A property expert offers a list of pitfalls for the unwary to keep in mind when buying or selling a home.
By Steve McLinden, Bankrate.com
Those who don't learn from history are doomed to repeat it, the old proverb goes.
So as the real-estate market marks time before likely firing up again in the spring, it's a good time to mull over some of the more common things not to do to clear a trail for a happy home sale or purchase.
Here are my picks for 10 mistakes to avoid:
1. Not understanding the length of the buying/selling process. You know what happens when you make decisions based on optimism, time-on-the-market averages and generous promises from agents -- ye old Murphy's Law kicks in. The home-selling process is often more extensive than you think, from the early planning stages to protracted negotiations to oft-delayed closings. Sellers can take months before they formally accept a buyer's offer. Financing can get held up, buyers may have a tough time selling their old house, rough edges discovered in the final walk-through must be smoothed, etc. Give yourself a couple extra months to complete the deal.
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