CHAPTER 14 Home Sale Pitfalls And Horror Stories
To avoid selling your house for less than it is worth and leaving money on the table, it is helpful to find out what other people have done wrong. Below are examples of costly mistakes.
UNDERPRICING: THE EASIEST WAY TO LOSE MONEY ON YOUR HOME SALE
The #1 reason most people make less than they should when they sell their home is underpricing it. They think their home is worth ‘x’ dollars without researching its true value. They put their house on the market, sell it for less than it is worth, and never realize their mistake. That is why it is so critical you have a clear understanding of the true value of your home in today’s market. A perfect example is the sellers who sold three acres — worth about $300,000 — for only $80,000. They lived about 100 miles away and did not realize the property's potential, and they hired an agent who was unfamiliar with the area. Their buyer was an experienced developer. He researched the zoning and discovered the three acres were zoned for high- density condos. The sellers did not know about the zoning, nor 67
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