1. Asking Price too high
Most For Sale By Owners (FSBO's) and sometime people selling through brokers make this mistake, which is why they can't sell.
When you price your home too high you get very few calls…even less showings…and even less offers. Remember that anything that is priced for the market will sell. Fair market value is determined by what people will pay, not what is asked. Do your homework; research what COMPERABLE houses have actually sold for in the last 6 months – you might be sadly surprised. Finally, don't be greedy. Buyers know you are saving money on commissions, and most will want a little bit of that savings as a good deal.
2. Not having the appropriate forms available
If a buyer is ready to buy -let them buy and help them buy!
Saying "Let's talk to our Lawyer " is guaranteeing the early death of a possible sale. Inevitably, the buyer goes home and gets cold feet. Have the forms you need to conduct business ready to go from day one! This is a costly mistake by a number of for sale by owners - FSBOs - that just comes down to a lack of preparation. Talk to your lawyer or a real estate professional about what you will need. It might cost $1000-$2000 to get your paperwork reviewed by your attorney, but that sure beats having a deal unravel at the closing table! You'll recoup your money if you have what you need to start with.
3. Believing newspaper ads will bring you the buyer
Rarely are homes sold by direct advertising in a newspaper or any other classified section.
The truth is that when Broker run ads for a particular home, they rarely sell the home that is advertiesed. When a Broker advertises it does bring calls but the he can then convert the phone call into an appointment to show the caller any property for sale with any company in any price range or geographical area. The fact is often the best buyers are searching for homes on the Internet. When people are relocating to an area, most of them go on line and search for a home. When they arrive in town they frequently have a list of homes picked out that they would like to see. Make sure your home is available for the relocating buyer to see.
4. Discouraging low Offers
So often when a homeowner is asked what price they are asking and why, they either don't know the answer or become offended.
Be prepared - and research the fair market value of your home (what similar homes have sold for in the last 6 months). Once, you are asked, say your price with confidence. If you get offended at a low offer, you might not be ready to sell. Never discourage an offer. If someone goes to the trouble of extending an offer, perhaps you can negotiate up. Most offers aren't made at the “absolute top offer” on the first shot.
5. Not having your home in excellent condition
So many people think that others will overlook obvious deficiencies and dirt because they do. Not so.
Your home should show like new, fresh and clean. Clean out the stuff you haven't used in over a year - it will most likely help with you prepare for your move too. Also, do all your lights have light bulbs in them? They should. What about that garbage disposal? Everything should work and all areas of your home inside and out should sparkle. Have a friend come in and point out some things that maybe you've gotten used to seeing – dirt on the baseboards, that stain in the hall, the loose door knob. When you've lived in a place long enough you tend to overlook things that new buyers will notice immediately.
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