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Planning To Sell Your House

Selling a house can be a difficult.

Not because there is any shortage of buyers in the market, but because of following reasons

  • There are sentiments, memories (Good & Bad) and stories attached to every house in your neighborhood.
  • The need to sell a house could be initiated out of compulsion rather than choice like in case of a debt and the owner cannot come to terms about the fact of loosing his/her house.
  • There could be a dispute among the family members like brothers / sisters or husband & wife etc. which may be leading to the decision of selling the house. 
  • Of course there could be positive reasons also for selling a house, like buying a bigger property for a family's growing needs or lifestyle.

Whatever may be the reason to sell a house, owners want the best rate for their property and a transparent and clean deal without getting into any kind of dispute.


If you are one such owner then there are some things you should know.


  • There is a saying that "Everyone loves his or her own baby" the real worth however of a person/property is determined by their achievement or market value, In case of a property it is always market value which is determined by supply and demand.
  • Unless your property is absolutely unique which in 99% of the cases is not, be aware that there are 10 more houses in the market for sale at same or similar price, so the key to closing a deal is terms and not always the price. 
  • Do not overprice your property to satisfy your ego. These kind of valuations are of no help. They in-fact confuse the owners in taking the correct decision and kill the deal without generating any response from buyer.
  • Aim for a price +5-10% of the fair market price and keep an open mind to consider any serious offer that a buyer gives.
    Don't Quote a deal at 20% market price and then say it's negotiable. A buyer who is coming to buy a property would have
    done his homework.
  • If there are multiple owners of a property, make sure they are all in agreement before meeting any prospective buyer. In some cases the owners may have some differences in that case always use a broker to negotiate the deal. 
  • A good broker could be the difference between a deal going through or bust, so choose your broker well. 
  • Do not enter a deal without a real estate broker. His or Her professional guidance could save you a lot of money and headache like coordinating with all the parties in deal.
  • Always trust your broker and pay his professional fee on time as discussed beforehand. Some owners try to skip hiring a broker just to save 1-2% brokerage and then end up loosing much more in failed / delayed deals or litigation. Consider this 1-2% brokerage fee as an insurance or investment for a tension free transaction.

 


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