Steps to Selling a Property – What You Need to Know

Selling a Property

When you first enter the property game, you’ll get a taste of buying. However, if you’ve outgrown your first home and are looking to greener pastures, it might be the time to sell your property.

In order to make your home stand out to potential buyers, you need to do a bit of work behind the scenes to prepare your home for sale.

Property Appraisal

The first step to selling residential real estate is to get a property appraisal.

An experienced real estate agent can explain the process before inspecting the property and provide a formal property market appraisal.

Then you’ll work out the best marketing strategy to sell your home. This includes deciding on the appropriate method of sale, whether it’s by private treaty or auction.

Selling

As a homeowner looking to sell, you’ll need to sign an agency agreement and provide your real estate agent with keys and access details.

You’ll arrange an open home – or perhaps a few – so it’s important to consider what times work for your schedule. Typically, homeowners won’t stick around during open homes. If you’re generally out-and-about on a Saturday morning, you might like to schedule open homes during this time.

Your real estate agent will compile property listing details, too. Depending which state you live in, a Contract for Sale may also be drafted at this stage.

Marketing Your Property

Now comes the time to promote your property to willing buyers.

In order to first attract their attention, photos will need to be taken of the property. Your real estate agent can assist with this and will have extensive knowledge on the kind of lighting and set up to get the best photos possible.

Your agent will run a local marketing campaign to appeal to a broad range of potential buyers, using an array of mediums from newspapers to websites. Signage will also be erected at the front of your property.

Inspect Inspect Inspect

Open inspections allow potential buyers to get a feel for the home. Your agent will record the details of attendees and provide comments and feedback to you.

When you get a willing buyer, you move onto the next step.

ASAP Sell your house in West Palm Beach

Negotiation and Contract

Your agent will negotiate to get the best price and conditions of sale. The buyer will complete building inspections and may need to arrange finance.

Once terms are agreed upon, the buyers will provide a security deposit.

Both you and the buyer will need to give the Contract of Sale to your respect conveyances or solicitors to be looked over. After this, the sale can be finalized, settlement day arranged and you’ll move out of your old home and into your new one.

Understanding the Buying Process

Understanding the Buying Process

If you’re entering the property game with a view of buying a house, it’s worth getting a grasp of the process involved.

Wrapping your head around the buying process takes some thought, but once you understand it you’ll be a lot more confident when it comes to securing the perfect home.

There are different methods available when buying, depending on whether the seller chooses to go down the road of a private sale or an auction.

Sort Your Finances

In order to be perceived as a serious buyer and make an offer on a property, you’ll need to obtain loan pre-approval.

There are multiple lenders who offer loan pre-approval, so be sure to shop around before you settle on a loan. You’ll want something with a low interest rate, but you might consider other features such as an offset account or line of credit.

You’ll need to have a substantial deposit in order to take out a loan. The Australian Securities and Investments Commissions recommends saving at least 20 per cent of the purchase price, plus enough to cover one-off costs, such as stamp duty.

Browse and Inspect

Whether you’re an existing homeowner looking to shift to a nearby suburb or a renter that wants a change of scene and the taste of home ownership, you’ll need to have a look around suburbs you’re interested in and work out the going rate of particular properties in the area.

Open inspections are a good way to see a property in more detail if you’ve singled it out as a favourable option.

However, you’ll need to do more than this if you’re serious about buying. It’s important to obtain a pre-purchase property inspection report before you buy.

This might be referred to as a building inspection or a standard property report. It outlines any issues with the property as well as commenting on its general condition.

For instance, if there are issues with dampness, wall cracking or other building defects, these will be highlighted. It’s also advisable to obtain a pest inspection report, too.

While some problems might make the purchase of a particular property a no-go, other issues will be less problematic and may allow you to negotiate the price down.

Making an Offer

You might make an offer on a private sale and hope that your bid is accepted by the buyer. You can make a conditional or an unconditional offer.

A conditional offer is a wise move if you’re selling your existing property, or want to check the structural integrity of the property before you buy it.

When it comes to the paperwork involved, it’s wise to engage a conveyance or solicitor to ensure everything is watertight.