Mokena Real Estate Attorney, Cheryl A. Morrison, Exposes Common Home Selling Mistakes

You’ve likely heard the phrase “buyer beware”… but what about “seller beware”? A lot of important decisions are made in the home selling process. When to sell. What to sell for. Handling repair requests and contract modifications  — Mokena Real Estate Attorney Cheryl A. Morrison sheds some light on mistakes commonly made during home sales in the Chicago area.

Know what you’re signing up for

The #1 biggest mistake home sellers make is simply not understanding ALL of their real estate contract terms and conditions. “Sellers should know exactly what’s involved and what’s expected,” advises Attorney Morrison. “This helps the seller make informed decisions, work towards a FAIR deal, and ultimately keep the deal from falling through.”

What happens if the property doesn’t appraise for the purchase price? What if a buyer asks for repairs that are not necessary? What if the buyers do not get approved for their loan? Unforeseen problems occur. Disputes arise. Additional costs come up. Deals either fall through or close, potentially leaving the seller with less than expected.

Attorney Morrison recommends working with a local real estate attorney to protect your rights and make sure that your understanding of the contract matches the deal’s actual terms.

Find an expert to handle the paperwork

There is a ton of paperwork (and tight deadlines) involved in buying or selling a home. This is especially true in “for sale by owner” transactions. Sellers have specific disclosure requirements that must be met so they do not open themselves up to liability due to the condition of the home. There are also requirements for sellers to provide specific documentation to buyers before a closing can occur. These requirements are often easy to overlook and can result in closing delays or unexpected fees.

Agents are only permitted to fill in the blanks on standardized legal contracts. They cannot add additional language, conditions, or amendments. Real estate agents are NOT allowed to offer legal advice. It has to be done by a licensed attorney. While most forms used within the Chicagoland area are ok; oftentimes your real estate attorney can better tweak these provisions to better serve you interests AND save you money. 

If something arises during the sale — perhaps there is unexpected damage to your home from a storm, or an unexpected lien comes up on title — A real estate attorney will help you navigate these waters. They can make sure that the contract is correct, understandable, and in your best interests.

What home sellers can do…

Contact your local real estate attorney to discuss your options. It is always a good idea to involve an attorney when selling what might possibly be your largest asset – your home. It will often actually save you money in the long run. A good real estate attorney is familiar with the many ways that a housing contract can fall through. From day 1, they’ll work to anticipate the needs of both parties, mitigate issues, negotiate modifications and keep the deal on track for a fast and efficient close. 

Take the stress out of buying and selling a home. Helping sellers, buyers, and investors throughout the Chicago area. Contact Cheryl A. Morrison to discuss your real estate needs.