Considering listing your home? You absolutely have to know these 6 facts about selling your house in Little Rock that an agent will not tell you. Before you reach out to a real estate agent to sell your property, don’t look back with regret over not actually understanding everything that lay ahead in the traditional listing process of today.
When selling your house be prepared to show your house multiple times to complete strangers. This means potentially missing important times like dinner time while prospective buyers walk through your house. Likewise, you’ll need to keep your house in picture-perfect condition at all times. Be ready to plan your life around showings or open houses. Whether it is constant cleaning or having to worry about how your house “looks” at all times the stress can get to you fast. This is one detail about selling your house in Little Rock that an agent will not tell you.
Delays in Closing
Speed is of the essence! Because the process is based upon the completion of inspections and appraisals, not to mention other deadlines and hurdles that you’ll be jumping, closings can be delayed. It is not uncommon for closings to stretch more than 60, and quite possibly longer, when using conventional means to sell your property. The deadlines can even be extended further when dealing with sellers who are using an FHA loan. Special requirements are put in place that your property may not pass until after accepting the original offer. Having an inexperienced agent also prolongs the process, since they may not be aware of all the timelines or have the persuasion skills needed to move the process along quickly.
Days on Market: Don’t Get Stuck with Two Properties
While your real estate agent may be able to quote the average days on the market for listings in your specific area, they will for sure not be able to tell you how many days it will take to sell your property. Without knowing exactly how long it may take to sell, any plans you make may be jeapordized. Often sellers are stuck between two properties, paying multiple mortgages. Others are stuck in “contingency” limbo, waiting on the buyers to sell their property but not fully able to move until you are able to find another house. Agents almost never mention this possibility as they simply value making a commission most of the time, not necessarily helping you in the best way possible.
Legalities, legalities. The bottom line is, your sale may fall through if a contingency isn’t met. Contingencies are provisions in the contract that must occur before the sales contract is fulfilled, and are common in traditional real estate. Common contingencies include an inspection and appraisal, which require the property to meet certain requirements in order to get to settlement. We often see properties fail on the inspection part, especially if they are in need of repairs. When this happens buyers often want a steep discount that can knock tens of thousands of dollars off your selling price. Remember agents are not certified contractors and can only give you their best advice about situations.
Slice of the Pie
There are many ways that real estate agents either advice you to spend money or earn a commission on selling your property. Agents typically suggest making aesthetic changes to a house, which can run in the thousands of dollars. In addition to the cut real estate agents and their broker’s will take-off of the top in commissions, they will also pitch “add on” services such as drone videos, floral arrangements and professional photography to further market your home. Along with these costs, you’ll be paying for staging, with the aim of making your home appeal to the highest number of buyers which has proven to help in a faster sale with a higher purchase price. A lot of times you will need to “de clutter” your home to create a more modern look/feel. Additional storage costs occur for the seller in a lot of these circumstances. Though it may seem small at the time all of these minor expenses will eat away at your expected profit. Carefully consider all factors and evaluate all agent suggestions when selling your house in Little Rock.
Repairs And Renovations
So you were under the mistaken impression that everything was fine? Inspections are a necessary part of traditional listings, regrettably, they can also bring to light very expensive secrets. Depending on the nature of the previously unknown issue discovered during the inspection of the property, the expenditures to repair or replace the problem could run into the thousands. Another tidbit about selling your house in Little Rock that an agent will not tell you, you’ll be responsible to complete any repairs required by the lender or a contingency. Failure to complete the repairs, despite any lack of funds you may be facing, will void the contract. Common issues that most sellers don’t think about are either code related or areas that are unseen in the house. Foundations, soffits, roofs, and water damage are all huge potential rehab costs that homeowners are not aware of until an inspection report is filled.
Intrusive, expensive, time-consuming, and offering no guarantees are facts about selling your house in Little Rock that an agent will not tell you. Little Rock Property Buyers saves you money, time, and provides you with a guaranteed and very quick closing date. These are just a few of the reasons why a direct sale to Little Rock Property Buyers may be better for you. Find out how our process works or submit your property for a cash offer today.