6 Spooky Mistakes to Avoid When Buying or Selling Your Home
Buying or selling a home is both exciting and scary. The more prepared you are, the more ready you will be to make an important life decision that will benefit you. Don’t let these common mistakes sneak up on you. Our team at Berkshire Hathaway HomeServices Floberg Real Estate can make the process easier by answering your questions and meeting your needs before anything jumps out at you.
Here are three common mistakes for buyers to avoid:
It is important to remember that the price of a home you see online or in the paper does not include items like capital gains tax, home and mortgage insurance, property taxes, HOA dues, closing costs, home inspections, hiring movers, and more.
A low credit score can hurt your chances at obtaining, and keeping, a home loan. Correct any mistakes that have an adverse effect on your profile. Don’t quit or change jobs, don’t open a new credit card, and don’t make any purchases that require a loan (like a car) until after closing day. Now, if you’re paying cash, you needn’t worry about most of that.
Working with a local real estate agent is especially important when researching a prospective neighborhood. They know what nearby homes have sold recently, their sale prices, and how they differ from the home you’re looking at. If there’s big discrepancies, your REALTOR® can help you adjust your offer accordingly.
"In certain older neighborhoods, we suggest a sewer scope, as many pipes were made of clay back then. It’s not something that most people think about, but could save you thousands of dollars if a tree root is growing inside the pipes!”
Here are three common mistakes for sellers to avoid:
That playroom painted bright red, the cement chip that fell off the steps, or that strange smell under the fridge might be mere annoyances to you as a homeowner, but to a prospective buyer, they can be major turn-offs. Consider making every minor repair you can, such as fixing small holes in the walls, painting over bright colors, or deep cleaning.
Keep in mind you are not selling some old clothes or a lawnmower. You want as many buyers to fall in love with it as possible. Adjust your schedule so when a buyer wants to view your home, you are out of the house in a timely fashion.
The highest bid is not always the best offer. Contingencies tied to that bid may make it less appealing because of extra costs to you the home seller, or requests to leave behind certain items you may want to keep, such as a riding lawnmower or appliances.
“Knowing or suspecting they will be in a multiple offer situation; a buyer may submit an extremely high offer in hope of having it accepted. Remember, the contractual price is almost always limited by the appraisal, especially FHA and VA loans. Be sure that the high offer will meet appraisal, or it’s back to the negotiating table.”