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1. Understand why you are selling your home.
Your motivation to sell is the determining factor
for how you will approach the sale of your home.
It will affect everything from what you set your
asking price at to how much time, money and effort
you are willing to invest in order to prepare
your home for sale.
2. Keep the reasons for selling your home to
yourself. By keeping this information personal
and private, you will not give the buyer negotiating
leverage. If you are asked why you have decided
to sell, simply respond that your housing needs
have changed.
3. Before setting a price, consult with a good
listing agent. As a seller, you will want to get
a selling price as close to the list price as
possible. If you start out by pricing too high,
you run the risk of not being taken seriously
by buyers and having your house sit on the market
for a long time. If you price the home too low,
you could be costing yourself thousands of dollars.
4. Do some home shopping for yourself. The best
way to learn about your competition is to review
a competitive market analysis with a good listing
agent. Take note not only of the listing prices,
but the prices that other comparable homes are
actually selling at.
5. Get an appraisal. A good appraisal can be
a huge benefit in marketing your home. Getting
an appraisal is a good way to let prospective
buyers know that your home can be financed. A
word of caution: an appraisal is not a guarantee
that your house will sell for that price, and
you also may not like the appraisal value you
are quoted.
6. Understand what tax assessments mean. Some
people think that tax assessments are a way of
evaluating a home. The difficulty here is that
the assessments are based on a number of criteria
that may not be related to property values, so
they may not necessarily reflect your home's true
value.
7. Find a good real estate agent. Upwards of
three quarters of all home sellers say they would
not work again with the agent who listed their
home. Usually this is a result of poor marketing
and communication on the part of the agent. Take
the time to locate the agent who is going to best
represent your needs during the transaction.
8. Ensure that you have room to negotiate. Before
settling on an asking price, make sure you leave
yourself enough room to bargain. Remember, a buyer
is more likely to make a full-priced offer on
a home that is priced right before making a low
offer on a home that is priced too high.
9. Make the appearance of your home count. Appearance
is so critical that you would be unwise to ignore
this fact when selling your home. The look and
feel of a home will generate greater emotional
response from prospective buyers, more so than
any other factor.
10. Invite the honest opinions of others. The
biggest mistake you can make is to rely solely
on your own judgment. Don't be shy about seeking
the opinions of others. You must be objective
about your home's strong and weak points. Work
with a real estate agent who will give you honest
and unbiased opinions about what should be done
to make your home more marketable.
11. Clean everything, no matter how seemingly
insignificant it may seem. Potential buyers are
looking for excuses not to buy your home, and
it would be a shame that they went another direction
because of a tiny chip in a bathroom counter or
some dirty dishes in the kitchen sink.
12. Allow potential buyers to visualize themselves
in your home. The last thing you want prospective
buyers to think when viewing your home is that
they may be intruding in someone else's life.
Avoid clutter such as too many knickknacks, clothing
lying around, or dirty dishes in the sink. Decorate
in neutral colors like white or beige and place
a few carefully chosen items to add some warmth
or character.
13. Get rid of all offensive odors. Odd smells
like traces of food, pets, or cigarette smoke
can kill a sale quickly. If potential buyers see
a dog or notice you smoking a cigarette or cigar,
they'll start seeing stains or smelling odors,
even if they aren't there. Don't leave any clues.
14. Disclose everything. Smart sellers are proactive
in disclosing all known defects to their buyers
in writing. This will reduce liability and prevent
costly lawsuits later on.
15. The more buyer prospects, the better. Work
closely with your real estate agent to maximize
your marketing. Having several potential buyers
can only drive the price of a home up.
16. Keep your emotions in check during showings
and negotiations. Let go of the emotion you have
invested in your home. Use a businesslike manner
and be detached. This will give you an edge over
someone who remains emotionally attached to the
property.
17. Learn why your buyer is motivated to buy.
The better you know your buyer, the more leverage
you have to negotiate. As a rule, buyers are looking
to purchase the best affordable property for the
least amount of money. If you know the buyer needs
to move in quickly, this can help you get a better
price.
18. Find out what the buyer can really afford.
Work with buyers who are pre-approved for a home
loan so you know exactly how much they are going
to finance and how much will be spent as a down
payment.
19. Find out when the buyer would like to close.
Knowledge of a buyer's deadline for completing
negotiations again creates an advantage for you
to get the most possible money.
20. Never sign a contract on your next home until
you sell your current one. Beware of closing on
your new home while you're still making mortgage
payments on your current one. You may find yourself
stuck with two mortgage payments.
21. Moving out before you sell can also put you
at a disadvantage. Empty homes can give the feel
of being abandoned or neglected. Buyers who know
you already have another home may feel they have
an advantage to negotiate a lower price.
22. Deadlines create a serious disadvantage.
Don't try to sell by a certain date. This adds
unnecessary pressure to sell and can cost you
thousands of dollars off the asking price
23. Don't take a low offer personally. Invariably
the initial offer is below both what you were
expecting and what they buyer is actually willing
to pay. Don't get upset. Evaluate the offer objectively.
This is merely a starting point for negotiations.
24. Turn that low offer around. You can counter
a low offer with one that is just under your original
asking price. This lets the buyer know that you
don't take their first offer seriously, but at
the same time are going to be flexible.
25. Find out if the buyer is qualified. If you
feel that an offer is too low, find out if the
buyer is qualified to carry a loan equal to your
asking price.
26. Be sure the contract is complete. To avoid
problems, see to it that all terms, costs and
responsibilities are spelled out in the contract
of sale. Include everything. Leave nothing out.
This will eliminate complications later on.
27. Resist the temptation to deviate from the
contract. Do not risk the collapse of the sale
because of a single, seemingly insignificant deviation
from the agreed-upon contract.
Choosing your Agent wisely. Any agent will show
enthusiasm and will want to list your house for
sale but choose your agent based upon
A. Experience at listing and marketing houses
for sale.
B. Ability to use technology to market your house
world wide to buyers 24/7.
C. Reviewing with you a comprehensive Marketing
Analysis of home sales in your area.
D. Ability to offer a written detailed 30-DAY
MARKETING PLAN that will get your house sold at
the highest possible price.
Working with a full-time professional real estate
agent is a must. Choose your agent by asking questions
of him or her. Find out how knowledgeable they
are about houses currently for sale in your price
range and also of houses that have recently sold.
Can your agent recommend a good lender that has
the reputation of excellent customer service and
low rates to assist your new buyer with financing?
A good listing agent can get your house sold quickly
at TOP DOLLAR and help you find a new home.
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