Real estate agents themselves often make a huge mistake when it comes to selling a home. They may have no idea what buyers are looking for, or they may be assuming that the only people who will consider home are those interested in buying. The problem is that this assumption is usually inaccurate. In fact, many of the most successful home sellers I know began with a list of just a few dozen ideal buyers who were in the market for real estate properties. If you don’t already have a list in place, you need one and fast.
One of the mistakes buyers make when purchasing a home is thinking that a low purchase price means that they get a great deal. The fact of the matter is that if the seller does not cover closing costs, there will be more money left over after paying for the mortgage balance on the property than the buyer will see in their check. This leaves buyers with little to gain from a low price. When you factor in the time necessary to sell a house and the amount of money needed to cover closing costs, it becomes clear that a low price is not always a good deal. To help buyers out, a real estate agent can put together an offer that covers closing costs and offers a fair price for the home.
Buyers also commonly assume that if the real estate agent has already secured the buyer’s loan, they do not need to pay for closing costs. This is not true. In fact, it could actually cost the buyer more to have the lender pay for the closing costs than it would have the buyer pay for the closing costs themselves. In most states, lenders must pay for at least three percent of the closing costs upfront before the buyer can take possession of the home. This means that even if your real estate agent has already secured a loan, the buyer still needs to cover some closing costs.
Another reason why many sellers do not bother with listing agents is that they assume that any listing agent will make them a great deal. This is not true. Real estate agents can only show homes in a specific area, so it is important to get as specific as possible with the address information. Listing agents will also be able to help prospective buyers with their search for the home.
Real estate agents can help prospective buyers find the home they are looking for by allowing the buyer to view the home in advance. Real estate agents usually work with the seller to get a copy of the home inspection report. This can save buyers a lot of time and headaches when finding defects in the home or trouble spots with the home inspector.
Once the real estate agent has obtained the inspection report, the buyer can go ahead with the inspection itself. The inspector should examine the exterior of the home and the foundation. He or she should also inspect the roof, flooring, windows, plumbing, heating system, and electrical wiring. All of these items should be functioning correctly and be in good condition. If there are problems, the buyer should note them at this point. Once everything is set properly, the home may be offered for sale.
There may be some concerns about some parts of the home. For instance, the buyer may notice that there is some damage inside the home that cannot be seen from the outside. Even if the outside is fine, the buyer may want to get some ideas about the inside condition. If the buyer has had a home inspection done previously, he or she should bring along pictures to share with potential buyers. It is always best to have an idea of what the inside of a home looks like so that buyers can picture their own living space.
If the inspector discovers a problem, the real estate agent should work with the homeowner to fix it. This includes fixing minor problems and including minor repairs or updates to the property that would make the house more marketable. If the potential buyers find a concern with the house’s condition after seeing the inside, the real estate agent should suggest that the buyer contact the homeowner for more information. This is not a requirement, but having that information can benefit both the buyer and the seller. The agent may also have suggestions on improving the home so that it is appealing to all prospective buyers.