If you’re thinking of selling your house in St. Louis, here are six essential facts that real estate agents won’t tell you, but that could prevent you from losing a lot of money! Before calling an agent to help with the sale, make sure to inform yourself about these points. Investing time into learning them now will pay off immensely later on.
Major Headaches
When attempting to sell your residence, you must be ready to host multiple showings over a period of days. Forgo any thoughts of privacy or other engagements since real estate agents can schedule walkthroughs with minimal warning. This makes it difficult for you to make arrangements or invite people into your home as visitors. In order to keep your home looking its absolute best, you must be prepared to always maintain a pristine condition. This includes being ready for showings or open houses that may pop up at any time. This leaves you little downtime and with the constant stress of having everything in perfect condition. While this is something agents often don’t mention right away, it’s an aspect of selling your house that is essential for success.
Delays in Closing The Property
We all know that time is money, and the longer your closing takes to get completed due to inspections and appraisals, as well as other deadlines involved in the process, the more costly it can be. Unfortunately with conventional methods of selling property, closings often take over 60 days or even longer! When sellers are obtaining FHA loans, the deadlines can be extended even further. Furthermore, particular loan programs necessitate additional inspection requirements that buyers must take into account when considering offers. Inexperienced agents tend to prolong the process since they lack familiarity with all of the demands and timelines for more intricate sales transactions.
Sellers Nightmare: Paying Two Mortgages
It’s crucial to understand that there is no way for a real estate agent to predict the exact number of days it will take your home or property to be sold. Even though agents can give their estimation, nothing is certain and could potentially affect any plans you have in place if not taken into account accordingly. During the pandemic, many sellers were stuck in a horror story, paying two mortgages because home closings had been deferred. Real estate agents rarely talk about this upsetting reality since they are paid on commission and don’t want to alarm potential customers from listing their house.
Contingencies
The legal details of a sale can be stressful and confusing, but it all boils down to contingencies in the contract. Contingency clauses are stipulations that must take place before the agreement is honored; they play an essential role in traditional real estate transactions. Failing to meet these conditions could lead your entire deal collapsing! The appraisal and inspection clauses are the usual contingencies that have to be satisfied before a property can reach settlement. Most properties, especially the older ones, struggle to meet these criteria in the inspection part. When shopping for a home, buyers often focus on finding something modern and attractive. A negative remark in the inspection report can cause them to overreact and drastically lower their offer price—even if it’s only a minor issue! Therefore, be wary of any agent who recommends overlooking major flaws just so the sale can go through quickly; you could end up relinquishing more equity than necessary.
Commissions, Fees, Additional Costs
Real estate agents and brokers often suggest a variety of ways to spend money in order to obtain the most out of selling your property. At present, it’s common for them to make recommendations revolving around giving off a modern aesthetic or look. Not only do they take their own commission off the total sum; but various add-on services such as drone videos, floral arrangements and professional photography are also advertised as approaches that could help maximize profits from your sale even further. When selling your home in St. Louis, keep in mind that staging may be essential to get the best price for it. Though decluttering and tidying up will be necessary before showings, this process may involve additional storage costs which could eat away at your expected profits. When consulting with an agent, carefully consider all factors suggested by them and evaluate their advice accordingly; even small expenses can add up!
Repairs And Renovations
Don’t be fooled into a false sense of security. Your home may have more issues than you realize.. According to Klipinger there are many reasons why buyers will hate your house but the most important one is having to make major renovations. If you’re looking to sell your home in St. Louis, buyers are typically searching for spaces that are “move-in ready” and require no repair work from them. It’s important to note that although an agent may not tell you this, any repairs or upgrades requested by the lender during a contingency inspection must be completed prior to closing. If the repairs are not completed, regardless of the expenses associated, this will cause the contract to become invalid. Unfortunately though, many homeowners remain unaware of code related concerns and requirements until an inspection is conducted. This leaves them susceptible to large costs due to water damage, leaking pipes or old electric panels.In St. Louis, agents offer few guarantees that they can quickly sell your house – but Fast Lane Real Estate is the exception! With us, you’ll save money and time while obtaining a guaranteed closing date in record speed. These are just a few of the reasons why a direct sale to Fast Lane Real Estate may be better for you. Find out how our process works or submit your property for a cash offer today.