OTHER SELLERS’ MISTAKES
Below is a list of "Don'ts" to help sellers avoid common pitfalls.
Selling Before Getting Qualified Yourself
Selling your home before getting qualified to buy another can be a risky move. Your financial situation may have changed since your last purchase, and you could fail to meet the loan requirements or be unable to sell your home at a price high enough to afford the kind of replacement home you want. This could force you to rent or buy a house that is not ideal. To avoid such situations, getting pre-approved by a lender you trust and thoroughly studying the housing market in the area where you want to live is recommended. This will give you a realistic idea of how much it will cost to buy a new home. It would be best to make contingency plans if you have to flick. Additionally, a supplement for the contingent sale of your home or the purchase of a replacement home can be included as part of the contract.
Wasting Time on Unqualified Buyers
It is pointless to show your house to someone unable to purchase it. For instance, take the case of a seller who spent two weeks preparing his home for a potential buyer interested in buying it. The seller paid $1,000 to remove an old shed and had several discussions with the buyer regarding the price and terms. However, only after a while did the seller realize that the buyer was not eligible for a loan. Real estate agents put much effort into avoiding such showings to non-qualified buyers and unqualified home shoppers. Today's industry emphasizes the pre- qualification of buyers and the "pre-qualification letter."
“Hovering”
56
Powered by FlippingBook