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Showing posts from May, 2014

OPEN INSPECTIONS

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There are two big dangers with open inspections – first, they are a security risk and second, they can easily damage the value of your home.

Despite the warnings and the enormous evidence, many agents continue to allow hordes of strangers to wander through family homes. Most people who visit open inspections are lookers, not buyers. Thieves also visit open inspections and check the home for a future break-in. Your home is probably not insured from theft caused by an open inspection.

But the purpose of open inspections is not to sell the home, it is to create the impression of activity and "condition" sellers to lower their prices. Sellers believe that the people looking at their home are "buyers". This makes them easy to persuade to reduce their prices. Sure, some of the people at the open inspections will be buyers. But the agents rarely know who is a real buyer and who is a looker. The agents then say to the sellers, "See, it didn’t sell. They all think the…

Mistake 3 – The Quote Trap

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One of the most common mistakes made by sellers is believing the price the agent quotes for the sale of their home.Once you sign-up with the agent, if the selling price is less than the price you were quoted, too bad. There is nothing in the "standard" real estate agreements that compels agents to honour their quotes.The ‘Quote Trap’ catches thousands of sellers who are told one price before they sign-up and another price after they have signed-up.As absurd as it seems, if a home sells for any price, the agent still gets paid.Don’t Sign Anything… unless you are sure you can trust the agent.Your Solution...Insist on a written quote Guarantee just as you would with any business. You should only pay the agent if you get the price you were quoted – or more. Don’t accept any excuses about "the market". Granted, no one can know exactly what any home will sell for; but the agent can give you a price range – from a low point to a high point – and if your home sells below t…