Are you thinking of selling your lake home yourself? If so, you probably already thought about negotiating pricing and marketing, which are important, but there are other aspects you may not be ready for. Here are six dangers you must know before you do so.
- Fair Housing Laws. You may want to get to know the people interested in your home, but if you look like you are filtering by demographics, check these laws to make sure you stay fair and abstract. Build a wall when making your selections because not only are you negotiating the property, but you are also vetting it as the seller.
- Evaluating Multiple Offers. In a hot market, if you price your home appropriately, you will get multiple offers quickly. Are you prepared to evaluate those offers in a timely manner and how they all differ?
- Inspection Contingencies. If someone makes a great offer, maybe in all cash, but they have a home inspection, it gives them a caveat to get out of the contract. It is important to understand what this contingency is, whether it introduces risk into your contract, and if there are problems, it could open negotiations or kill the deal.
- Loan Contingencies. One great thing about lake properties is that over half the deals in our country are cash, but loans are still used as well. A pre-approval letter may not carry as much weight as you think, and if you accept a deal with this contingency, it could fall through.
- Escalation Clauses. If the bids come in, that is typically the buyer’s offer unless someone beats it. These competing offers can become complicated because they can escalate to different amounts or triggers. Be prepared for this in a hot market because buyers do not want to miss out.
- Property Disclosures. You must disclose the property and the issues involved otherwise you could be sued later. You need to understand what you disclose and what you do not disclose, which can be confusing.
Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight into today’s lake real estate market and guide you in your home journey.