Selling real property involves several steps. Sellers and buyers work with professionals to ensure the transaction is completed successfully.
Review withdrawn listings to see what prices were offered on properties similar to yours. This data can help you determine if the property’s price is reasonable. Also, check to see that the highest offer has passed financing pre-approvals.
Marketing
When it’s time to sell a property, real estate agents must use a variety of online and offline marketing tools to market the listing effectively. These resources include immersive video tours, local market trend videos, and client testimonials from satisfied previous customers. Business cards are also an effective way to market yourself. These tiny promotional items can instantly elevate a conversation with a prospective customer, and they are easy to distribute.
Use a pay-per-click (PPC) ad campaign to capture the attention of qualified leads on social media and search engines. The ads are targeted to users based on their location, browsing history and other information collected by the ad network.
Inspections
Property inspections are an objective assessment of a property’s condition that empowers buyers and sellers to make informed decisions. Having these inspections done before going into contract helps to expedite the process and avoid delays.
A home inspector provides a written report on the condition of a property. This report cites any damage or issues discovered during the examination. The home buyer can then use this information to request repairs from the seller or negotiate a lower price for the home.
Often times, buyers will add a home inspection contingency to their offer. This gives them a set amount of time to get an inspection performed and any potential follow-up evaluations that may be needed (i.e., a plumber to take a closer look at a plumbing issue). It is a good idea for homeowners to have a pre-listing home inspection performed before selling their home so they can understand the current condition of the house and make any necessary repairs prior to listing.
Offers
When a buyer makes an offer, the seller can accept it, reject it or make a counteroffer. The buyer and seller must agree on contract terms such as a purchase price, contingencies, inspections, an appraisal, closing dates and other items. Real estate contracts vary by state, and a realtor can help draft a contract that meets local requirements.
If a property is in a seller’s market, buyers may compete against each other and bid well above the asking price. To win the bid, sellers can use escalation clauses and other concessions that increase the profits for the seller.
A request for highest and best offers is an efficient way for a seller to evaluate multiple competing bids. For instance, the seller can ask all interested buyers to submit their strongest offer in a short time period and select the one that appeals to them most. The seller typically prefers a buyer who has passed financing pre-approvals because they are less likely to fall through.
Closing
Closing when it is time to sell consists of the formal exchange of a number of documents. The buyers will do a final walk-through to ensure that the property is as represented, and that any agreed upon repairs are completed. You will be signing over the title to the property (a deed) to the buyer, and the escrow agent will verify that all funds needed for the closing have been collected.
The buyer will order a title report to ensure that you are the legal owner of the property and that there are no issues with the property, such as unpaid taxes or liens, that need to be cleared up prior to closing. The buyer’s attorney will also review a survey of the property to ensure that no encroachments are present on the property boundaries. Get a comprehensive guide from sellmyhousefastmiamifl.com.
Some lawyers will include a “time of the essence” clause in the contract of sale. This makes it a breach of the contract to fail to close by a date that has been made “time-of-the-essence.” However, courts have recognized the right of parties to a reasonable adjournment based on the circumstances.