Are you getting ready to sell your home or investment property? While you may be eager to place your property on the market, the reality is you need to become familiar with the entire selling process before you get started. The following tips will help you to sell your property easily and successfully…
Know what it is worth
How much is your home worth? You probably have a figure that floats to the top of your head when you're asked this question, but what are you basing that number on? Is it based on real market data or just intuition and personal opinion? If you haven't conducted your research, now is the time to evaluate your property's value in a more strategic way.
A professional real estate agent can appraise your property to help you determine the price you can expect when selling your home. The value of your property will be based on the size, condition and location of your home. That said, while it is good to know what your property should be able to sell for, it is important to remember that the valuation is an estimate only and you won't necessarily receive an offer for this amount. The current state of the market and the urgency you're experiencing in relation to the sale will come into play.
The auction debate
You have the option to sell your property through an auction or private sale. There are benefits to each of these choices, but be sure to assess your specific needs when reviewing the positive and negative points of these sales methods.
Selling your property through a private sale means that you can hold out for the perfect offer. This method gives you time to transition but it can also be a very lengthy process. You may wait months for an acceptable offer to roll in.
Auctioning provides the benefit of a quick sale, but you could end up with a low selling price that leaves you with no profit after all fees have been paid. You're typically required to accept the highest bid when you agree to a property auction, so this option is generally recommended for those who really need to sell their property quickly.
Be prepared for settlement
Don't be too quick to celebrate when an offer has been made. Accepting an offer is just the first part of the settlement process. The entire portion of the selling process takes about six weeks, and you'll have to go through a lot of paperwork before you cross the finish line and sign off on your last contract line.
Legal paperwork needs to be filed during settlement to ensure that the title is transferred to the buyer. It's recommended that both parties use agents during settlement to keep their mutual interests protected. Most of the settlement fees are paid by the buyer, but you could face a situation in which the buyer asks you for help with these fees. Agreeing to help can make your property more attractive and can hasten the settlement process, but you'll also be reducing the amount that you'll net during the sale.
Selling a property is a lengthy process that is often full of confusing choices such as setting the price, listing the property on the market and settling the final transaction after an offer is accepted. An experienced real estate market professional can help you navigate this process and make everything much easier. Get in touch with a consultant at Mortgage Choice today.