Buying or selling a property is usually only a once-in-a-lifetime decision. Some people, for example, are looking for the most attractive offer quickly and without complications, while other people want, among other things, to find a sound customer and to get the best possible price. But they are all looking for the service provider who will accompany them in the most effective possible way in buying or selling a property. Below, we outline for you some criteria which will certainly help you to get closer to that target of getting the best results!
Working with an agent
Working with an agent means signing a contract that gives the agent representation of the property for an agreed upon time period which is typically 6 to 12 Months. During that period the agent is responsible for researching the markets related to the property as a way to determine its value and then, based on this information, working with you to arrive at a suitable price for the home. Once an offer is accepted the Agent will manage the paperwork involved throughout the transaction process.
There are countless estate agents in almost every town or city, and not all of them have the necessary qualifications. In order to avoid getting any nasty surprises, you should at the outset invest sufficient time to select the right agent for you, in order to achieve the best result for you.
Preparing your home for sale
Your home is a place where memories become as much a part of the property as the colors, the furnishings, and the views outside the window. These memories however, can become your greatest challenge when it comes time sell. You’ll need to think differently and look at your home through the eyes of a potential buyer, and be aware of the things that can be improved to ensure the highest price offered. To improve its attractiveness, your home might need repair work and a touch up of the exterior portions. The interior should be cleared away as much as possible. And it may be required to repaint and make repairs inside the house as well.
Evaluating the home
Establishing the right price for your home takes into account many factors, including your home’s unique features, investments in improvements that have been made that help increase the home’s value and the current state of the local real estate market. The right price can be achieved by taking into consideration all of these factors. Experience of the local market and what activity has been like historically can also help.
Don’t start off by specifying what you think the purchase price should be, but ask the estate agent for a valuation based on the realities of the market. Give the team of estate agents sufficient time to consult among themselves. Under-valuation can cost you money just as much as over-valuation can!
Your choice of the right estate agent should be influenced not by promises of getting the highest price, but by a reasoned explanation of the likely price which the market will bear, the relevant target groups and the period of capitalisation.
Marketing your home
The challenge is to ensure that your property is make sure your property receives maximum exposure to the right audience. Keep in mind that by commissioning more than one company, the property could lose its uniqueness and thus the possibility of recovering the best possible price. Multiple advertising, multiple approaches to customers, at different prices, different values, etc. and with instruments that are not targeted to the right client. Cause confusion and annoyance for anyone interested in the property and in the market itself. And since it conditions the possible interested client, even before making a visit, and devalues the property.
Receiving and reviewing the offer
When a buyer is interested in your property, an offer will be submitted. The offer will include the buyer’s price, which will be typically below your listed or asking price, and it will include terms, which will be conditions set forth by the buyer such as certain requested home repairs that you would be responsible to complete at your expense, or any furnishings or appliances the buyer would like to include as part of a successful transaction. An offer that comes in at the listed price should still be considered, based on the terms.
In response to an offer you can choose to reject it, counter offer or accept it if it meets or exceeds your expectations.
Unless the offer is exactly what you want, it is the beginning of an exchange in which price, terms and contingencies are negotiable.
Making a Counter Offer
Counter offers may go back and forth between seller and buyer several times as part of the negotiation process. All terms of an offer are negotiable and when both parties approve an offer, a real estate attorney should review the contract before signing.
Final steps that should be taken at this time are:
- Agreement of closing date
- Agreement on date of loan approval
- Agreement on a date that the buyer could move in
- A receipt should be provided for the buyer’s good-faith deposit
- A decision on whether repairs are made before or after the closing.
After the contract is signed
After the contract is signed, steps are taken to meet the agreed upon terms of the final approved offer. When all the terms are met and prior to the closing, the buyer takes a final walk-through of the house to ensure that all the repairs and other items of the agreement have been fulfilled.
Before all three events, the appraisal, the inspection and the walk-through, the home should be cleaned and prepared or each occasion.
This is the process that takes place during a meeting of the parties involved in which the transaction is completed and the title of the property is passed from seller to new owner. Before the closing, the buyer conducts a final walk through of the home to make sure that the property is as it was when you viewed it and that all repairs that may have been stipulated in the offer have been completed to satisfaction.
During the closing, paperwork that has been prepared by all parties involved, including the agents, the bank providing the mortgage, lawyers and title companies, are signed.
We earn our money if the customer is satisfied with the service we provide! For this reason, we are also very proud of the many properties which we could successfully place on the market. We want to be better than you expect, and look forward to working with you!
We wish you every success in choosing your estate agent!