8 Blunders That Will Kill Your Real Estate Deal

Whether you are buying or selling a home, it can be a delicate dance to get to the closing table. “Sellers and buyers can take offense easily when comes to a real estate sale, it’s an emotional experience,” cautions Brad Pauly of Austin-based Pauly Presley Realty. Some things are beyond your control, but as most experienced real estate agents will tell you, there are a few standard blunders that can be avoided with education.

We’ve developed this list of buying and selling blunders that can kill a real estate deal and how to avoid them, so you can move towards the closing table with confidence:

Buyers’ Blunders

#1 Not Sticking To A Budget

This one should be a no-brainer, yet so often experienced agents find that even when it comes to investment properties buyers sometimes let their hearts run the show – rather than their spreadsheets.

#2 Not Securing Financing Before Bidding

Before hitting any open houses or auctions, ensure your finances are set. Any delay in financing that causes you not to meet the terms of the contract’s financing contingency can mean you lose the house you’ve been dreaming of. Remember, sellers typically want to close as swiftly as possible.

#3 Unprofessional Negotiations

From presenting a bad offer, to playing hard to get with the seller’s agent, these missteps can also be time-wasters and end a deal. There are a number of areas that are considered “hot” markets, including places like San Jose, Austin, Boston, and Colorado Springs. In these dynamic seller’s markets, it’s often important to present an attractive offer and keep the lines of communication open. Nothing can kill a deal faster than “buyers being unresponsive during the negotiation stages,” says Aisha J. Thomas a Georgia-based broker at The Thomas Agency. It should be noted, however, that the definition of a “attractive offer” really depends on the unique dynamic of your particular market.

#4 Missing A Deadline

To some, due dates are often viewed as a suggested guidelines. In the case of real estate, however, due dates are hard and fast. Failure to submit a document or lock in a rate by its required date can be costly. “Due dates, option dates, and close dates are all critical. Do not over look the importance of any date on the contract,” notes Jake Russell from Magnolia Realty of the HGTV show Fixer-Upper.

Sellers’ Blunders

#5 Failing To Understand Your Market

Is your asking price too high? Is it too low? That all depends on the type of market you are in and what buyers in your area are looking for. Sometimes you can't help the market in which you're selling, and if it's a buyers market don't expect to reap huge profits. Before making your decision, explore the intricacies of your local market with a top real estate agent. need to better understand your local market. your asking price could be way off.

#6 Not Making The Right Improvements

Are you spending too much on remodeling the bathroom when the roof is leaking? Making the wrong improvements can actually cost you money in the long run. While the saying may go bathrooms and kitchens sell homes, there are ways to spend wisely to ensure all the necessary updates are made.

#7 Not Giving Your Home Enough Exposure

How will you sell your home if nobody knows it is on the market? If you are not listing with an experienced agent who takes advantages of the latest technologies, you are missing out on hundreds of potential buyers in your area who are searching for homes online.

#8 FAILING TO DISCLOSE A PROPERTY CONDITION

Maybe you know about a past flooding in the home or about issues with its title. Failing to be upfront with all this information to your potential buyer can stop a deal in its tracks. “This can lead to not only a deal falling through, but to legal ramifications,” says Brittney Orellano, co-owner of Kansas City’s Scudo Realty.