How to sell your house

1 12 2012

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Let me start by saying this is something you should not be doing if your intention is saving on the commission of the Estate Agent!

Selling the most valuable asset you hold takes considerable skill and negotiation abilities as you have a buyer who would not like to part with a cent and a Seller who wants every cent he can nurse out of this property and then the unseen third party….the market who actually dictates what the price of the property should be.

A good agent is the key to successfully sale of your property and to ensure you maximise your return. But…if you do want to go it alone then take note and read carefully.

ENSURE YOU ARE NOT IN A TIME PRESSURED SALE.

What I mean by this is do not wait until you have that new position and you need to be in X city by whatever date at the latest! That is blood in the water and the sharks will close in. Manage your time and DECIDE HOW YOU WOULD LIKE TO ADVERTISE.

I would suggest that you invest a few cents to have a decent looking board stating that your property is for sale and that you are the seller. Place it in the front of your property.

We know that approximately 80% of home sales are initiated over the internet. We also know that this process takes on average 120 or more days. The actual sale of a property takes no more than 25 minutes and is in situ at the location! This means that most buyers start by searching the internet and decide on a suburb. They contact the agents and then cruise the area (without the agent as well as with the agent) visiting homes advertised. This means they will note your board as well, even though you are not on the internet, but they are searching in your area. First concern….you are selling yourself …that is a spatter of blood in the water because it speaks of desperate! It can be overcome but being open with a buyer and simply telling them that you prefer to simply control your own interests. BE HONEST AND STRAIGHT-FORWARD!!

STAGE YOUR HOUSE FOR A VISIT. The biggest problem with most houses (after incorrect pricing) is that most home owners have no idea about how to go about what is called “staging” your property. There is little as off putting when viewing a house as to have an unpleasant smell or unsightly toilet or even old food still on the table! Those are the obvious areas of concern. Then there is the house that is laid out in an unpractical way and how to guide your buyer around these obstacles. Having a lawn mowed is a minor cost compared to losing thousands as the buyer views it as a complete landscape being required. Simply putting away washing is something that should not even be mentioned here, yet….

Understand the FUNDING OF THE POTENTIAL PURCHASE.

Know how the buyer intends to fund the buy and ask the right questions. Most good Agents have Bond Originators on hand to assist the obtaining of finance for this vital situation. You will have to play the role of financial adviser as well as many buy to the maximum of their limit and often hope you will bend to “meet them halfway” as they actually do not have the finance.

Lastly, YOU NEED TO UNDERSTAND THE LEGALITIES involved in purchasing property. Ensure your contract is water tight and covers all contingencies. Unfortunately there are too many to elaborate in the confined space of a blog. I therefore advise that you meet with a conveyancer to assist you with drawing up a good contract. Remember that the buyer will be represented by a legal expert (conveyancer) as well as the financial institution so be sure you are not the only one without good advice. Aspects like “Occupational interest” and taking possession of the property are relatively easy areas but you have problems when defects (latent or even obvious) have not been considered and dealt with to your satisfaction BEFORE YOU HAVE CONCLUDED THE DEAL!!!

I find that the money on the hand fever strikes and one concludes a transaction hoping it will go well. My experience in the hoping environment is that this is definitely not the case and if I must put a percentage to it (I have not checked this with figures yet) I will say about 70-80% of “hope” transactions go wrong and end at a cost to the seller.

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