Part 2 — Top 6 Mistakes For Local Sellers to Avoid

Previously, we cited three of the most common mistakes sellers make after listing their property for sale. Here are three more:

 

Proper Insurance

When you have a property for sale, it’s more important than ever to see that your homeowners insurance is up to date. It is highly unlikely that someone will have an accident on your premises, but the increase in the number of visitors makes it prudent to be well covered. Of course you will want to mitigate obvious potential hazards like broken glass or exposed nails — but should also have a foolproof system for making pets a non-issue during showings.

Contractual Terms

With your property for sale, it’s only natural for your primary focus to be on the bottom line: the sale price. When an offer arrives with the right number, it’s tempting to sign on the dotted line and be done with it. But there is more to a purchase offer than just the price.

An offer is a contract, and as such, all its terms are equally binding. For instance, there is the matter of the closing date: sellers who accept an offer without paying enough attention to it can be left scrambling for temporary housing when that date arrives. 

Contingency Removal

Removing the inspection and loan contingencies on time are key events in the buy/sell timeline – yet these deadlines can easily slip by unnoticed. The wording of the clauses is important, too, because a buyer can have the right to withdraw an offer if he or she is not satisfied with the outcome of an inspection or a loan rate they deem acceptable. Failure to make sure a buyer removes contingencies on time can turn a ‘sold’ property into a property that’s still for sale.

Aligning yourself with an experienced agent is the simplest way to remain aware of these and other common legal miscues — and how to avoid them. With your property for sale, you become a single-purpose business enterprise, and your agent’s knowledge should be a key business asset.