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5 common mistakes to avoid when selling your house

Selling your house is never an easy decision to make. Although you might be extremely excited to step into a new phase of your life, numerous things need to be done first. It can be a tedious task to put together all the necessary paperwork and make sure you have taken care of all the formalities. Moreover, if you have had your home for a long time, it can be an emotional experience to go through. Sometimes, we can make some bad decisions and mistakes during this process, leading to a loss of money!

The following are some of the most common mistakes that people make when selling their houses.

Being unprepared before listing
Creating a property listing is one of the foremost things needed to be done when preparing your house for a sale. It is essential to present your house in the best possible way before a showing so that you get a good offer for it, which means you have to take care of all the necessary repairs and maintenance changes needed before a potential buyer visits your house. When posting a property listing online, ensure you post sufficient photos that show all the best elements of your house.

Getting too emotional
When discussing the nitty-gritty of your house while making a potential deal, it is crucial to keep your emotions in check and enter the room with a clear head. Sometimes, people find it difficult to get a hold of their feelings, especially if they have lived in the house for an extended period. In such a situation, it can be helpful to bring a trusted friend or family member with you to a meeting who can take over the discussion if the need arises. Emotionally distancing yourself from the situation will help you look at the bigger picture and prevent you from making expensive mistakes before selling.

Overpricing/underpricing
When selling your house, it is crucial to consider the price of the house that you will be demanding. A thorough market analysis must be done before coming to any concrete conclusion of the asking price. If you set a higher price for your house, you might not attract the right buyers, deterring buyers from checking out your house. Moreover, if you ask for a lower price than what your house is worth, you may attract more potential buyers, but you would end up being at a loss if you settle for a price too low.

Selling to an unreliable buyer
It is crucial to be extremely thorough about doing a background check before selecting a buyer for your house. Before signing any contract with a buyer, you must ask for a pre-approval letter from a mortgage lender or proof of funds (POF) for cash purchases to make sure that they are financially capable of buying the house. If the buyer’s financial situation is not properly assessed before signing the contract, you may find yourself stuck in a serious bind, especially if you need to close the deal before a deadline.

Skipping a pre-listing inspection
A pre-listing home inspection is done to evaluate and figure out if any issues need to be addressed or repaired, putting you in a better position to avoid any unnecessary negotiation or lower price when an offer is being made. Moreover, if any significant improvements are needed, you can get them done as soon as possible and avoid facing any surprises in the future. If a seller skips the pre-listing inspection, they are at risk of facing unnecessary last-minute expenses for fixing leaks and problems around the house that could have been fixed well in advance. This can lead to an unnecessary waste of time and money, which could have been avoided altogether. A prior inspection ensures that the entire process is carried out rapidly and smoothly.

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