There’s a lot of room to make mistakes in real estate transactions by both buyers and sellers.
In fact, buyers and sellers often make the same mistakes, or at least similar mistakes but coming at them from different ends. And these mistakes can often be enormously costly.
But with some planning and foresight, you can be safeguarded from making such mistakes. To that end, here are 6 mistakes buyers and sellers commonly make during real estate transactions in Boston.
1. Waiting Too Late to Do the Prep Work
Before any successful real estate transactions in Boston can take place, properties have to be prepared for sale.
Almost every home needs some work – things such as cleaning and de-cluttering, painting, plumbing, electrical repairs, roof repairs, kitchen touchups, bathroom upgrades, and curb appeal enhancement.
And each of those items requires time.
One of the common mistakes in real estate transactions in Boston involves waiting too long to do this necessary work. Life gets in the way, but time does not wait for anyone!
This is an common problem for both sellers and buyers, especially when you are selling one home and buying another to move into. You won’t want to find yourself in a position to scramble with home repairs if you need to sell your home because you’re under contract with another property.
2. Having Too Little of a Financial Cushion
Often, both buyers and sellers proceed with too little of a financial cushion, and that winds up being a mistake in real estate transactions in Boston. Without enough reserve money, they wind up in a financial tight spot when they either sell for less than expected, or have to pay more than anticipated.
Give yourself a cushion on how much you need to sell your existing home. If you’re hoping to use the entire sale price as a down payment on another home, move forward with the assumption that your home will sell for less than expected.
3. Being Unwilling to Compromise
Another mistake buyers and sellers make during real estate transactions in Boston is simply being unwilling to compromise. Being too intransigent can ultimately kill the deal.
More often than not, this is a mistake sellers make after the inspection reveals problems. Sellers often hold out for the asking price without being willing to make needed repairs. A little compromise goes a long way, especially when there are multiple escrows on the line.
4. Closing on Friday or Late in the Day
A common mistake combination buyers-sellers (those who need to sell a home and buy another) in real estate transactions in Boston is closing at the wrong time. Ideally, you don’t want to close on Friday or late in the day.
If you need to sell and buy within a few days, closing on Friday doesn’t allow the buffer time you’ll need. That’s because bank transfers can take a few days to go through. In order to ensure there’s money in your account when the time comes, buffer a few days to transfer funds.
Closing late in the afternoon also isn’t a good idea and for similar reasons. Banks typically stop doing wire transfers by about 3:00 pm, which means the money won’t arrive in your account on the day of closing if you close late in the day. Try to schedule your closing in the morning whenever possible.
5. Being Unrealistic About Price
A very common and widespread mistake buyers and sellers make during real estate transactions in Boston involve unrealistic expectations concerning price. Sellers typically think they can sell for more than is realistic, and buyers always hope to land a property for below-asking.
But the reality is that real estate pricing is based almost solely on market value – not what you want for your house or what you’d like to pay for a house. Fair market value is determined primarily by means of a tool called a comparative market analysis, which examines prices of recently sold houses with similar features in the immediate area.
6. Not Listening to Their Agent
And sometimes buyers and sellers don’t or won’t listen to the expert advice and guidance of their real estate agent. This mistake buyers and sellers make during real estate transactions has the potential to be the most devastating.
Find out today how our trained, skilled, and experienced real estate agents at NextHome Titletown Real Estate can help you avoid costly mistakes and delays. Call us at (617) 657-9811 or send us a message!
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The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.