When you are trying to sell your house to an investor, price matters just as much as timing. While the sales price does matter, the amount you walk away with is what you should really care about. A lot of times, when I’m trying to buy a house from someone, I find out they have a “higher” offer. More times than not, this “higher offer” has several tricks included. Make sure you read what you sign, and watch out for these common tricks:
- Is the an option period or option fee? This is used to get you on the hook and then try to change the price later.
- Who is paying for the title insurance, survey, and escrow fees? These items can add up to thousands of dollars.
- Is there a commission involved? Commission rates in Texas are negotiable. Make sure you don’t get tricked.
In my 20 years of this business, I’ve met a lot of people that get to the closing table unhappy. Imagine if you had already packed your things, and on closing day had no choice but to sign on documents that put less money in your pocket than the “Lower Offer”!
My advice is simple. You should take these steps to avoid this problem:
- Do your research. Are you dealing with a reputable, trustworthy company?
- Read the paperwork, and get copies of it. Make sure you have time to ask questions.
- Verify what people say. If this is new to you, or you feel like you may be dealing with a “salesy” type company, listen to your gut.