PARAMOUNT MORTGAGE - LENDER'S BLOG

August 17th, 2009 8:48 AM
How not to sell your house
Common mistakes sellers make

Reported By Mary Umberger, Chicago Tribune

If you're trying to sell a client's home, you've probably counseled them about all of the basic preparations needed for getting their home ready for market. Keep it clean. Eliminate clutter. Use neutral colors.

That's all true. But there are things that sellers do - or refuse to do - that can jinx a sale. Chicago Tribune reporter, Mary Umberger queried local agents about their uncooperative clients and got an earful of horror stories. Here's a short list of proven items that are sure to kill your sale.

Refuse to get real about the price

"If you don't have a motivated seller in this market, you're not going to have a deal," said Honore Frumentino, a Prudential Preferred Properties agent. "The days of testing the market are gone, and the price has to be on the money. Sellers have to be at the bottom 30 percent of pricing [for comparable homes] and in the top 30 percent on the house's condition."

Be fatally insulted by lowball offers

"I tell all sellers that 100 percent of buyers are coming in with lowball offers these days," said Lino Darchun, an agent at Coldwell Banker. He said it's usually a mistake not to respond to an offer that seems overly low. Sellers have to counteroffer," he said. "I've seen (low ball) offers come up to an acceptable level.' "

Insist on being present at showings (and chiming in with comments)

Baird & Warner agent Fran Bailey said she had a client who felt uncomfortable with the seller being present during a showing. Bailey politely asked the seller if he'd step outside. "He said no, and announced that he was the narrator and would lead a tour," Bailey said. "My client shook her head and got back into the car and left."

Clients will often "throw out things like, 'That basement hasn't flooded in 40 years,' and the buyer hasn't even been to the basement yet," Darchun said. "And all of a sudden the buyer is thinking, 'I'll bet the basement floods.' "

Ignoring the curb appeal

Frumentino said some homeowners are oblivious to overgrown bushes or cracked sidewalks. "Some people go in through the garage and never walk up to their own front door," she said. "I tell sellers, 'Let's walk up this path, because that's how buyers are going to see you.' "

In multiple offers, automatically choose the highest one

"Believe it or not, we still get multiple offers, and it's sometimes a mistake to accept the top dollar, but not the most-qualified buyer," Darchun said. "I've seen a dozen deals fall apart where the seller took the top dollar but the buyer only had 5 percent down or had to sell their own home or any number of different things that they weren't putting into the offer."

Let your dog have the run of the house during showings

"Once, I rang the doorbell for a showing and this horrendous barking started up," Bailey said. "I looked in the window and the dog was clearly not in his crate. Needless to say, that house did not get shown. Maybe they thought the dog was friendly, but my clients and I were intimidated and we left."

More Seller Missteps: How to not sell your house
Posted by Customer Service on August 17th, 2009 8:48 AMPost a Comment (0)
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