If you thought about Selling your Tampa house through an agent and haven’t read some of the pitfalls associated with the transaction, then Make sure you read this blog post that reveals 4 mistakes you should avoid when listing when an agent in Tampa…
Let’s dig in…
First, Don’t Assume That You Can Sell Right Away
The market varies and can even shift from one day to the next, depending on a number of factors.
With todays volatile market, unpredictable city and state ordinances, and the ever changing nationwide foreclosure Moratorium things can get confusing and frustrating.
Below is a link to the current situation concerning the nationwide Foreclosure moratorium and can give you insight as how you can protect yourself.
Biden-Harris Administration Extends Foreclosure Moratorium
So make sure you set realistic timelines about how long it will take to sell.
If you are a seller, assume it will take months for the sales process to be completed – from fixing up the house to showing buyers to negotiating to setting a closing date to moving out.
If you are an agent, be careful not to over-promise a timeline to your sellers – set their expectations.
Second, Don’t Assume That The Asking Price Will Be The Selling Price
The asking price is the starting point in the sales process – it establishes what a seller wants to sell for.
In this market there are some sellers that are asking way above market value and some are actually selling sometimes 20-30% above asking price.
If you are a seller, realize that the actual selling price might be different than the asking price.
If you’re an agent, make sure you explain this to your sellers.
Third, Don’t Assume All The Money Goes Right Into Your Pocket
Some people make the mistake of assuming that the selling price (minus anything they owe on their mortgage) is pure profit.
But this is not true.
If you are the homeowner then make sure that you factor in the costs of real estate agent commissions, closing costs, and some other fees that can easily add up in the end.
If you are an local real estate agent helping homeowners, make sure that you explain all the costs associated with listing and selling within your municipality.
Fourth, Don’t Assume That The First Offer Will Go Through
There are certain situations where retail buyers, or first time homebuyers would make an offer to a seller only to discover that they do not qualify for financing.
Potential reasons to obtain a financing are:
- Lack of job stability for the primary borrower
- Debt to income ratios, due to student loans
- Not enough established credit
- Prior evictions on record
- Judgements made against you
- Missing financial records
The list above are just a small amount of problems you may face when qualifying for financing.
If you are the one selling your property, be prepared to have maybe one or two deals fall apart due to one or more reasons.
If you are a real estate agent, be prepared to explain to your seller ahead of time of the possible roadblocks they might face with certain unqualified buyers.
Whether you are the actual seller selling your property for sale by owner, or even an agent helping a homeowner with a listing, these are just a few of the common issues that can arise from selling a property.
But there is actually another way of selling your property without listing with an agent or selling it ‘for sale by owner’.
And that is selling your property to a local real estate cash home buyer like us.
You can fill out the short form below and we will contact you right away with a cash offer to sell your property faster than the traditional way.