It’s still a tough market for sellers, and buyers are pickier than ever. You’ve done all of the work to get your property ready to show and sell, but don’t overlook the obvious. Here are the top 5 situations that freak buyers out:
1. Failure to disclose information about the property - You had a water leak years ago in your house that has since been repaired. It was so long ago you’ve practically forgotten about it, and it hasn’t happened since. Write it on the disclosure form. Really. Because it will come back to haunt you, either due to visible stains from the incident, or from a home inspection. If you are honest in the beginning, it goes a long way to show a buyer that you have nothing to hide, especially in the event that other issues arise with the property during the contract period.
2. Selling your property “As-is” – As a rule, buyers take this to mean that you will not make any repairs to a property that might be necessary. In most jurisdictions, there are laws regarding functionality of major systems in a property that must be in good working order so the property can legally be sold. Buyers don’t always make this distinction and will worry that a home inspection will yield repairs they can’t afford to make, as well as fear moving into a home that resembles “The Money Pit”.
3. Avoiding a price adjustment – Nothing says “uncooperative sellers” more than a property that sits on the market at an inflated asking price without a reduction, especially if other properties are selling faster and for less money in the same neighborhood. Buyers sometimes will refuse to even see these properties; after all, they have likely seen the photos from your virtual tour and will have compared your home to others in the same price range. Most buyers today are seeking a “deal”, and they won’t waste time looking at homes they perceive to be overpriced by sellers that are possibly unrealistic.
4. Poor communication – if you have a list of “needs”, explain your motivation. Need a 60 day close because your new house is still being built? Let the buyer know why you can’t close in 30 days. Plan on taking every window treatment in the house because dear Aunt Millie sewed them from scratch? Say so. Want to settle at a specific law office because your brother-in-law is the principal and family dinners will be unpleasant if you don’t? Communicate your needs and wants to your agent, so the buyer’s agent can do the same for their client. Otherwise, the buyer’s perception will be that you are difficult and demanding.
5. Leaving the property in poor condition – you’ve made it to settlement ; the boxes are gone, the movers have left, and you are on your way to officially sign on the dotted line. Don’t leave your house in a mess for the new buyers, and be sure all items that were supposed to be repaired or replaced have been. Buyers, in particular first time buyers, face the enormity of their purchase on the day of settlement, and any seeds of doubt will be magnified if the house they saw several weeks ago no longer resembles what they are seeing on the day of purchase.
Subscribe to CommentsComment