growing family," or "the schools are going through some changes" 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. The following list of expenses should be considered: • Real estate commission, if you use an agency to sell. • Advertising costs, signs, other fees, if you plan on selling by owner. • Attorney, or other professional fees, if applicable. • Capital 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 (buyers closing costs, etc.) • Sellers fees to title company, such as title insurance.
Spending Earnes Money Given to You
Do not believe that earnest money given at the time an offer is accepted is yours until the deal has closed and been recorded. There are too many stories about sellers who spent the deposit money prior to closing. When the transaction did not occur, for reasons such as financing contingency or failure of inspection of repair issues, the buyers had to fight or sue for a refund. Another advantage to using a real estate agent is that agent is a neutral party who will hold the deposit for you until closing day and make sure your contract dictates what happens to the funds if the transaction doesn't close.
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