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2 reasons a property sale can cost more than a seller may expect

On Behalf of | Feb 15, 2023 | Real Estate

The Ohio real estate market is always changing, and those who own real property often try to time their listings to maximize the return on their investment. For example, many real estate professionals will suggest listing a property in late winter or the first days of spring to benefit from the spring housing rush.

Late spring and early summer listings also typically command premium prices because there are more buyers demanding properties when it is no longer miserably cold and it has yet to become incredibly hot outside. No one wants to move when the roads are covered in ice, just like no one wants to move in the heat of the summer.

As someone hoping to list your property in the near future, you may want to consider certain issues that could increase what it will cost for you to sell your property.

1. Undisclosed property defects

It doesn’t matter if you list the property in as-is condition or do your best to cover the cosmetic consequences of a bad foundation. You still have an obligation under Ohio state law to inform buyers of all known defects, including latent defects that they would likely not discover for some time.

Some sellers think that they can get away with misrepresenting their properties, only to end up summoned to civil court. Failing to disclose property defects can potentially lead to lawsuits that may pass the price of repairs on to you or otherwise force you to compensate the buyer.

2. Canceled closing transactions

If a seller wants to make as much as possible during a sale, they will typically need to stage their home by reducing the presence of their personal items and making it look as neutral and welcoming for new buyers as possible.

Sellers have to sometimes absorb the cost of an alternative living arrangement and storage while selling their homes or waiting for a closing to occur. They could end up paying two mortgages and two sets of utility bills until that closing. Buyers who cancel a closing, especially if they chose to include contingencies in their offers, can leave a seller in real estate limbo for months.

Not knowing what your property is worth, trying to conduct a closing without professional representation and signing paperwork without careful legal review are all also ways that sellers can end up deprived of the full proceeds of a residential real estate transaction. Educating yourself about the risks involved in selling residential property can help you to come out on top when you list your home for sale.