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SELLERS UNDERSTANDING OF MURPHY'S LAW
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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.
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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