Congratulations! You’ve sold your home and are preparing for your big move. 🥳
Before you go any further, read below about the most common mistakes leading up to closing day.
These home seller mistakes can really complicate the sale and create unnecessary stress.
1. Not completing necessary repairs
If you agreed to complete repairs to your home as part of the Agreement of Purchase and Sale, be sure to follow through early. Buyers usually request multiple walk-throughs before closing and will want to be sure these items are completed before closing the deal. A word to the wise: Don’t wait too long before doing these repairs or calling a contractor (if necessary). Time flies when you have a million tasks on the go, and completing repairs promptly will help reduce your stress.
2. Hiring a cheap lawyer
We’ve written an article on why hiring a cheap lawyer is a really bad idea. Click the link to check it out!
3. Damaging the home before closing day
This is far more likely to happen if you’re selling a property with tenants. Although not common, it does happen. Sellers are responsible to leave the home in the same condition in which the buyers saw it. When you give your tenants legal notice to leave for the new owners to take possession, you must fix any damage they cause or provide financial compensation to the buyers. One way to avoid this is by inserting a clause in your Agreement of Purchase and Sale stating that the buyers will be responsible for any damage caused by the tenant after they’ve been evicted. A buyer may not accept this condition, though, so prepare to handle this situation if you anticipate a problem.
Owner-occupied homes can have this issue, too. Appliances, furnaces, and air conditioners can break down. The roof or basement could suddenly begin leaking. Any defect that appears after a firm deal is in place is the responsibility of the seller. Take care to maintain things as you always have – and avoid expensive repairs before you hand over the keys.
4. Thinking you have “all day” on closing day to leave the home
This mistake can throw a big wrench in an otherwise smooth transaction. Many sellers think they have until 6:00 pm to move all their belongings out of the home and clean up. This is not true. Closing officially happens when you receive the money from the buyer. Your sale can be complete by early afternoon. At that moment, the buyer owns the home and may take possession. Here is our advice: Have your movers show up first thing in the morning and plan to be out before lunch. Better yet, have a short bridge loan in place. Have your current home and the new home close on different days. There is a cost involved, but most sellers say it’s well worth it for the reduction in stress.
5. Leaving it too late to start packing
Selling your home in today’s market is a whirlwind and we know you’re exhausted from all the prep work, showings, and emotional stress. Still, we encourage you to resist the temptation to relax for too long and put off the tedious job of packing. A typical closing in this market is 30-45 days and that day will creep up fast! The last thing you want is to be a week or two out from the big day and realize you still need to start packing, hire a mover, and rent a truck.
6. Hiring cheap movers
We’ve heard our fair share of nightmare stories from sellers hiring cheap movers only to be disappointed when things don’t go as planned. There are many things that can go wrong during the process that can cause a huge amount of added stress. They could show up late, not have enough help, be rough and damage your belongings, and demand tips at the end to top it off! Do your future self a favour and hire a company that is reputable and has lots of good reviews.
Other Articles In This Series To Help Sellers:
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