contract must be executed within a set, legally binding time frame.
5. IGNORANCE OF REAL ES F REAL ESTATE BASICS
You may think attracting your own buyer and skirting all real estate agent commissions is a godsend. But if you avoid all agents, then understanding all the details of the sale falls to you. That means you must become an instant expert on escrow, water rights, mortgage rates, mortgage types, property taxes, property assessments, disclosure obligations, lender requirements, and on and on. Real estate agents learn these topics during pre-licensing courses, post-licensing courses and continuing education requirements for license renewal; you’ll have to learn them on the fly.
6. PROPERTY MISREPRESENTATION
When it comes to selling property, your word is your bond. The way you describe the property—what you include, and what you omit—becomes part of a contract. If you exaggerate, misrepresent, or fail to include a problem you know exists, you risk losing a sale —best-case scenario—or gaining a lawsuit. You look at your property through years of memories, piles of receipts for upgrades and maintenance, and profit you hope to gain so you can move on or even into that condo or bigger or smaller house in Florida or else ware. This personal lens makes it hard to view a property objectively and present it neutrally. Professionals know how to describe your property in accurate, detailed, and attractive ways. Disclosure rules are different in each state, and professionals know what must be disclosed in Florida: termite infestation!—and what doesn’t: tiny chips in granite countertops.
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