Before making the decision to sell a property, it is important to clarify your motivations and draw up a basic time frame for the selling process. Consider the following questions below.
Our team at Parker Real Estate will ensure that you maximize your opportunities in the current real estate market. With our extensive contact networks of current and past clients and professional organizations, we will employ the most effective marketing and advertising strategies for your property. We will also guide you through the complicated paperwork involved, from the initial agreement to the final documents.
We can help you determine a baseline for what your property is worth, and there are many things you can do to enhance the appeal of your property, create a lasting impact on potential buyers, and likely increase the number and amounts of offers you receive. Take the following tips into consideration.
Do not let yourself be fooled by the popular misconception of “the higher the price, the better the offer.” Price is not always the determining factor when accepting an offer because an initial offer is usually not final, and there are several terms and conditions that may influence the final outcome of a price. You can trust our professionals to help you thoroughly evaluate every proposal without compromising your marketing position. Below are important considerations.
Most buyers will have the property inspected by a licensed property inspector within the time frame that was agreed upon in the effective contract to purchase. Some buyers will have several different inspectors inspect the property for professional opinions about specific areas, such as the roof, HVAC, structure, etc. If the agreement is conditional upon financing, the property will be appraised by a licensed appraiser to determine the value for the lending institution via third party. A buyer of a commercial property may also have a complete environmental audit performed and/or soil test, if required by the lending institution.
Either a title company or an attorney will be selected as the closing agent, who will research the complete recorded history of your property to certify that your title is free of encumbrances like mortgages, leases, restrictions, or liens by the date of closing. The agent will add any encumbrances found to the title.
Any contingencies, or conditions that must be met before a contract becomes legally binding, must be met for the sale to proceed. For instance, a buyer will usually include a contingency stating that their contract is binding only when there is a satisfactory home inspection report from a qualified inspector or inspectors.
Depending on the outcome of these inspections, a buyer may request a renegotiation of the terms of contract – usually the price. This is when a professional listing agent can make a real difference in the outcome of the transaction, leveraging expertise and commitment to help you respond objectively and fairly.
We suggest that you accept buyers who have a lender’s pre-approval, approval letter, or written loan commitment, which is a better guarantee of loan approval than a pre-qualification or no documentation from a lending institute. Expect an appraiser from the lender’s company to review your property and verify that the sales price is appropriate.
If you have come this far, this means that it is almost time for a congratulations, but not yet. Do not forget to tie up these loose ends.