent chatter to squash their interest.
Underestimating Closing Costs
Many sellers only consider the money they are selling their home for. They don’t appropriately calculate all the costs associated with the sale. Zillow lays out the following list of expenses: • Real estate commission, if you use an agency to sell. • Advertising costs, signs, other fees, if you plan to sell by owner. • Attorney, closing agent and other professional fees. • Excise/Gains tax for the sale, if applicable. • Prorated costs for your share of annual expenses, such as property taxes, homeowner association fees, and utilities. • Any other fees sometimes paid by the seller (appraisals, inspections, buyer’s closing costs, etc.).
You Can't Spend the Buyer's Earnest Money
The earnest money given at the contract signing is held in escrow by the seller's attorney until the deal has closed and been recorded. There are too many stories about sellers who think they can the use the money prior to closing. When transactions do not close, for reasons such as a buyer not being able to secure a mortgage...the monies must be returned to the buyer. Another advantage to using a real estate agent is that less deals fall apart.. so less need to worry about returning earnest money.
Forgetting to Cancel/Switch Utilities and Insurance
Many sellers overlook notifying utilities that they are moving or applying for utility service at their new home. Call the utilities and your insurance company as soon as a contract is signed. Find out how many days’ lead time they need to switch or cancel, then 56
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