Expert: Three Problems That Can Ruin Selling an Old Home

When selling real estate, successful transactions are often hindered by one or more of three main problems: hidden defects, insufficient documentation, or incorrect pricing, explains 1Partner Real Estate consultant Alar Voogla.

A hidden defect is, in simple terms, a defect that the seller knew or should have known about. If such a problem only emerges after the transaction, it can lead to disputes between buyer and seller, which tend to be resolved in court. According to Voogla, the most common hidden defects are construction-related, legal, financial, or environmental issues. To avoid problems, he recommends ordering a real estate expert appraisal before the sale and conducting background research on the area as well. "A professional appraiser or construction specialist can discover hidden technical problems that the seller may not notice themselves. Similarly, a real estate agent who deals with these issues on a daily basis and knows how to pay attention to important details can help prevent problems before the sales process begins," explains Voogla.

The second common obstacle that can derail a transaction is incomplete documentation. "Today, no transaction involving a bank can proceed if the paperwork is incomplete or in disarray. If the data in the state building register does not match reality, the bank may not issue a loan," says Voogla and adds that such errors are often discovered only when the buyer wants to apply for a loan, which can cause the transaction to be delayed or even fall through. To prevent later obstacles, it is important to review the documentation before starting the sale and arrange it if necessary.

As the third common stumbling block, the experienced real estate agent highlights real estate pricing. "Most often, sellers set prices based on listings on real estate portals, but these can differ significantly from actual transaction prices. The result can be either a price that is too high, which prevents finding a buyer, or a price that is too low, which means potential financial loss," explains Voogla. To set a price that matches the market, Voogla recommends basing it on actual transaction data, taking into account the property's specifics, and consulting with an agent or appraiser if necessary.

Real estate sales involve many details that an ordinary person may not simply be aware of, but ignoring them can lead to significant delays or financial loss. "Often it is thought that an agent's work is merely drawing up listings and scheduling meetings, but the real value actually lies in professional knowledge that helps the sales process proceed smoothly and as quickly as possible," emphasizes Voogla.