CHAPTER 3 Avoid Costly Mistakes and Maximize es and Maximize Your Home Sale Let's dive into a couple of cautionary tales that highlight the importance of making informed decisions when selling your home. These stories serve as reminders that even seemingly small mistakes can lead to significant financial losses. In one unfortunate case, a seller lost a staggering $50,000 on their home sale. The property, valued at $480,000, was sold for a mere $430,000. The seller made the mistake of hiring an agent who was unfamiliar with the area and recommended a low asking price. To compound matters, the agent neglected to put up a sign, resulting in minimal exposure for the property. Unbeknownst to the second buyer, who was interested in purchasing the property to build a house on, the first buyer swooped in and secured the deal before they even had a chance to make an offer. The seller, unaware of the missed opportunity, accepted the first buyer's offer, ultimately leaving $50,000 on the table. This unfortunate scenario could have been avoided with proper marketing and a proactive approach. A simple sign on the property would have attracted more interested buyers, potentially sparking a bidding war and driving up the price. The listing could have fetched fair market value through competitive offers, eliminating the unnecessary loss. Another example showcases a seller who hired an agent whose incompetence cost her $25,000. A buyer submitted a clean, full- 10
Powered by FlippingBook