Real estate deals can be long, drawn-out exercises... often filled with boring procedures and stress-inducing formalities!
You may be keen to get the whole selling process over and done with, but are you truly ready to make the sale? Maybe not just yet.
Be sure to keep these factors in mind before you secure the deal!
Make Sure The Price Is Right
You won't be surprised to hear this is the most important factor that comes into play when selling a home. Look at it this way, every house is “sellable” if it is priced accordingly - so be sure to price it accordingly!
That means you should be realistic about the home’s true market value, and avoid misinterpreting market data. You should only be factoring in SOLD homes in your area, of similar size, similar number of stories, similar features, and within a close year built range.
There's also the temptation to issue a high asking price in the hope you can maximize profit, but that doesn't always go according to plan! Pricing too high to make room to negotiate probably backfires more often than it is effective. What happens is you price yourself out the buyer’s radar and never get the showing in the first place?
Be Showtime Ready
When buyers have options, they will often choose the house that “felt like a home” - so be sure the home you're selling is showtime ready!
Buyers are much more likely to go with a house after a viewing that has been staged perfectly. So, ensure the house is clean, smells great, appliances are working and any minor damages have been fixed.
It's worth paying extra special attention to areas of the home that that buyers will notice first, like the front yard, porch, and foyer.
Remember, have your home looking as nice as possible and keep it that way until it’s sold - it will pay off in the long run!
Expect The Unexpected
Sometimes unforeseeable issues arise just prior to closing the sale. Hopefully, with good negotiation, most of these have a workable solution.
For example, say your prospective buyers want to turn the unused attic as a playroom for their kids. However, before closing the deal, they request an inspection to see if it’s safe and if they will be able to install a skylight. This inspection reveals that under the shingles that are in good condition is a roof that will only last another year or two.
The prospective buyers immediately balk, not wanting to incur the time and cost of replacing the roof. At this point, you sit down with the prospective buyers and calmly discuss the situation and how it can be solved to the benefit of all. First, you agree to get another professional opinion on what really needs to be done. Inspectors are only human, and are not infallible. Once the extent of the damage is agreed upon, you can jointly decide what to do about it.
While the buyers hadn’t planned on that expense, you show them that instead of a limited roof life that they would get with most existing homes, they’ll have a new worry-free roof that won’t cost them in repairs for the next decade or so. Since the roof wasn’t in as good shape as you had thought, you agree to lower the purchase price to help offset the cost of the new roof.
By negotiating calmly and looking at all possibilities, what could have been a “deal breaker” can be turned into a win-win situation for both the buying and selling parties.
Posted by Connie Kosky on