Top 10 Mistakes Home Sellers Are Most
Likely To Make

1. Selling your own. This isn't a mistake for all sellers, but it is a serious mistake for those who don't understand what is involved in selling an home and who aren't well equipped to handle the transition without assistance.

2. Picking the wrong selling agent. Too many sellers pick the broker who suggests the highest selling price, rather than the one who offers the most persuasive argument backed by a comprehensive marketing analysis of what the asking price ought to be.

3. Failing to obtain a pre-sale home inspection! What you don't know about your home can definitely hurt you. If you get a pre-sale inspection, say - "I've had a pre-sale inspection, I've repaired some items, some items I don't care to repair and I've priced the house accordingly". This will reduce the difference between the seller's asking price and the buyer's offer. Buyers will obtain their own inspection and form their own opinion.

4. Not disclosing serious problems. Sellers do not have a legal obligation to disclose flaws to potential buyers (unless asked specifically about them), but failing to do so virtually ensures you will be sued. You may ultimately win, but the fight will be expensive and time consuming.

5. Setting an unrealistic selling price. Too many sellers base their price on the amount they "need," rather than on a realistic assessment of what a buyer would pay. The longer the overpriced house sets on the market, the greater the risk that it will become "stale," and more difficult to sell.

6. Buying a new home before selling your existing residence. Sometimes this works out just fine, but if it doesn't, you could end up making payments on two mortgages. Also, the pressure to sell your old home could lead you to accepting a lower price than you might have obtained.

7. Undertaking major renovations to increase the selling price. Some improvements will provide a better return on your investment than others, but no major renovation project is likely to provide the dollar-for-dollar recovery anxious sellers typically have in mind. And some enhancements may annoy as many buyers as they attract.

8. Sticking around during showings. Sometimes personal interaction between buyers and sellers can be helpful if they like each other. The danger is, they won't and ill will between buyers and sellers certainly won't help the negotiation process. Also, many buyers will find the presence of the owners inhibiting, making them reluctant to do the detailed investigation necessary to determine whether they are interested in the property.

9. Being inflexible about showings. Brokers will usually try to respect your schedule and your privacy, but buyers will want to see your home when it is convenient for them.

10. Negotiating to win rather than to sell. This is as much a problem for buyers as for sellers, and it results because parties lose sight of their goals. You may be absolutely right in arguing that you have no obligation to make the $300 repair on which the buyer is insisting, but at the end of the day, do you want the sign in front of your property to read, "I was right," or do you want the sign to read, "SOLD" ?

SOURCE: Boston Globe

If you are about to sell your home, contact Beachwood at (978) 768-7255 to schedule a pre-sale home inspection!