Make this your home page

Letters to the Editor

Email:
Subject:
Message:
Please type the number 5 below to submit

Sponsored Links

Bronxville Weather

°F | °C
invalid location provided
Priscilla Toomey: Avoiding Dangerous Assumptions in Real Estate: Part II PDF Print Email

alt


By Priscilla R. Toomey, Licensed Associate Real Estate Broker, Julia B. Fee/Sotheby's International Realty


Oct. 25, 2017:  In this article, we'll explore some dangerous assumptions that real estate sellers and buyers often make – to their detriment – and how to avoid them. The assumptions below are most helpful to avoid at the time you think you are ready to put your house on the market:

Dangerous Assumption #1:  Don't assume that your home's condition will pass the buyer's inspection. Check the homeowner property disclosure statement for a list of conditions to review beforehand to make sure they are all in good working order. For example, if you have an underground oil tank, don't assume it has no leaks and don't assume a buyer will be OK with leaving it there.

Dangerous Assumption #2:  Don't assume that any work you had done that requires a permit will be accepted by a buyer if you don't have a permit for it that has been closed out. Even all-cash buyers think about what they will need to do when they eventually re-sell.

Dangerous Assumption #3:  Don't assume that there isn't anything left a stager won't suggest to make your sale easier. A stager's job is to see your house through the eyes of a buyer and make it as appealing as possible, which can make a big difference in how competitive your house is versus its competition on the market.

Dangerous Assumption #4:  Don't assume that if you decide on a high price, buyers will make offers or even come see your house. Most buyers shop by price category, say up to $XXX amount, so they don't often see higher-priced houses because they don't want to "insult" the seller. If you are a buyer, you should understand that ultimately the buyer controls the price, so start a negotiation – it's just a conversation with numbers. And study comparable recent sales so your price is as accurate as possible and so your home doesn't languish.

Dangerous Assumption #5:  Don't assume that your buyer is qualified. To make sure a buyer is qualified, the buyer's agent needs to ask of the buyer some hard questions: Are you pre-approved? Do you have at least 20% cash (or more if we're talking about a co-op and it requires more than 20%)? Do you have anything to sell or a lease that you are reluctant to break? When do you need to close?

And one additional suggestion:  Don't assume that all real estate agents are the same. Choose one with care who will provide you with sound counsel and regular feedback, and pay attention to what the feedback tells you. Once your house is on the market, it is a commodity – leave it every morning as if you have a showing. This is tiring, true, but you won't miss a showing and you will always present your house with its best foot forward.

Pictured here:  Priscilla Toomey, licensed associate real estate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty, 2 Park Place, Bronxville, NY 10708; cell, 914-559-8084; email, CLOAKING .

Photo courtesy Julia B. Fee/Sotheby's International Realty

 
 
Sign Up For Newsletter

MyhometownBroxnville reserves the right to monitor and remove all comments.  For more information on Posting Rules, please review our Rules and Terms of Use, both of which govern the use and access of this site.  Thank you.

The information presented here is for informational purposes only. While every effort has been made to present accurate information, myhometownBronxville, LLC, does not in any way accept responsibility for the accuracy of or consequences from the use of this information herein. We urge all users to independently confirm any information provided herein and consult with an appropriate professional concerning any material issue of fact or law. The views and opinions expressed by the writers, event organizers and advertisers do not necessarily represent those of myhometownBronxville, LLC, its officers, staff or contributors. The use of this website is governed by the Terms of Use . No portion of this publication may be reproduced or redistributed, either in whole or part, without the express written consent of the publisher.

Copyright © 2009 myhometownbronxville.com, All rights reserved.