It is possible to save ?1,000s selling your home privately and cutting out the estate agent, but what are the issues that you need to consider?
Pricing the property
Price your property too low and you could short-change yourself from the true market value, price your property too high and you will simply put off potential buyers.
Before you put your property on the market, you need to do some market research. Are there any similar homes for sale in your neighbourhood? If so approximately how much are they going for? Look through the local papers and property sales websites to compare your home against others.
Once you have identified a market value for your home, you may want to consider pricing it slightly lower than those sold through agents, so that prospective buyers feel that they are getting a bargain.
Preparing the property for sale
Any estate agent worth their salt will help the seller to prepare their property for sale and point out places where improvements need to be made, helping the home to sell quicker and for more money.
Generally, vendors should be prepared to neutralise and de-personalise their homes prior to sale. This means clearing away clutter, plenty of white paint, a good spring clean and fixing all those little DIY jobs that never seem to get done.
Marketing your property
In the past, people who have opted to sell their homes without estate agents have used home-made 'For Sale' signs and local classified adverts. These can still be very effective and are definitely worth considering.
In addition to this, a number of websites have sprung up, specifically for private sellers to advertise their homes. A quick search on Google or Yahoo will help you find the most appropriate site for your needs.
Negotiating the deal
One of the core advantages of using an estate agent to sell your home is their ability to negotiate the best deal without any financial or emotional involvement.
Many people find negotiation an unpleasant experience and prefer to leave it to the experts. If you do decide to negotiate with the buyer, remember these core tips:
Set a minimum price at which you are prepared to sell your home.
Allow yourself room for manoeuvre - most people will try to negotiate, so make sure your asking price is higher than your minimum selling price.
If the buyer is making a serious offer, try to meet them at a half-way point, slow the pace down and only surrender small chunks of money at a time - by making the buyer work harder for a discount they will feel they have got a better deal.
Separate the real buyers from the time wasters, make sure they actually have the money to buy your property and are prepared to make a purchase - there is little point in negotiating with a general browser.
Ask lots of questions -- 'When would you like to move in?', 'Do you have finance arranged?', 'Have you sold your current house yet?' -- This will help separate buyers from browsers and you could even identify information about your buyer that will give you a negotiating edge
Close the deal
Once you have agreed on a price with the buyer, you need to ensure the deal does not fall apart. Agree on deadlines for the survey, conveyancing and date of the final exchange.
Until the exchange takes place, keep in touch with the buyer on a regular basis to ensure everything is progressing smoothly at their end and keep them updated on your progress. That way, there should not be any nasty surprises on the day of exchange.
Hedge your bets
The deal is never done until the money changes hands and even the best deals can fall through. Keeping your property on the market until exchange, will make it easier to bounce back if it all goes sour.
Don Suter is Managing Editor of the UK Property Portal (http://www.ukpropertyportal.co.uk)), an online directory and magazine for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development
by Don Suter
When considering buying or selling a home, seniors have a special set of needs that may not apply to others in the real estate market. The first time home buyer has a certain set of needs. Young families with small children have another. Seniors fall into a whole different category.
It is important then, to make sure that the real estate professional you choose has the ability to meet the needs of the senior buyer or seller. Most agents are simply interested in putting your home on the market and getting it sold. But there is much more to the process than that. Seniors need an agent who is willing to ?go the extra mile? to make the transaction as stress-free and hassle free as possible.
Senior sellers may be in the process of ?scaling down?, moving to a smaller home or an assisted care facility. Your agent needs to understand how to help you to figure out what you will need to take with, and suggest ways to dispose of excess items that won?t fit in your new environment. Your agent should have suggestions for companies who can organize estate sales, garage sales or help you organize a charity to pick up items which may not be needed in the new setting.
Seniors may have lived in their home for a number of years and not understand what people are looking for in today?s market. Your agent needs to know what the market may demand. If you are selling a home in a 55+ community other seniors may not demand granite counter-tops and the most updated appliances. A simple fresh coat of paint may be all you need to make the property appealing before putting it on the market. Other markets will demand more upgrades, or a sales price adjustment, which the right agent will advise you on.
Seniors may have owned their properties for a number of years, resulting in numerous tax implications. While Real Estate Professionals cannot give you tax advise, the right agent, working with your tax advisor should be able to advise you in ways of selling your properties which could result in less taxes or tax deferments. These types of sales need to be handled correctly to protect as many of the seniors assets as possible. The amount of equity you have in a property, the way title is held and whether or not property has been held as an investment all make a difference is the next step you make. Be sure your agent understands the implications of disposing of these properties.
An agent dealing with seniors need to be understanding of special health needs which may be in the home. If health issues are a concern in your home make sure that you have an agent who will show compassion and concern in trying to show the home at convenient times for the family members with those special needs. Again, if you have an agent whose only concern is that they get the home sold as quickly as possible, compassion may give way to convenience- the real estate agent?s convenience.
When searching for the right agent, try to find an agent who has had experience in working with other seniors and those who have been in similar circumstances to yours. Let your ?gut instinct? be your guide. If you feel pushed by an agent, or rushed, as though they don?t have time for you, perhaps you don?t have the right person.
Once you do have the right agent- sit back, relax and leave the driving to them!
Patti Phillips is a Realtor in the San Diego area. One of her specialties is helping seniors to meet their real estate needs. Please visit her web-site at http://www.PattiPhillipsRealEstate.com or call toll-free 800-680-9133
by Patti C Phillips
