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10 things Realtors do that can Kill a Real Estate Deal!
Are you in the market to buy or sell a home? There are a few things you should be aware of when working with a real estate agent. While most realtors are fantastic at their job, there are some things they can do that can kill a real estate deal.
Here are 10 things realtors do that can sabotage a real estate deal.
Writing “Handyman Special” on a listing on the MLS
If you’re trying to sell a home that needs a little TLC, it’s best not to advertise it as a “Handyman Special” on the MLS. Sure, it might be an accurate description of the property, but it could turn off potential buyers who don’t want to deal with the hassle of a fixer-upper. Instead, focus on the positive aspects of the property and emphasize the potential it has with a little bit of work.
Cash Back
Some buyers will try to negotiate a cash-back deal with the seller’s realtor. While it might seem like a good idea at the time, this can be a red flag for lenders and can even kill the deal altogether. Cash-back deals can be viewed as a form of mortgage fraud, which is illegal and can lead to serious consequences.
Hold Backs
Similar to cash-back deals, hold-backs can also be viewed as a form of mortgage fraud. A hold-back is when the seller agrees to pay the buyer a certain amount of money after the closing. This can be seen as an attempt to conceal the true purchase price of the home, which can raise red flags for lenders.
Electrical 60 Amp
If a home has an electrical system that is only 60 amps, it can be a major turn off for potential buyers. This type of system is outdated and may not be sufficient to power modern appliances and electronics. In some cases, it may even be a safety hazard.
Foundation cracks listed on the MLS
If there are foundation cracks in a home, it’s best not to advertise them on the MLS. This can make potential buyers wary of the property and can even scare them away altogether. Instead, address any foundation issues before listing the home for sale.
Existing tenant on MLS
If a home has a tenant living in it, it’s best to wait until they’ve moved out before listing the property for sale. Having a tenant can make it difficult to show the home to potential buyers, and it can even lead to legal issues if the tenant is unwilling to cooperate.
Not enough pictures on MLS
When it comes to selling a home, pictures are worth a thousand words. If there aren’t enough pictures on the MLS, potential buyers may assume that there’s something wrong with the property. Make sure to include plenty of high-quality pictures that showcase the best features of the home.
Bad pictures on MLS
On the other hand, if the pictures on the MLS are blurry, dark, or unappealing, it can also kill a real estate deal. Make sure to hire a professional photographer or take high-quality pictures yourself to ensure that the home looks its best.
Notes about poor condition of the property
While it’s important to be honest about the condition of the property, it’s also important not to scare off potential buyers with negative comments. Instead of focusing on the negatives, try to frame them in a positive light. For example, instead of saying “the roof is old and needs to be replaced,” say “the home has a lot of potential for improvement.”
Make sure the property is clean during all appraisals and inspections
It’s important to make sure that the property is clean and presentable during all appraisals and inspections. A dirty or cluttered home can be a major turn off to banks and can cause a property to be undervalued.
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Sean Rampersaud
Sean has been a mortgage broker in Canada for 14 years. We have helped countless amounts of clients achieve their mortgage goals! Call me anytime at 780-278-4847
