Home Sellers: 7 Great Ways to Lose Money

Many home sellers list and sell their homes in haste. Sometimes they get lucky and pick a great listing agent to help them. Knowledgeable agents guide the home seller through the process to a successful sale. On the other hand, some home sellers get talked into listing their home by a high-pressure agent or the home seller lists with well-meaning family member or friend who plays at real estate.

To get the most from your home sale--in profits, protection, and yes--enjoyment, avoid these mistakes that can lose you money.

Mistake #1 - Listing your home without making a marketing plan. Your home is most likely your most valuable asset. Think of your property like a business investment. "Market" your home like a business. Write out a business plan for your home sale.

Mistake #2 - Listing your home before you get it ready to show. Too many home sellers make a snap decision to sell and immediately list their home before they prepare the property for selling. Besides deep cleaning and decluttering, you must make your home stand out so home shoppers choose your home over competing homes for sale.

Mistake #3 - Accepting a listing agent's market evaluation without checking your competition. Don't accept the first agent's market evaluation without doing your homework. Sometimes the best selling agent gets that distinction because they list houses low. If you hear "My listings always sell right away," that could be a warning sign that the agent under values the selling price. Of course, under-priced houses sell right away!

Mistake #4 - Signing a six month listing. Most houses go up in value. If your home sits on the market, it might need more sizzle or aggressive advertising to generate offers. A long listing gives agents too much time and takes the pressure off.

Mistake #5 - Letting the agent talk you into lowering your sales price or accepting an offer for a lot less than asking price. Just because your home didn't sell right away doesn't automatically mean that the price is too high. Remember, it only takes ONE buyer to fall in love with your home.

Mistake #6 - Letting agent's show your home without staging the setting. If you can't be home to turn on the lights, air the home out, and make sure everything is perfect, make sure you choose an agent willing to follow your list of things to do prior to showing and that the agent will open the home for showing. Just letting other agents use a lock box can cost you lost dollars.

Mistake #7 - Selling the home without proper legal protection. You or your listing agent must understand all the disclose statements, contracts, and contingencies. Some savvy real estate agents even hire another listing agent just to protect themselves with all the complex documents. You don't want to be a party to a lawsuit and lose money after your home is sold.

Copyright © 2006 Jeanette J. Fisher