Selling your home should be a fairly easy endeavor at the moment. Few homes for sale, spread among MANY more buyers? What could go wrong? Here’s a short countdown of 5 things that can go so wrong that your home doesn’t sell:
Once discovered during a home inspection, costs to remove them and their damages can quickly grow into the thousands of dollars, and neither side wants to pay for it. $5 billion per year in damages is attributed to these beasts. Here’s a primer on what to look forand how to avoid having them lunch on your home.
4. FICO Scores
Obviously, a buyer needs to have their financial house in order, but what about the seller? Well, the seller is now a buyer as well, right? Those who have not managed their finances well, and are now under the gun to move out, may find it trickier to move than expected. Here’s a look at understanding all 3 FICO scores. Go ahead and check your credit now. Most credit scores are not affected by multiple inquiries from mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
3. Title Issues
Who owns this home? Seems simple enough. Yet, title issues can stall or delay a deal so long that it collapses. Here’s a list of 10 common title issues.
2. First-Time Buyer Cold Feet.
In California, standard contracts give buyers 17 days to do inspections. That’s enough time for first-time buyers to lose their nerve. They are perhaps the most susceptible to cold feet when buying, which is somewhat understandable when you consider the pressure of buying a home for the first time. While most first-time buyers get past their initial fears during escrow, some do get cold feet and want to pull out of the agreement.
1. The loan.
So many factors go into a buyer requesting a loan and actually getting it. Appraisals, credit scores, debt to income ratios, down payments, liens, judgements, even unpaid parking tickets can derail a mortgage application. Before accepting an offer on a home from a buyer who is financing, sellers should do all they can to ascertain whether the buyer is “for real” and is capable of closing the deal. A home that falls out of escrow gets a bit of a “scarlett letter” of suspicion on it that is usually undeserved, but happens never-the-less. A good agent can help you avoid all of these pitfalls.. Need help? Have a question? I’m at the ready.