CHAPTER 12 Avoid Costly Mistakes
How can you keep from selling your house for less than it is worth? How do you avoid losing money on your sale? The first thing that you need to learn from is the mistakes of those who came before you. Below are some examples of costly mistakes made by all kinds of sellers, including those made by a bank. The final story demonstrates how crucial it is to price your home right the first time in a changing market.
"WRONG-PRICING" IS THE EA G" IS THE EASIEST WAY TO LOSE MONEY ON YOUR HOME SALE
The number one reason people lose money on their home sale is "Wrong-pricing." They assume their home is worth ‘x’ dollars without researching the value, put their house on the market, try to sell it for more or less than it’s worth, and never realize their mistake. That is why it is so critical to have a true understanding of the value of your home in today’s market.
BANK MISTAKE
Banks know when a buyer makes an unsolicited offer, and most of the time the offer is below fair market value. In one case, a bank lost more than $30,000, on a mistake based on that assumption. Two people were interested in buying a particular piece of property. It was in an excellent location and unique among properties available in the area. Both buyers were anxious to make an offer before someone else could offer more. Either one of them would have been willing to pay the fair 67
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