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Home Sellers Beware! Tips when selling



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It’s is no secret;  inventory is low and we’ve got 12 buyers for every home on the market driving prices up.  

Just because home sellers may receive multiple offers in this hot sellers market, does not mean the transition will close. 

In fact, there is a rising number of homes that went under contract quickly, and having to go back on the market. 

 

So how can you, as a seller,  strategize for a successful home sale--and avoid these pitfalls and actually make it to the closing table? 

 

 

Homeowners who are selling think a “hot” market means fast, easy money for their home. After all, the definition of a hot sellers market is low inventory combined with lots of buyers looking for the perfect place, right? 

While it’s true, a hot market does mean a faster sale at or above asking price. I’m even seeing some pretty crazy contingency waivers as well. 

However, there are some pitfalls that a home seller in a hot market needs to be aware of before watching the money roll in. 

Home Inspection Woes 

I’m seeing homes go pending (meaning under contract) in lightening speed these days. A home may only be on the market a matter of just a few hours in some cases 

But I’m also seeing a lot more homes quickly come back unto the market. 

 

In some of these cases, it is because the buyer had a home inspection done and turned up repair items that ended up being a deal breaker for both sides. 

 

Now the seller has to put the home back on the market. 

No doubt, potential new buyers are going what to know what happened..essentially having the question in their mind “what's wrong with this house”. 

As a seller, this stigma could effect your bottom line now. 

 

To avoid this,  Consider getting an inspection done before listing your property so you can present an accurate picture to buyers from the get-go. Yes, a home inspection will cost you around $350. 

In my opinion, it’s money well spent opposed the risk and Costs of dealing with the unknowns.  

 

Get a Title Search Commitment 

OK, the home inspection is perfect and your buyers are anxious to close. 

But there’s a title problem, and it looks like it’ll take a bit of time to clear up. 

Your buyers don’t want to wait, because they have deadlines too..so, here you go again..Got to put your home back on the market. 

In most states, the time frame for having the title commitment is clearly addressed in the purchase contract. 

But do not wait until your have a buyer to have this done. Do this immediately once you list your home. The Title company or attorneys office handing the closing is responsible for providing this service, and you won’t have to pay for this until your property closes. Turn to your Realtor for advice. 

In most cases, the homeowner is totally unaware of any title defects. Especially if you are selling a home you inherited, or have special circumstances stemming from a divorce. There are many reasons why a title commitment may not be issued initially. 

The good news is, most all title defects can be corrected.but may take time.  

 

Another thing I’m seeing a lot of in this hot sellers market is FSBO’s. 

As a homeowner is a hot sellers market I totally understand the impression is that buyers will flock in groves and there’s no need to pay the Realtor commission fees. 

I’m a fully licensed Realtor and I fully agree with this. Yep, in this sellers market , it’s incredibly easy to simply walk out unto your front yard, put a sign up... and before you you make back inside, your phone is ringing!  

It’s what happens next that gets most FSBO’s in trouble. 

If you , as the property owner, are not familiar with how to write, negotiate and defend a real estate contract, especially a Florida Real Estate Purchase Contract, you are setting yourself up for one huge headache..Not to mention time lost with unqualified buyers and worse...actually not netting every dollar your home is worth. 

I cannot go into all the reasons why selling by owner is Not a good idea in this market in this video, but if you’d like to schedule a chat,  Just click 15withLisa link. Choose a day and time that best for you. I’d love to talk to you! 

 

Should You Sell “As-Is”? 

Being in a hot sellers market, a seller has a better chance of selling “As-Is” without having  to make major updates. 

However, Depending on the price range and neighborhood, it’s best to have a discussion with a  local seasoned Realtor who is familiar with your area, to determine whether or not you should make any significant improvements before you put your home on the market.  

It could mean the difference of potentially leaving some your hard earn money and equity on the table.  

For a more detailed explanation how selling “as-Is”  would apply to your personal situation, check out my prior video What does selling "As-Is" really mean?

‘Staging’ Is Not Personal Home Decor 

On the flip side, home staging,  is highly recommended even in a sellers market 

Most homeowners do not realize there is a huge difference between home staging and home décor.  

 In a hot market, buyers need to move quickly and are driven by first impressions and emotions. There is no better way to make someone fall in love with your house than to stage it. 

If a home is properly staged, a buyer will automatedly envision themselves in the space and will act much more quickly, opposed to a home that has been decorated by the current homeowners personal effects. 

If you can’t afford to stage, at the bare minimum the property should be de-cluttered and  cleaned. 

If you choose not to stage, please take the time to watch my part series on how to declutter your entire house in 30 days. I break it down to easy, very doable daily tasks most anyone can do. 

One of the most common things I’m seeing as the reason why a home was previously pended and now back on the market is because the seller chose an offer that was too good to be true. 

Buyers are under tremendous pressure these days, and sometimes (unintentionally) make promises in their offers they cannot keep in order to take the home off the market while they diligently try to make good on their offer. 

For example: You  received an offer for $10,000 over list price and the buyers are willing to have a flexible close date to give you time to move. An offer from heaven...and you couldn’t sign the agreement fast enough! 

Everyone is happy, the home inspection went well, buyers are getting their paperwork into the lender...Life is good. 

Then the appraisal comes in right at list price. But your purchase contract is for $10,000 above list price. That means the buyer will need to come to closing with additional $10,000, or the seller would have to agree to adjust the purchase contract to reflect the appraised value amount. 

If neither party agrees to negotiate a remedy, the contract fails. Your home that has been off the market for 2 weeks, now has to go back on the market. 

Don’t get caught up in choosing the wrong offer, just because it looks like a dream on paper.  

An experienced Realtor will know how to best advise you by vetting all the buyers, wording your contract to protect your best interests and offering you guidance based on your individual circumstances and goals. 

And as a side note: 

When you receive multiple offers and one is chosen, please make sure your Realtor kindly responds to all the other offers that you’ve made a choice but are thankful for the other offers. Not only is this professional courtesy, it also bridges your relationship with that potential buyer...Just in case....   

 

Just because the market is hot does not guarantee multiple offers for over asking price. 

Sure, you’ve heard about the house down the street that sold in two days for $20,000 over asking. But you do not know all the circumstances surrounding that sale.  

House prices can differ drastically within neighborhoods. Criteria that isn’t readily apparent on the MLS or past sales might make a property sell for more:  

Like a great layout, lots of light, decorator colors, or mature fruit trees. These are all examples of things that might tip buyers into a frenzy that creates high prices and multiple offers. 

Your home might not offer these. Take solace in the fact that you are selling in a hot sellers market and are more likely to sell for  your asking price opposed to selling in a down market.  

And, if you happen to luck out and your sales proceeds are more than you ever imagined, feel free to pop the champagne at closing!  


I’m Lisa Kelly Lakeland Homes and Lifestyles with Premier Realty. Until then, I’ll see you on the next one. 

 

 

 

 

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What my clients are saying  

My experience while purchasing my first home was the best experience I've ever experienced. With Lisa's guidance it was a stress free experience. She made sure I was comfortable and understood every step. She gave her opinion from the heart. You can tell she genuinely wanted you to have the home you desired. She is very personable and that's great when you are purchasing a large investment. I am forever grateful of her help. So if you are looking to have a wonderful experience while purchasing or selling any property Lisa Kelly Realtor is the way to go.

 

~ Candace Engram

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Tom and Kim Manske

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Kim Manske

Sidney Wyland Lisa Kelly was our realtor that helped us with our move from Utah to Lakeland. She is a very good resource for us in Lakeland and helped us buy our new home. We found Lisa on the internet. She has helped us with all the contacts and scheduling to insure all things here went smoothly. The closing on our home was completed on time which was very important as we had are household goods being delivered from two different states. She also continues to be there for us for any referrals or help we may need here locally. I would highly recommend her to anyone buying a home.

 

~ Rick and Sidney Wyland

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee and Frankie Brown

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill and Patricia Crabb

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill & Patricia Crabb

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee & Frankie Brown

01/03/2017 - shunter317 Bought a Single Family home in 2016 for approximately $175K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is an exceptional agent as she knows real estate law and the local market. She communicates and is extremely responsive to her clients questions and needs. She walked us through a complicated contract. We consider Lisa a new friend.

 

~ What Others Had to say

Highly likely to recommend 08/09/2016 - HappyBuyerNEOH Bought a Single Family home in 2016 for approximately $225K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I highly recommend Lisa Kelly! She was awesome to work with through the whole process. Her communication and promptness went above and beyond my expectations. Working in the mortgage industry, I see all types of realtors, if you want a genuine, awesome, go getter- she is your girl!

 

~ What Others had to say

Highly likely to recommend 10/27/2014 - jessbparker Bought a Single Family home in 2014 for approximately $75K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I cannot say enough about Lisa Kelly. She helped my husband and I buy our first home when we had limited funds and difficult circumstances. She is extremely knowledgeable about homes, market, taxes- anything you could want to know. She is also an excellent advocate for her clients during negotiations, which really came in handy when you're a nervous first-time home buyer.Less

 

~ What others had to say

Highly likely to recommend 02/22/2014 - par167 Bought a home in 2014. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa Kelly is the hardest working woman I know! If you are in the market to buy or sell take it from my personal experience she delivers results!In Polk County or anywhere else for that matter you will be hard pressed to ever get better service. Paul Renner.....

 

~ What others had to say

Highly likely to recommend 02/25/2012 - user027478 Bought and sold a Single Family home in 2011 for approximately $275K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is the most professional realtor I've ever worked with... she's direct, honest, highly-knowledgable, very responsive and a consummate professional. She played fundamentally important roles in helping us to sell our house in a tough market. She's a hard worker and also gave us great advice and we were able to sell after listing for about 30 days. She then helped us find and close on our dream home. Her persistance and negotiating savvy helped us buy a house that was not a very convential listing. If we'd had an average realtor, we'd have been a lot less successful with both our deals. I'd recommend Lisa to anyone who wants to work with a genuine professional. She could write a book on what it takes to be an outstanding service provider.

 

~ What others had to say

02/09/2012 - Alyson7707 Bought a Single Family home in 2009 for approximately $125K in Bartow, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: We absolutely loved our experience with Lisa.. She is incredibly knowledgeable and dedicated to finding the home of your dreams. We couldn't be happier with the home she found us or the time we spent with her--she made the experience exciting and easy. We do not hesitate to recommend her to friends and family and will absolutely work with her in the future. Thanks again Lisa! -Michael & Alyson Elrod

 

~ what others had to say

Highly likely to recommend 02/08/2012 - AimeeWeed Bought a Single Family home in 2010 for approximately $100K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa was always quick to respond to my questions. I honestly think that my family and I would not be in this wonderful house without her hard work. She is honest, not afraid to give her opinion in a helpful way, and she is very knowledgeable in all aspects of her job.

 

~ what others had to say

Wonderful wonderful experience. Lisa is what I call a dream maker. I had the dream, and she made it a reality.Lisa's hard work, her quick response, her compassion in knowing I was a single mom purchasing my first house, has earned my loyalty in using her as my realtor for life.

 

~ what others had to say

Highly likely to recommend 03/09/2011 - reedswife11 Bought and sold a Single Family home in 2011 for approximately $75K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: This woman is amazing, we have run into every road block imaginable and she has negotiated our problems quickly and effectivly everytime. Always available and Always puts her clients first

 

~ what others had to say

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