Property owners who “overlook” issues that can affect the sale of their home can have big problems down the road.
A leaky roof. That dryrot just below ground level on one of the posts that holds up your back patio. That un-permitted room addition off of the
These are but a few examples of issues that may affect the sale of your home. Whether they were caused during the time you have owned the home or not, if you are aware of their existence, you must disclose them during the escrow process.
Why disclosure is so important.
It is a requirement that sellers disclose all KNOWN issues that may affect the sale of their property. These issues may affect not only the value of the property, but also its safety and security. That being said, the buyer has the opportunity to hire a professional home inspector during the escrow process to assess any other issues, known or unknown. They also have the right to request any repairs that may arise as a result of the inspection. The seller may accept the request, refuse the request, or come to an agreement with the buyer as to which repairs may be initiated before close of escrow. The buyer also has the right to cancel the transaction prior to the contingency expiration period should an agreement not be reached. Continue reading
Even in a seller’s market, some home owners make big mistakes when they decide to list their home. Here’s what NOT to do!
In our last article, we talked about the good possibility that the real estate crisis may finally be over. Good news for home sellers, right? We’ve also seen such a hot market that even most of our own listings barely made it into the Multiple Listing Service before a slew of offers came in. In some cases, homes were sold even before we had the chance to market them. Again, good news, right?
However, this doesn’t mean that agents and homeowners haven’t faced their challenges. Some homes actually do still sit on the market without any offers. There are several reasons for this, and we’ll address the top ones here.
Seller mistake number one: Pricing your home too high.
Yes, even in today’s market, we see sellers do this (or at least try). Homeowners unfamiliar with how the real estate market works tend to believe that, since prices are going up, that if they price their home at the top of the market, or even above, that they’ll end up receiving top dollar for their home. In fact, the opposite is true. Real estate is not unlike the stock market, with fair market value being the rule of the day. Prices will only sell for what the market will bear, and there are many factors that go into this. First and foremost, competition. Continue reading