might be enough innocent chatter to squash their interest.
Underestimating Closing Costs
Many sellers only consider the money they are selling their home for. They don’t appropriately calculate all the costs associated with the sale. Zillow lays out the following list of expenses: • Real estate commission, if you use an agency to sell. • Commissions are always negotiable. • Advertising costs, signs, and other fees if you plan to sell by owner. • Attorney, closing agent, and other professional fees. • Excise/Gains tax for the sale, if applicable. • Prorated costs for your share of annual expenses include property taxes, homeowner association fees, and utilities. • The seller sometimes pays any other fees (appraisals, inspections, buyer’s closing costs, etc.).
Spending Earnest Money Given to You
Please don't think earnest money given when an offer is accepted is yours until the deal is recorded. There are too many stories about sellers who spent the deposit money before closing. When the transactions did not occur, for reasons such as financing contingency, failure of inspection, or repair issues, the buyers had to fight or sue for a refund. Another advantage to using a real estate agent is that the agent is a neutral party who will hold the deposit 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
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