If you are selling your home, you are probably aware of the  challenges that sellers face due to the current real estate market. Once you have located a buyer and are ready to being the process,  the last thing you want is to have your deal fall through at the last minute.

 While things do happen and sometimes buyers will back out, below are some of today’s top deal-killers and what you can do to minimize fall-out.

  1. Buyer’s remorse – Everyone gets it; and while you can’t prevent buyer’s remorse, there are a few things you can do to lessen the chances that your buyers will change their mind. First of all, be totally up front with the flaws of the house. Don’t let an inspection reveal problems that you should address with potential buyers and offer to fix.
  2. Financing– Everything from stricter credit requirements to increased down payments has thrown the mortgage market into a tizzy and many buyers are finding that they can’t qualify, even if they have been pre-approved for a mortgage. Consider owner financing if you can, or offer to pay for repairs that give the buyers more cash for down payment options.
  3. Low appraisals – Make sure that you know the true market value of your home BEFORE you put it on the market and adjust accordingly. You may have to take a hit on the house, but it’s better than spending money on it through the sale process only to lose that money and the deal because you can’t get the appraisal up.
  4. Failure to communicate – Negotiations are a key part of a home sale and you have to be flexible if you really want to sell your property. Don’t automatically reject low offers and contract contingencies – be willing to work with the seller and keep communications open. You may be able to agree at the end of the day.

Stay on top of your current market – don’t let national headlines guide your decisions. You should have a good feel for your local economy, neighborhood comps and your home’s current value. Become the expert on your market and you’ll be better equipped to deal with the challenges and deal busters that come your way!

Do you have any other  "deal breakers" that we did not list here? Let us know your thoughts to help other home sellers.

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