Warning Signs: What to Watch For When Selling Expired Listings in Manhattan
If you’re working to sell expired listings in Brooklyn and Manhattan this fall, it’s still a great time to sell! But like any home listing, the property can run into issues selling if you don’t stay on top of it. Especially with expired listings, which already haven’t sold one time around. So what can you do to prevent this? Know the warning signs in order to sift through potential problems with buyers.
Viewings but no follow-ups
If you’re running into a problem where potential buyers are coming to the open houses or viewings but no one is following up, it’s worth asking why. You might have overpriced the home slightly. Or perhaps there’s something just a little off with the home that’s making buyers hesitant. Reevaluate the décor and double check if there are small maintenance projects you or the sellers may have overlooked.
Too many contingencies
Some contingencies added to contracts are just buyers doing due diligence. But other times, entering into a contract with a buyer who has added contingencies such as the sale and settlement contingency or an inspection contingency could mean trouble. Just because these stipulations allow the buyer to back out if their contingencies aren’t met by the specified date. And this could prevent you from entering into a contract with another buyer who’s ready and available to purchase your property. So just something to be aware of and consider.
Buyers not pre-approved
It’s not required for buyers to be pre-approved before they can enter into contract with you. However, it’s a good idea to only move forward with buyers who have this preapproval. This shows you which buyers are truly prepare and have taken the preliminary steps to start finding a lender to back them. This is only a good sign for you as the seller. They are definitely more prepared and a safer risk than someone who’s not preapproved.
Buyers want cash back
This may seem harmless at first. But you should be wary of buyers who want to overpay and receive cash back from you or who “accidentally” overpay their deposit and ask for the money back in cash. This practice is sometimes associated with scams and can also land you and the buyer in legal trouble.
Keep these warning signs in mind when preparing to list and sell your expired listings in Manhattan and Brooklyn.