Are you thinking about selling your house in Houston? Make sure you’re familiar with these six important facts that real estate agents may not tell you. Before contacting an agent, educate yourself about these points to avoid the risk of losing money.
Major Headaches
When you’re selling your house, expect to show it multiple times over a few days. You may have to sacrifice your privacy and other plans, as agents may schedule walk-throughs with short notice. This can make it difficult to invite guests or make any plans. Additionally, you should keep your house in impeccable condition at all times. Be prepared to organize your life around showings or open houses, including constantly cleaning or stressing about the appearance of your house. This is a crucial detail that agents often neglect to mention.
Delays in Closing The Property
Selling your property can take a considerable amount of time due to various inspections, appraisals, deadlines, and other requirements. Using conventional methods, it’s not uncommon for closing to be delayed for over 60 days or even longer. If the seller is using an FHA loan, the deadlines may extend even further. Remember, time equals money in this process. When considering potential loan offers, be aware that specific programs may have additional inspection requirements. Inexperienced agents may slow down the process due to their unfamiliarity with these requirements and timelines, especially with more complex sales.
Sellers Nightmare: Paying Two Mortgages
It’s important to remember that agents can’t predict exactly how many days it will take to sell your property. They can only estimate when the property might sell. So, it’s risky to make plans without knowing a definite timeline. In fact, we’ve seen other sellers get stuck with two mortgage payments because the closing was delayed.During Covid, real estate agents were not allowed to conduct any activities, which made things even more difficult. However, agents rarely bring up this issue to avoid frightening homeowners and losing out on commissions.
Contingencies
In traditional real estate, contingency clauses are important as they need to be met for completing the sales contract, otherwise, the sale may fail. These clauses are requirements that must be fulfilled before the settlement of the contract. A few of the common ones are an inspection and an appraisal that necessitate the property to meet specific criteria. Usually, older properties fail during inspection. If there are any negative remarks on an inspection report, be careful because most buyers prefer properties that are new and in good condition. Also, watch out for agents who suggest you ignore major problems just to close a deal, as this could result in you losing more money over a minor issue.
Commissions, Fees, Additional Costs
Real estate agents may suggest various expenses or services that can improve your chances of selling your property and earn them a commission. Currently, they may advise on making your home look modern and offer additional marketing services such as drone videos and professional photography, in addition to taking a percentage of the commission. Staging your home is another potential expense that may not be necessary to sell it for a higher price. Preparing your house for walkthroughs may require you to declutter your home, leading to additional storage expenses for sellers. When selling your house in Houston, it is important to carefully consider all factors and evaluate all agent suggestions, as even minor costs can reduce your expected profit.
Repairs And Renovations
The condition of your house may not be as good as you think. Kiplinger suggests that one of the primary reasons buyers may not like your house is if major renovations are necessary. Nowadays, buyers prefer houses that are ready for immediate occupancy and do not require any repair work. Additionally, if you plan to sell your house in Houston, you should be aware that you will be responsible for completing any lender or contingency-required repairs, which your real estate agent may not disclose. If the necessary repairs are not carried out, even if it is expensive, the contract will be canceled. Sellers are usually not familiar with regulations and code-related problems. Homeowners may not be aware of significant repair costs such as water damage, leaky pipes, and electric panels until they receive an inspection report.You may have noticed that agents don’t provide much assurance that they can sell your house fast in Houston. On the other hand, Sound HomeBuyers can save you both time and money, and we can also offer you a guaranteed and speedy closing date. Discover how our process works or submit your property today to receive a cash offer from Sound HomeBuyers, and see why it might be the better option for you. These are only a few examples.