Smooth Sale-ing: 3 tips for a smoother sale
Buyers tend to think property sitting on the market more than 30 days means there is a problem with the property.
Sellers tend to think property sitting on the market longer than 14 days without an offer is a problem.
Did you know that most property that sits on the market is because there was a buyer that backed out of escrow previously? Currently about 1 in 3 sales fall out of escrow. Loan funding and inspection contingencies are often the culprits.
Here are 3 tips to smoother sale:
1) Buyers can be liars - just because buyers claim they can afford or want the property “as is” doesn’t mean it’s fact - and beware of the buyer letters!!Deals really are like dating. Make sure you figure out who your buyer is before you go into escrow with them. Buyers can sometimes drag out escrows for what feels like a million years - and when a property sits on the market, especially after the strong seller’s market we had last year, buyers and sellers are conditioned to think property should be selling in 5 minutes when really that is not the case.
2) Depersonalize your home - whether it’s you move out or you completely refresh and depersonalize, more than ever, buyers want move in, fresh paint ready because affordability is an issue and buyers tend not to have have time or bandwidth to do the work. As much as you love your stuff, buyers want to see themselves in the home and not you.
3) Contingency killers - A residential homebuyer can pull out of escrow during an inspection period in California for literally almost any reason. Funding for loans is becoming harder than ever for many buyers. Loan and inspection contingencies are there to protect the buyer. Buyers can rightfully pull out of the deal within the agreed upon contingency periods. Buyers strengthen their deals by removing contingencies. It’s always best to consider offers with less contingencies - but remember that even when an offer is clear of contingencies, buyers still have room to pull out of the deal in a few scenarios.