• Attorney costs and closing agent fees • Excise/gains tax (if applicable)
• Prorated costs for such items as property taxes, homeowners association (HOA) costs, and utilities • Any other fees like appraisals, inspections, buyer’s closing costs, etc. While we’re talking about costs, don’t make the mistake of spending “earnest money” given to you. There are far too many stories about sellers who spent their deposit money prior to closing. When the transactions don’t go through for whatever reason (such as financing contingencies or failure of inspection or repair issues), the buyers had to fight or sue for a refund. Having a real estate agent on your side is advantageous because he or she can act as a neutral party who can keep the deposit safe until the official closing day, and can ensure your contract dictates what should happen to the funds if the transaction falls through. In some states, earnest money will go directly into an escrow account.
MISTAKE #10. LEADING WITH EMOTIONS
Finally, one of the biggest mistakes that sellers make — particularly longtime homeowners in the process of downsizing — is allowing emotions to take over. It’s understandable; this has been your family home for years, filled with wonderful memories. But you need to set your emotions and attachment aside and remain calm, cool, and collected throughout. This is especially important during the home inspection, during which time you need to have realistic expectations. For instance, don’t let an interested buyer’s demands for a small repair kill the deal. Remember that this is a business transaction — and to allow your real estate agent to guide you — and you’ll have a much more
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