Are you planning to sell your house in Palm Bay? Before contacting a real estate agent, it’s important to know 6 important facts that they may not tell you. Failing to educate yourself on these points could result in significant financial losses.
When selling your house, you should expect to show it several times over a few days. This means you’ll need to be flexible with your plans and privacy, as agents may schedule walkthroughs on short notice. It’s also important to keep your house clean and tidy at all times in case of last-minute showings or open houses. Although this can be stressful, it’s something that agents may forget to mention. So be prepared to plan your schedule around showing requirements.
Delays in Closing The Property
Selling your property can be a time-consuming process that includes inspections, appraisals, and other deadlines. This can often result in delayed closings that can take more than 6 weeks or even longer through conventional means. If the seller is using an FHA loan, the deadlines can be further extended. Remember, time is money! When considering loan offers, be aware that certain programs may have extra inspection requirements. It’s important to understand this ahead of time. Also, note that inexperienced agents may slow down the process because they’re not familiar with all the requirements and timelines involved in complex sales.
Sellers Nightmare: Paying Two Mortgages
Agents can’t accurately predict how many days your property will stay on the market before it sells. Although they can provide an estimate of when the property may sell, exact selling time is uncertain. Depending on that estimate, making plans may be risky. During the Covid pandemic, real estate agents were not allowed to carry out their usual activities, which made the situation even more challenging. We have witnessed other sellers in a situation where they had to pay mortgages on two properties due to delayed closings, which may be a nightmare for you. Many people schedule closing on a new home back-to-back with the closing of the house they’re leaving to avoid paying for temporary housing like a hotel. Agents may neglect to inform you that closing delays are common, and sometimes (albeit rare) even fall through right at the closing table!
To put it simply, if a contingency stated in the sales contract or an addendum isn’t met, your sale may not go through. Contingencies are conditions that must be fulfilled before the contract is finalized and are typical in traditional real estate. Examples include inspection and appraisal, which require the property to meet specific standards before settlement. If the property is older, it’s probable that there will be multiple inspection contingencies. If there are any negative remarks on the inspection report, buyers looking for the newest and nicest homes may overreact. If an agent advises you to overlook major issues to push through the sale, be cautious as this could result in you giving away more equity over a small issue.
Commissions, Fees, Additional Costs
Real estate agents often make recommendations that encourage you to spend money to get a higher sale price for your property. Currently, many agents suggest ways to make your home look more modern. Real estate agents may suggest additional services like drone videos, floral arrangements, staging, and professional photography to enhance the marketing of your property. Some, if not all, of these services cost you money in addition to commissions earned by the agent and possible marketing fees charged by their broker. Furthermore, preparing your house for potential buyers might require you to remove all the unnecessary items and pay for extra storage. When selling your house in Palm Bay, it is important to carefully consider all expenses, even if they seem small, as they can reduce your overall profit in the long run. It is recommended to evaluate all agent suggestions and take all factors into account.
Repairs And Renovations
Did you know that having to do major renovations is the top reason why buyers may dislike your house? According to Kiplinger, most buyers nowadays prefer a property that is already in “move in ready” condition and requires no repairs. Also, if you are selling your house in Palm Bay, keep in mind that you may need to complete any necessary repairs required by lenders or contingencies. This is something that your real estate agent may not tell you. If you don’t complete the repairs, even if it’s expensive, the contract will become void. Sellers often have limited knowledge about code-related concerns and regulations. It’s only after an inspection report is received that homeowners become aware of potential repair costs such as water damage, leaky pipes, and faulty electric panels.It’s noticeable that agents don’t provide a lot of assurance that they can sell your house quickly in Palm Bay. House Beagle guarantees you a quick closing date and saves you both money and time. There are many reasons why a direct sale to House Beagle may be a better option for you. You can learn about our process or receive a cash offer for your property by submitting it today.