Selling a property is a complicated process. From getting it ready for the market all the way to passing inspections and closing the deal, there is a lot involved in the sale of a home. And the reality is that for some homeowners, the process is a long, stressful, and expensive one.
Everyone’s heard a nightmare story of a homeowner with a property that sits on the market for months or even years, and it’s easy to wonder what went wrong to result in such a bad experience. To help you avoid being one of those nightmare scenarios, here is an overview of some of the most common problems that sellers in the Birmingham area face and tips for avoiding them.
Property is Outdated or in Bad Condition
While homeowners make as many repairs as possible before putting a home on the market, in some situations the necessary work is just too much to complete before listing. If a property is badly outdated or needs major repairs, it can make it difficult to sell.
In these situations, it can be hard to get buyers to come to see the house, and the property can sit on the market for long periods of time. Obviously, once the listing becomes stale, it only becomes more difficult to sell.
To avoid this common issue, sellers should make as many updates and repairs as possible before listing. In addition, it’s important to be realistic about the condition of the property and to take that into account when pricing it.
Unfavorable Market Conditions
Unfortunately, homeowners don’t always get to pick when they list their homes. Whether it’s due to a new job, a major life change, or financial strain, there are always reasons homeowners have to list their home during times of unfavorable market conditions.
In a buyer’s market, demand is low and inventory is high. This means that there are lots of other homes competing with your listing and that there are a limited number of buyers. The result is that buyers get to be pickier and that homes can sit on the market for long periods of time.
The bad news for homeowners that need to sell their home at a certain time is that there’s not much to be done about difficult market conditions. That said, sellers should understand the market before listing and prepare and price their homes accordingly. Being realistic about an unfavorable market can help to get your home sold.
Many sellers think that hiring any real estate agent will ensure that their home gets sold quickly and for the best price possible. The reality is that this isn’t true and that picking the wrong realtor is one of the biggest mistakes that homeowners can make.
Before choosing an agent, sellers should do some research and find out who the top agents in the area are. Whenever possible, references from neighbors and friends can be very helpful. Once you’ve zeroed in on a few qualified agents, it’s important to interview each of them. Ask them questions about the market, your neighborhood, what repairs are needed at your property, and what they think your home’s listing price should be.
When interviewing agents, remember to be realistic about the price. If an agent proposes a list price that seems too high, ask them to support that number. It’s easy to pick an agent because of promises for a high price, but the truth is if the property isn’t priced right it won’t sell in a timely manner.
While interviewing agents can be a time-consuming process, it’s a necessary one. Be thorough and make sure that you pick an agent that will bring the expertise, energy, and focus necessary to get your home sold.
Issues after an Offer is Accepted
Many potential sellers think that the hard part of closing on a property is getting and accepting an offer. While this is an important first step, the truth is that what happens after an offer is accepted is equally important and, for many sellers, can lead to just as many holdups and issues.
Once an offer is accepted, the buyer will conduct inspections, including a complete home inspection and, generally also a pest inspection, which is particularly common in a place like Birmingham. Inspectors are thorough and will come up with a list of things that need to be repaired.
At this point, a new round of negotiations begin between the parties, as buyers make requests for certain repairs to be made or for a certain amount of money to be credited for those repairs. These negotiations can slow down the process and put a serious strain on sellers that don’t want the deal to fall through. And, the truth is there’s not much sellers can do to avoid this potential holdup beyond making as many repairs as possible before listing the property.
Beyond inspections, issues with bank appraisals and buyer financing are common reasons for deals falling through before close. Again, sellers can’t control some of these factors, but selecting offers from qualified buyers and pricing the home correctly can help to ensure that the process goes as smoothly as possible.
Selling a home is a complicated and time-consuming process. It’s also an unpredictable one that can be long, expensive, and stressful. For sellers wanting to avoid these issues and headaches, it’s a good idea to consider selling to an as-is, cash buyer. When you work with these types of buyers, you don’t have to make any repairs, you don’t have to worry about inspections or the deal falling through, and you don’t have to spend any time or money getting your home sold.
To learn more about how to sell your Birmingham home for cash or to get a cash offer, contact Home Buyers Birmingham, the area’s leading home-buying company.
Home Buyers Birmingham
1821 11th Avenue South Suite #55331
Birmingham, Alabama 35205