In today’s world, we seem to be pushed into acting quickly on financial decisions that may impact your financial situation in both the short and long term; also, in a positive or negative direction. Today, you may run into real estate agencies that promise cut fees, higher prices for your home and good service. This smacks to me of a used car sales approach, where claims are made and eventually not supported when the deal comes through. Your home is not a used car. When selling your home there are certain things that have been proven to be true when selling a home in order to get you the optimum deal:
– The agent should be familiar with your home and the area in which it sits. A remote agent can look at the comparable prices or refer to an automated valuation tool that give an estimated value but without looking at the property in person and taking copious notes on it, there is no way for an accurate valuation to be done. If the home has some years on it, it may be indicated that some repairs are done in order to sell the homes for its worth, or at least to generate offers that are complementary to its neighbors. Your agent can help in guiding you to repairs and maintenance that will result in the best possible outcome.
– Quick may not be the best solution. Unless you are in default on your loan, getting the most for your home is a longer-term process than a 10 day, all cash closing of escrow. Even if you are in default, your agent has the means to work with your lender to allow you to sell the property on a regular time frame; they benefit from that as well. Oftentimes, you may be presented with an all cash offer that can close escrow rapidly. After a short time, the offer may change to allow for financing, and then for repairs, and then for a reduced price. The lure of quick cash is not recommended for real estate transactions, despite how tempting it may be.
– It is important to know who the Buyer may be. Buyers looking for homes where they plan to live will take their time finding their home of choice unless, 1) they are in contract and need to get into another home quickly, 2) they are new to the area and the home they thought they had has fallen through, or 3) they have been looking for an extended period of time and need to settle once and for all. Buyers in a hurry for other reasons do not have true time pressures working on them and the Seller needs to be aware of other reasons why the offers are not meeting expectations.
– Do not feel pressured to leave your home on a compressed escrow period, especially when you do not have a place to move. Out very first concern when we list a home is to ensure that our Seller is not moved to the street. The pressure of moving is hard enough; adding to it does nothing positive.
– Reduced commissions may not provide more money in your pocket. Part of the commission that your agent earns is spent on promotion, advertising, printing costs, gasoline and auto charges and other various and sundry items related to the task of selling your home. If the commission is low, very likely your home will not get the exposure you thought it may deserve.