Sell real property describes the process of selling residential, multifamily and commercial property. It can be a complex and time-consuming process.
Review active listings and pending sales to get an idea of market value. Take pending prices with a grain of salt because they won’t reflect true market value until they close.
Marketing
Real estate marketing has become more competitive than ever. If you want to stand out among your competition, get creative and use unique marketing ideas to attract potential customers. For example, conducting a video tour of the property and posting the video with the listing can add intrigue and credibility to your marketing. Also, contacting your satisfied previous clients to ask for brief testimonials that you can include on your website can boost your credibility and build trust with prospective buyers. Another effective marketing idea is to network within local real estate groups on Facebook, which can expedite the sale of your listing.
Inspections
When a property is up for sale, it must undergo various inspections. These are done by trained officials to determine if the property is fit for human habitation and that all building protocols were followed during construction.
Home inspectors examine a property and provide the seller with a report on the condition of the property. The report can highlight problems such as structural damage or faulty systems. It can also indicate the need for a follow-up evaluation, such as by a plumber or an engineer.
If issues are uncovered, the buyer may choose to withdraw from the transaction, negotiate for a lower price or ask the seller to make repairs. Ideally, the home inspection happens before the sales contract is signed. However, some buyers opt to have an inspection after they have already signed the sales contract. This can delay the closing as it will require negotiations and the redraft of the sales contract. However, it is worth the cost of an inspection to avoid costly problems down the road.
Offers
During the negotiation process, sellers will consider several aspects of an offer in addition to price. They will also evaluate non-price terms such as contingencies, closing dates and whether a buyer is willing to waive inspections.
A seller may decide to request best and final offers from interested parties. They will typically communicate this request to potential buyers and give them a short timeline to prepare their top bid. Buyers should be prepared to provide lender pre-approval documentation, a financial profile and a personal biography as well as non-financial terms such as inspection and closing preferences.
When submitting an offer, you should be ready to move quickly and get your financing in order. Generally, sellers will choose a buyer who has mortgage approval over a buyer without approval. This prevents the sale from falling through due to a buyer’s loan being rejected. Your real estate agent can explain the pros and cons of different negotiating strategies. You can find an example here, sellmyhousefastmiamifl.com.
Closing
Closing is the end of a real estate transaction and it signifies the transfer of ownership from seller to buyer. This process is typically facilitated by an attorney or agent. It involves signing several documents including an affidavit of title that certifies the seller has legal right to sell the property, an affidavit as to mechanics liens and possession and other required forms for regulatory compliance. A closing statement is also drawn up, specifying the fees incurred by both parties in the transaction, which supports accurate reporting to the Internal Revenue Service.
Updating your address after closing is a critical task to safeguard against monetary losses and security breaches that could result from missing important correspondence such as bills and insurance payments. Often, these items are paid by wire transfers, so a correct address is crucial. In-person closings typically take place at a title company with the buyer, his or her lender and the seller’s representative. You must bring a state-issued photo ID and a checkbook for the closing.
