There’s a lot of room for mistakes to be made in real estate transactions by both buyers and sellers. In fact, buyers and sellers often make the same mistakes or at least similar mistakes but coming at them from different ends. And these mistakes can often be enormously costly. But with foreknowledge, you can be safeguarded from making such mistakes. To that end, make sure to avoid these 6 mistakes buyers and sellers make during real estate transactions in NWA.
1. Waiting Too Late to Do the Prep Work
Before any successful real estate transactions in NWA can take place, properties have to be prepared for sale. Almost every home needs some work, things such as cleaning/de-cluttering, painting, plumbing, and electrical repairs, roof repairs, kitchen, and bathroom upgrades, curb appeal enhancement, and so on. The point is that it almost always takes a good amount of time.
One of the common mistakes in real estate transactions in NWA involves waiting too long to do this necessary work. This is an acute problem when you are both a seller and a buyer – when you are selling one home and buying another to move into. This can destroy both deals at once.
2. Having Too Little Financial Cushion
Often, both buyers and sellers proceed with too little financial cushion, and that winds up being a mistake in real estate transactions in NWA. Without enough reserve money, they wind up in a financial tight spot when they either sell for less than expected or have to pay more than anticipated.
Don’t plan to use the entire sale price as a down payment on another home. Give yourself some breathing room and account for a margin of error. That way you’ll be prepared in the case of a change of plans.
3. Being Unwilling to Compromise
Another mistake buyers and sellers make during real estate transactions in NWA is simply being unwilling to compromise. Being too unwilling to give a little can ultimately kill the deal.
More often than not, this is a mistake sellers make after the inspection reveals problems. Sellers often hold out for the asking price without being willing to make needed repairs. A little compromise goes a long way. Especially when there are two closings on the line.
4. Closing on Friday or Late in the Day
A common mistake combination buyers-sellers (those who need to sell a home and buy another) in real estate transactions in NWA is closing at the wrong time. Ideally, you don’t want to close on Friday or late in the day.
If you need to sell and buy within a few days, say, two or three, closing on Friday doesn’t allow the buffer time you’ll need. Bank transfers can sometimes take a few days to go through, so build in a few days to transfer funds if possible.
Closing late in the afternoon isn’t a good idea and for similar reasons. Banks typically stop doing wire transfers by about 3:00 pm, which means the money won’t arrive in your account on the day of closing if you close late in the day. So try to schedule your closing in the morning.
This is an area where your local agent can advise you on the best way to proceed. To find out more, call (479) 777-3379.
5. Being Unrealistic About Price
A very common and widespread mistake buyers and sellers make during real estate transactions in NWA involve unrealistic expectations concerning price. Sellers typically think they can sell for more than is realistic, and buyers expect to pay less than is realistic.
But the reality is that real estate pricing is based almost solely on market value – not what you want for your house or what you’d like to pay for a house. Fair market value is determined primarily by means of a tool called a comparative market analysis, which examines prices of recently sold houses with similar features in the immediate area.
6. Not Listening to Their Agent
And sometimes buyers and sellers don’t or won’t listen to the expert advice and guidance of their agent. This mistake buyers and sellers make during real estate transactions in NWA has the potential to be the most devastating. If you have a trained, skilled, experienced real estate agent, you’d do well to heed what they tell you to avoid costly mistakes. Find out today how I can help you avoid mistakes. Call me at (479) 777-3379.
Or just book a FREE Strategy Session with me Here.