The 7 Deadly Pitfalls When You Sell Your Home Yourself And How to Avoid Them!
Deadly Pitfall #1: “Failing to Obtain a Mortgage Pre-Approval Letter from a Prospective Buyer"
There are tons of horror stories out there among homeowners who have tried to sell their own home only to have a buyer tie up their home for 3 to 6 months trying to get financing. Because of anxiousness to sell, homeowners fail to find out ahead of time, before any contracts are signed, whether the buyers have made arrangements for a loan or whether they have even talked to a lender at all.
Deadly Pitfall #2: Becoming a Target of a Bargain Hunter
Watch out for the bargain hunters. Owners, who try to sell their own home, are prime targets of bargain hunters who will try to high-pressure you into taking offers far below market value. In other words, they want to steal your home. They are, normally, excellent buyers who either pay cash for your home or have large down payments. Do not let the dollar signs intimidate you. Stick to your guns!
Deadly Pitfall #3: Neglecting to do Necessary Research
Make sure you do lots of market research before you price your home. Try to find a minimum of 3 homes similar to yours that have sold in the past 6 months. Also, try to find at least 3 homes that are currently for sale, that are similar to yours. These homes are your competition. If the other homes offer more for the money, your home will sell your competition.
Deadly Pitfall #4: Failing to Watch out for the “Stalkers”
These are dishonest people who come through your home to see what they can come back to steal at a later time, when you are not home. They will appear to be very legitimate buyers. Always ask to see a potential buyer’s’ drivers license. If he refuses, do not let him into your home. Explain the reason you want to see a driver’s license. If he is a legitimate buyer, he will be more than happy to show it to you. Write down the name and driver’s license number. This could mean the difference between being safe and being robbed.
Deadly Pitfall #5: Be Prepared to Lose an Amount Equal to a Real Estate Sales Commission
Buyers who look at homes for sale by the owner know that the seller is trying to save the real estate commission, and take this amount off the top before they even start to negotiate with you. Decide how you intend to handle this problem ahead of time. A home is worth only so much, regardless of who sells it!
Deadly Pitfall #6: Letting Prospects Pressure You
Be prepared for phone calls late at night and very early in the morning. Some potential buyers are only concerned about one thing: their own needs. They will try to pressure you into showings at times that are convenient for them, but may be very inconvenient for you. Don’t be so anxious that you let them control you. Be friendly and kind, but be firm. If they are really interested in looking at your home, they will be accommodating. Experience has shown that the high pressure, pushy buyers are the ones that are the time wasters.
Deadly Pitfall #7: Trying to Imitate Traditional Real Estate Companies
Do not fall into the trap of trying to copy what the traditional real estate companies do in marketing your home. Do not spend the money, you are trying to save, on display ads placed among the traditional real estate companies’ ads. Studies have shown that owners who sell their own home and place ads in the classified section under” homes for sale” will get five times more calls than those who run ads in the display section.
Michael Saunders & Co.
330 John Ringling Blvd
Sarasota, FL 34236