money prior to closing. When the transactions did not occur, for reasons such as financing contingency or failure of inspection or repair issues, the buyers had to fight or sue for a refund. Another advantage to using a Realtor is that the agent is a neutral party who will have the earnest money held by the title company or by the real estate office for you until closing day, and make sure your contract dictates what happens to the funds if the transaction doesn’t close.
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 much lead time they need to switch or cancel, then get back with them when you have a firm closing date.
Letting Emotions Take Over
Keep calm throughout the selling process, especially during and after a house inspection. Be practical and presume that issues will arise. It’s not uncommon to have to pay for some repairs. Don’t let the buyer’s request to complete a minor repair kill the deal. On the other hand, don’t commit to fixing anything in advance, unless you are sure you can manage it emotionally and financially. Determine the kind of repairs you can take care of practically, then commit to that decision. Some repairs can become unmanageable and could cost you a significant amount of money.
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