Updated: Jan 3
There are some things we do all the time, like grocery shopping.
Other things come naturally and feel intuitive, like riding a bike.
But some things are weird, messy, and leave many of us with a lot of questions.
Selling your house is one such thing that's likely to have you asking a million and one questions.
Here are a few things I wish I knew before selling my first house.
Hopefully, my experiences will help answer some of your questions, and better prepare you for selling your house.
Buyers Will Ask You To Help With Closing Costs
Before I sold my first house, I had no idea buyers would ask for me to help pay their closing costs.
When a buyer asks a seller to put money towards their closing costs, it's known as seller concessions.
Buyers may ask sellers to give a credit towards repairs
Help put cash towards their down payment
Or contribute some money towards their other closing costs
These costs don't necessarily come out of the seller's pocket. But they will show up on a settlement statement in some way or another as credits to the buyer.
I've received offers asking me to contribute over $10,000 in buyer closing costs, and I've been presented offers with no mention of concessions.
It's the luck of the draw. The only thing you can do to manage the amount of concessions a buyer will ask for is to note a cap in your listing.
For example: "Seller will contribute up to $5,000 in closing costs."
But, if you do this, you run the risk of negotiating against yourself if someone was going to request no, or less of a contribution.
Buyers Will Ask You to Make Repairs
Before I sold my first house, I had no clue buyers would ask me to make repairs to the property.
What threw me off is that I had just fully remodeled/renovated the property, and yet, almost every offer came with a request for repairs.
Let's face it; no matter how excellent condition you believe your house to be in, it won't be perfect. It's incredibly likely buyers will ask you to make repairs, small or large, before you sell.
I've had offers include repair requests as small as installing carpet on the stairs, and I've had offers where they wanted me to replace the roof.
Your mileage will vary here, but be prepared for people to ask you to perform some work on the house, and set aside a budget for it.
If you don't want to make any repairs, you can offer a price reduction equal to the amount of work they're requesting, and hope the buyer goes for it.