Sellers – Don’t Make These Mistakes When Selling Your Home
Top Ten Legal Mistakes Home Sellers Make
1. Accepting the buyer with the highest offer without regard to the other contractual terms. Price is not the only item to consider when negotiating, look at all the terms such as contingency removals, close of escrow,financing terms and so on.
2. Not properly handling multiple situations with multiple buyers. If you are in a multiple offer situation and plan to counter the buyers, it must be noted on the contract and counter offer there are multiple offers.
3. Not properly handling back-up offers.
4. Entering into an agreement with no earnest money or a minimal amount from the buyer. Earnest money let’s you know that the buyer is serious.
5. Entering into an agreement before verifying the buyer’s financial ability to close escrow. A pre-approval letter should accompany every offer and your real estate agent can also verify the particulars with the lender.
6. Not disclosing known material facts that affect the value of the property.
7. Not providing the buyer with legally required disclosures
8. Not obtaining the buyer’s written acknowledgement of disclosures.
9. Not considering whether to have the buyer remove contingencies.
10. Not excluding in writing items the seller does not want to stay with the property.
Filed under: General RE Tips
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