NOT DISCLOSING ADEQUATELY
When you choose to sell the home without making repairs to systems or structures (e.g., leaky roof, rusty hot water tank, or not-to-code electric), make sure to disclose all maintenance and repair issues. You could be liable for problems you didn’t disclose even in an “as-is” sale, and importantly, this will help you save money and time if the buyers end up discovering the problems themselves and you must deal with them during the closing.
NOT FOLLOWING THE TIMELINE P G THE TIMELINE PERFECTL ERFECTLY
Sales that are timed for financing or tax purposes that miss the timeline even by a single day can cost you extra in taxes or other costs. Therefore, missing a day can mean losing dollars. You need to schedule the deal after consulting with your accountant well in advance to find out whether any tax breaks can apply for long-term capital gains.
SELLING BEFORE GETTING QUALIFIED Y ALIFIED YOURSELF
Entering a contract to sell your home before you get qualified to buy another is problematic. Your financial circumstances may have changed since your last home purchase, and you might not qualify for a loan. Or, your current home might not sell for an amount that allows you to buy the replacement house you have your heart set on. You could end up renting or buying something that is far from ideal. Before deciding to sell your home, get preapproved by a lender you trust. Also, do some research on your prospective housing market to get a good idea how much you’re likely to spend. Make plans in case you need to move right away.
WASTING TIME ON UNQUALIFIED B ALIFIED BUYERS
25
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