Most people have a false notion that investing in real estate is one of the best decisions ever, and unlike dealing in stocks and shares, nothing can go wrong while selling a solid piece of property. Well, most of them are wrong, because real estate is no different from other investment options, and great care needs to be exercised while trying to sell real estate.
The first problem you can face is the lack of any takers even after several months of advertising and letting estate agents know that your property is on the block. The longer your property remains unsold, the poorer the chances of selling it at a good price. Remember that your mortgage payments have to be made on time lest you end up paying stiff penalties. Desperation will lead you to slash prices, and a seasoned buyer will bide his time and wait for the best opportunity, dangling cash in front of you to entice you into selling a prime piece of property at a throwaway price.
Another risk you can encounter while trying to sell your property is the likelihood of the sale never going through, although you received an advance. This leaves you in a dicey situation where you cannot try to sell it to another buyer, nor is the current party going to pay the balance and close the deal. Sometimes, quite unfortunately, the person wanting to buy your house may run into sudden financial difficulties and put you in the soup! Even after signing a firm contract, some buyers try to wiggle their way out and want the entire advance to be refunded.
In some cases, eager buyers pay a token advance, hoping to sell their property to come up with the rest of the money. If their property remains unsold for whatever reason, so will yours. Sometimes, a buyer may have liked your property while viewing it the first time. Later, he or she may bring in some expert or friend who will find several faults with the property and play spoilsport and stop the deal abruptly.
Of course, the picture is not as gloomy as it appears. The silver lining is that if you take enough precautions, you won’t end up with an unsold piece of property. Make sure you do your homework well, and try dealing with seasoned experts who know the business well. Get your property inspected by a professional and make sure you get a written report. Moreover, such people have their own contacts and can put you on to some genuine buyers, leading to a smooth sale.