Mistake #1 -- Placing the Wrong Price on Your Property
Every seller obviously wants to get the most money for hisor her product. Ironically, the best way to do this is NOT to list your productat an excessively high price! A high listing price will cause some prospectivebuyers to lose interest before even seeing your property. Also, it may leadother buyers to expect more than what you have to offer. As a result,overpriced properties tend to take an unusually long time to sell, and they endup being sold at a lower price.
Mistake #2 -- Mistaking Re-finance Appraisals for the MarketValue
unfortunately, a re-finance appraisal may have been statedat an untruthfully high price. Often, lenders estimate the value of yourproperty to be higher than it actually is in order to encourage re-financing.The market value of your home could actually be lower. Your best bet is to askyour realtor for the most recent information regarding property sales in yourcommunity. This will give you an up-to-date and factually accurate estimate ofyour property value.
Mistake #3 -- Failing to "Showcase"
In spite of how frequently this mistake is addressed andhow simple it is to avoid, its prevalence is still widespread. When attemptingto sell your home to prospective buyers, do not forget to make your home lookas pleasant as possible. Make necessary repairs. Clean. Make sure everythingfunctions and looks presentable. A poorly kept home in need of repairs willsurely lower the selling price of your property and will even turn away somebuyers.
Mistake #4 - Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficultdecision. As a result, you should try to allow prospective buyers tocomfortably examine your property. Don't try haggling or forcefully selling.Instead, be friendly and hospitable. A good idea would be to point out anysubtle amenities and be receptive to questions.
Mistake #5 - Trying to Sell to Lookers
A prospective buyer who shows interest because of a"for sale" sign he saw may not really be interested in your property.Often buyers who do not come through a realtor are a good 6-9 months away frombuying, and they are more interested in seeing what is out there than inactually making a purchase. They may still have to sell their house, or may notbe able to afford a house yet. They may still even be unsure as to whether ornot they want to relocate.
Your realtor should be able to distinguish realisticpotential buyers from mere lookers. Realtors should usually find out aprospective buyer's savings, credit rating, and purchasing power in general. Ifyour realtor fails to find out this pertinent information, you should do someinvestigating and questioning on your own. This will help you avoid wastingvaluable time marketing towards the wrong people. If you have to do this workyourself, consider finding a new realtor.
Mistake #6 -- Being Ignorant of Your Rights &Responsibilities
It is extremely important that you are well-informed ofthe details in your real estate contract. Real estate contracts are legallybinding documents, and they can often be complex and confusing. Not being awareof the terms in your contract could cost you thousands for repairs andinspections. Know what your are responsible for before signing the contract.Can the property be sold "as is"? How will deed restrictions andlocal zoning laws affect your transaction? Not knowing the answers to thesekind of questions could end up costing you a considerable amount of money.
Mistake #7 - Signing a Contract with No Escape
hopefully you will have taken the time to choose the bestrealtor for you. But sometimes, as we all know, circumstances change. Perhapsyou misjudged your realtor, or perhaps the realtor has other priorities on hisor her mind. In any case, you should have the right to fire your agent. Also,you should have the right to select another agent of your choosing. Many realestate companies will simply replace an agent with another one, withoutconsulting you. Be sure to have control over your situation before signing areal estate contract.
Mistake #8 - Limiting the Marketing and Advertising of theProperty
there are two obvious marketing tools that nearly everyseller uses: open houses and classified ads. Unfortunately, these two tools arerather ineffective. Less than 1% of homes are sold at open houses, and lessthan 3% are sold because of classified ads. In fact, realtors often use openhouses to attract future prospects, not to sell the house.
Your realtor should employ a wide variety of marketingtechniques. Your realtor should also be committed to selling your property; heor she should be available for every phone call from a prospective buyer. Mostcalls are received, and open houses are scheduled, during business hours, somake sure that your realtor is working on selling your home during these hours.Chances are that you have a job, too, so you may not be able to get in touchwill many potential buyers.
Mistake #9 - Choosing the Wrong Realtor®
Selling your home could be the most important financialtransaction in your lifetime. As a result, it is extremely important that youselect the realtor that is best for you. Experienced real estate agents oftencost as much as brand new agents. Chances are that the experienced agent willbe able to bring you a higher price in less time and with fewer hassles.
Take your time when selecting a real estate agent.Interview several agents; ask them key questions. If you want to make yourselling experience the best it can be, it is crucial that you select the bestagent for you.
Your Baja Connection provides real estate and relocation services for buyers in Mexico. Visit our website for Baja Homes, Condos, Lots and Land or Rentals. Your Baja Connection can be reached at (619) 272-3316, via email at YBC@YourBajaConnection.com