Page 117 - Selling secrets 5 18 2023

« Any other fees sometimes paid by the seller (appraisals,
inspections, buyer’s closing costs, etc.)

SPENDING EARNEST MONEY GIVEN TO YOU

Don’t believe for a second that earnest money given at the
time an offer is accepted is yours until the deal has closed
and been recorded. Too many stories tell about sellers who
spent the deposit money prior to closing. When the
transactions didn’t occur for reasons such as financing
contingency or failure of inspection or repair issues, the
buyers had to fight or sue for a refund.

Another advantage to using a real estate agent is that the
agent is a neutral party who can keep the deposit safe until
closing day, and make sure your contract dictates what
should happen to the funds if the transaction falls through.

FORGETTING TO CANCEL/SWITCH
UTILITIES AND INSURANCE

Many sellers overlook notifying utilities that they’re moving
or applying for utility service at their new home. Call your
utility and insurance companies as soon as a contract is
signed. Find out how many days’ notice they need to switch
or cancel service, then let them know when you have a firm
closing date.

LETTING EMOTIONS TAKE OVER

Keep calm throughout the home-selling process, especially
during the inspection. Be realistic and understand that
there will be issues. It’s not uncommon to have to pay for
some repairs. Don’t let the buyer’s demand for you to

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