Mistake #1: Ignore contingencies

If during negotiations of your Purchase Contract the Buyer makes a request for something to be done DON’T HIRE THE CHEAPEST HANDY MAN to do the work.  The Buyer will notice and ask for the work to be re done.  Remember; do unto others as you wish done to you.  This will keep your sale moving in the right direction and you will not be haunted by a future phone call even after the sale closes that there is a potential lawsuit against you because you wanted to save a few dollars.  In the long run it will cost you a lot more. 

If you are the Buyer and you are required to submit an additional deposit once you clear a contingency act quickly.  If the home has a backup offer and you drag your feet this is all the Seller needs to cancel the contract and move on to Buyer #2. 

Mistake #2: Don’t bother to fix things that break

The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn’t in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If you choose not to maintain your home in the condition it was during the Initial Inspection otherwise referred to in the contract as the C51,  the buyers may lose confidence in your integrity and back out of the sale.  Also, if you repair something that breaks during the sales process it is your responsibility to disclose this to the Buyer: EVEN IF YOU FIX IT.  This falls under the Disclosure Contingency in the Purchase Contract.

Mistake #3: Not being proactive regarding contingency deadlines

Treat deadlines as absolutes. If you have three days to accept or reject the home inspection, make your decision within two days. If you’re selling, move out a few days early, so you can turn over the keys at closing.

Mistake #4: Refuse to negotiate any further

Once you’ve negotiated a price, it’s natural to calculate how much you’ll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.

Mistake #5: Hide liens from buyers

Did you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowners’ association fees? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off);  if you can do that with the sales proceeds, great. If not, the sale isn’t going to close.