Preventable problems for home sellers

Financing delays, low appraisals, title problems, home inspections, and even buyer’s remorse can interfere with a seller’s ability to close a sale.

The good news though is that many of these problems are preventable if sellers are proactive and involved.

Sellers should seek out a buyer who has been pre-approved for a mortgage.  Typically, the buyer’s agent will be eager to share this information with the seller’s agent.

Real estate agents report that low appraisals have prevented transactions in recent years, because appraisers – who are hired by the lenders to assess the value of the home – are overly conservative in their valuations, even though home prices are rising in many locations. To avoid appraisals problems, sellers should price their home in line with comparable homes for sale in the area.

Some listing agents include a preliminary title report as part of their package, and a good agent will be able to spot red flags when reading that report for their client. Problems such as an unpaid sewage assessment, deed that was never recorded, or an easement that was granted which the owner is unaware of, should be addressed early on.

Sellers also should encourage buyers to move quickly on things like the home inspection.  If a deal is going to collapse, it is better to know sooner rather than later so the home can go back on the market.

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