Now that you are finally ready to put your property up on the market, you might find yourself wondering what you should do first. Do not let your lack or wealth of experience lead you into a false sense of confidence. Many homeowners and realtors often make mistakes when selling property that gives them a less than ideal outcome.
The goal is for you to make a profit. However, rushing or not performing due diligence during the selling process can cause you to lose money, time and end up with legal problems and a lot of unnecessary stress. Here are a couple of things to avoid to improve your house selling experience.
Overlooking or omitting critical disclosures
One decision you must make before you sell your property is if you want to take on the task yourself or work with a real estate agent. While there are advantages and disadvantages to both, disclosure obligations are the same. A seller must provide certain information/disclosures, such as his or her last known date of residency at the establishment, issues that could degrade the buyer’s use and habitability of the property and all known structural and material defects and hazardous substances to potential buyers.
Entering into an unfavorable residential sales agreement
The residential sales contract can help you avoid many types of real estate complications that can cause you financial loss and legal issues. It is a legally binding contract that contains a record of the property’s sales conditions, such as the down payment and purchase price for the property and any obligations that are contingent upon the transaction’s completion.