Myth #1: In order to get the most money when we sell our home, we should price it just over market value, expecting buyers to make a lower offer.
Fact: In order to get the most money, you should price your home just under market value. YES! By pricing your home just under market value, you will probably get an offer much sooner and not have your home languish on the market. This has many advantages, not the least of which is reducing the inconvenience to you and your family. You will most likely get a full price offer quickly and save time in negotiations and close much quicker than pricing it over market. When you price your home under market value, buyers know it will sell quickly and they have to be ready to make an offer that will be acceptable.
Myth #2: If we get an offer from a pre-qualified buyer, we are guaranteed a quick closing.
Fact #2: "Pre-qualified" is meaningless. Pre-qualification merely means the buyer has gone to a lender and said their credit is good, income is X dollars, and they have X debt. Nothing has been verified. "Pre-approval" is what you must see and hear. Don't ever accept an offer from a buyer that is not "pre-approved"! Pre-approval means the information has been verified and the lender can offer assurance a loan, for the specified amount, will be approved... if the information does not change. This information is again verified just before closing, so if a buyer loses their job or buys something else on credit, a new pre-approval process is required and the buyer may or may not still qualify for the original loan amount. It rarely happens, but it does happen if a buyer is not savvy to these rules of loan approval.
It's going to be hot again this week... so stay cool and pray for our firefighters!
Erin Davidson
Wenatchee Real Estate Agent
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