There is a common belief among property owners that selling a property is as easy as finding a buyer, signing the sale agreement and collecting the check. Well, it’s not as easy as that. If you decide to sell the property on your own and cut out any broker to save money, you have to do everything on your own.
When selling your property, you want all potential buyers to know about the property so that they can make you decent offers. Your marketing strategy, therefore, should be to expose the proper to all buyers. Ideally, you should list the property on real estate listings online. You may also want to advertise in local newspapers as well as other print media with a national reach. Placing the ad on your social media page is also a great idea as your friends will help to circulate the ad and reach hundreds of thousands of people in the process. The easier option, however, is to hire a real estate broker who already has a nationwide network. Before selling your property, you should be satisfied you have reached most potential buyers, and that the offers you’ve received are the best.
Obviously, you know what you paid for the house. However, that is not what you should expect when selling your property because it must have appreciated considerably since you first bought it. For this reason, you should hire a real estate appraiser to help you determine the actual market value of the property. When listing the property, you can ask for a larger sum, but make sure you inform potential buyers that the price is slightly negotiable. During negotiations, your should be willing to go down to the actual market value of the property.
If you sell the property without considering the legal issues, you may find yourself facing lawsuits from the buyer. To prevent this from happening, be sure to involve your lawyer from the start. If you use a real estate broker, ask your lawyer to draft a contract that is both short and simple, stating the asking price and broker’s commission as well as the terms of the sale. This will save you a lot of heartaches. When selling the property, make sure there is a clause, in the sale agreement, indicating that the buyer has inspected the property, is satisfied with its condition and has decided out of his own volition to buy the property as it is.
As a seller, you cannot afford to overlook other buyers and choose a buyer who cannot afford the property. For this reason, every offer you receive should be accompanied with a copy of the mortgage pre-approval form for the agreed price.