If you plan to place your current home on the market, you will likely want to avoid potential hurdles. Yet, issues can arise that may prevent you from buying your dream home, securing a buyer, or receiving the best possible return on your investment.
Take the stress out of the process by learning about four common problems when selling a home and the potential solutions available.
Most house hunters want to purchase a property for lower than its value, as they’ll want to bag a bargain. Unfortunately, this means you might face many low-ball offers when attempting to sell your home.
In addition to attempting to purchase a home for lower than its asking price, prospective buyers might expect the property to be in mint condition. As a result, they might request a buyer makes essential or cosmetic improvements before they place an official offer.
After receiving a low-ball offer, respond with a counteroffer. For example, counteroffering to the property’s asking price may prevent a potential buyer from countering further or making various demands. However, you must have a lower and final price in mind that you are willing to negotiate if necessary to take the property off the market.
Remember, the longer your home is up for sale, the harder it will be to sell it, and you might need to reduce your asking price to secure a buyer.
A Lack of Immediate Cash
If all your money is tied up in a property you’re attempting to sell, you might worry you will not have enough capital to invest in a new home. Unfortunately, a lack of immediate cash has forced many people to miss out on their dream homes.
If you’re worried about this happening to you, consider a bridge loan from Sachem Lending. The loan will enable you to buy your dream house before selling your old home, and you can repay the sum following the sale of the property.
Prospective buyers are legally allowed to embark on various inspections before purchasing a property, such as:
- Home inspections
- Radon tests
- Pest inspections
Passing the inspections could prove a challenge for some sellers, as it could lead to expensive repair fees or a buyer losing interest in the property. Also, a prospective buyer might determine a pass or fail, as they might view a minor issue as a big problem.
A pre-listing inspection is the best way to prevent inspection issues from arising during the selling process. It will provide an owner with time to make small or essential improvements before placing it on the market, which will increase the likelihood of a quick sale.
Closing the Deal – Issues
Once the above issues are resolved, you might think closing the deal will be easy. However, problems can arise that may prevent the completion of a property purchase, such as:
- A buyer lying on a mortgage application
- A sudden increase in interest rates
- An income change, such as job loss or illness
- A plummeted credit score
- A change of heart
- A buyer struggling to sell their existing home
Cash offers are often the best ways to avoid issues when closing a deal, as a buyer will have the money available in their bank to purchase the property. For this reason, it is a wise decision to choose a cash buyer over one that’s waiting on a property purchase.