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Murphy's Law states that anything that can go wrong will go
wrong. Glitches in any real estate transaction are inevitable. If you
are prepared, you won't be so shocked when they do.
Author Terri Murphy (no
relation to Murphy's Law) has some suggestions that may help:
1. Understand That Your Home May Not Be Worth What You Think
The biggest shock most sellers face is what agents and buyers think
their home is worth. Sometimes sellers can be pleasantly surprised,
but the reality is that markets change, and home values rise and fall.
Many subjective factors such as floor plan, condition, updates and
drive-up appeal affect home values.
The truth is that buyers will determine the worth of your home, in
this market, at this
particular time, and that has very little to do with what you need to
get out of the home.
2. People Won't Love Your Home Like You Do
You love your home and expect others to appreciate the same
qualities
in it that you do, but buyers have their own lifestyles, preferences,
tastes
and attitudes. The chances of finding a buyer who will want your home
"as is"
are slim to none.
In fact, buyers will look at your home with an eye to how they can
make it
suit themselves. They may knock out that wall where you have your
prize fish tank, tear down that designer
wallpaper you had imported from England and gut the kitchen where you
spent so
many Thanksgivings preparing dinner. All those changes cost money, so
they
will value your home less as they consider remodeling and decorating
costs.
Remember, your home is competing against other homes with updates
and features your home may not offer. Your home has to withstand the
glare of scrutiny, so you must make it as competitive as possible
within your means. Put it in good repair, and make sure it is spotless
and clutter-free.
3. Sooner Or Later You Will Lose Your Temper
Your relationship with your buyer will be one of love/hate. The
buyer is an adversary because s/he wants to pay the least for your
home, while you want to net the most possible.
The buyer, in order to improve bargaining leverage, may pick your
home apart. Many of the buyer's complaints and requests for repairs
will be legitimate, but some may not. In fact, some requests can be
outrageous.
Stay focused on your goal to sell the home, and keep your cool. Let
your agent tell their agent yes, or no. Remember, your home can't
close until everyone is happy, so be flexible and willing to
compromise.
Don't let your feelings fester. If you are truly uncomfortable
about anything, inform your Realtor immediately.
4. Unexpected Showings.
Buyers aren't going to operate on your schedule. They may want to
see the home at any time of the day or evening.
Your Realtor will ask you to keep your home in show condition.
Don't worry that the bed wasn't made. Trust that only serious buyers
will be allowed to see your home.
5. Buyer rudeness
Poor manners is rampant in our society. So why be surprised when
buyers visit your home and leave their sweaty McDonald's cup on your
coffee table? Or leave the cabinets and closet doors open wherever
they looked? Or miss their appointment, expecting you to reschedule at
a moment's notice?
As tempting as it may be to play Miss Manners, it's not worth
passing up a good offer because the buyer had to change a dirty diaper
and left it in your trash bin.
6. Inspections
Inspections kill more deals than any other single factor besides
overpricing. All older homes have some minor and some major problems,
so address the problem before it becomes a problem. Get a seller's
inspection, and you'll have advance knowledge of any problems that
must be fixed. A buyer who sees a favorable
inspection report as part of the home marketing materials is more
likely to make a fair price offer.
(Editor's note: Buyers should always have their own inspections
performed.)
7. Last Minute Problems That Delay Closing
Service providers, from lenders to inspectors to closing agents,
may cause problems, sometimes without meaning to. In some areas,
closings are happening at such a rate that all service providers
associated with the real estate transaction are on overload. So
schedule all steps in the transaction early. Track the transaction
with your Realtor so you know which steps have been fulfilled
properly. Have your Realtor nudge anyone along who is late with their
piece.
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