The first act in the property sale drama begins with finding the perfect real estate agent. It’s a bit like hosting a job interview. Choosing a real estate agent is perhaps the most important step in your property sale journey. They must be familiar with your location and demonstrate a high level of competence. You need to be assured that they’re up to the task. This is especially true if you’re hoping to make a decent profit on the sale. The next step is the listing and marketing of the property, which your real estate agent should have under control. Their job is to attract as many potential buyers for your home as possible. When you’ve found a buyer, then comes the period of negotiation. It’s time to “close” the deal, and anything can go wrong. This is when the property sale drama reaches its climax. What should you expect?
A Successful Property Sale Means Minding Repairs
Every house, every car, and everything that humans use suffers from wear and tear. That includes our bodies. If you want to avoid handing leverage to the buyer during the property sale, take care of all repairs. The buyer isn’t looking exclusively at your home but others in the area. You need to bring your property into line with the standard of the other homes. If it’s already in tip-top shape, all the better. But if you’ve neglected that leaky garage roof or that damaged fence, it’s time to get your act into gear. A potential buyer is likely to insist on it anyway, so don’t give them the moral high ground. If the buyer has requested repairs, then the convention is to have them done a week before the documents are signed. By taking care of all repairs, the seller has more room for negotiation before the final walkthrough.
At all times, the buyer is angling to shave off as much as they can from the final price. If they’re a shrewd buyer, they’ll have their snoopy nose in every part of the house they can find. Likely, they’ll have brought someone with them who has experience with this sort of thing. Leave nothing to chance. If you take a “she’ll be right” approach, you leave an open door for unexpected issues to arise. You and your agent must be in the driver’s seat at all times. Moreover, you may find yourself dealing with a buyer who’ll test you at every turn. Buyers like this are a real “test match.” That’s a cricketing term, meaning they’re willing to bowl for as many overs as possible till you’re out. Make sure to take quality pictures of every repair you’ve made, as these will be evidence. Take before and after shots.
Property Sale Drama: The Final Walkthrough
Homebuyers are invited to take a final walkthrough of the property 24 hours before the closing sale date. This is their final chance to inspect the house before the property’s sale. It’s also when they’ll have their proverbial magnifying glass out. They’ll be sure to scrutinise everything they’ve requested to be altered or repaired. At this time, the vendor is well into the decisive part of the match. If they’re going to be bowled out, this may well be the time it happens. Additionally, the buyer will be looking for anything they might’ve missed during the initial inspection. It’s at this point during the property sale when the seller starts sweating. The buyer may find something they’ve missed that ends up being a deal-breaker. However, if you’ve been thorough in your maintenance, there isn’t any reason to worry. Any shenanigans from the buyer at this point are just testing you.
Nevertheless, unexpected issues occasionally arise but needn’t result in the buyer pulling out of the deal. If something unexpected occurs, get your real estate agent to talk with the buyer. This might lead to them negotiating a discount, which you want to avoid. But it won’t result in the buyer storming out, and that’s a good thing. They may instead ask that the house be put in prime condition before proceeding. This may delay the sale, but it won’t crush the deal. On the other hand, reaching an agreement at this stage will be of the utmost importance. Bear in mind that you’ll be absent from the final walkthrough. It may take the buyer half an hour or two hours. This is when you, as the seller, should remove yourself somewhere and try to relax. Pour yourself a drink. Your real estate agent will contact you if anything goes pear-shaped.
The Final Act Of The Property Sale Drama
Once everything that you’ve negotiated with the buyer is sorted and the final walkthrough is over, you can move on. You’re now entering the final act of the property sale drama. This is the mind-numbing stage, where you must pore through all the paperwork. Everything has to be ship-shape because if it isn’t, then the drama drags on. By this time, you and your real estate agent and/or lawyer will meet with the buyer. Or, you might leave it all to your agent or legal boffin. Together with their representative, they will complete the archive of documents needed to end the drama. Once everything is signed, the official transfer of ownership of the property takes place. Renegotiations in this state are rare, but not impossible. Your real estate agent and lawyer will carry the load from here, so hopefully, that last scenario won’t occur. Then you can start to unwind.
Property Sale Horror — Renegotiation
Let’s face it, life can be cruel. Calm seas can grow stormy, and clouds can drift across the sun and darken everything. Again, it’s rare, but sometimes buyers do choose the most awkward time to renegotiate the sale. You needn’t go postal should this happen. Take a deep breath and sic your real estate agent onto them. You are bound by law to hear the buyer out no matter how petty or exaggerated the issue they’ve raised. Homebuyers are within their rights to make changes to the terms and conditions up until it’s time to sign. Your real estate agent is likely to advise you to renegotiate to push through the sale. Just as long as it doesn’t require the amendment of the terms. Any amendment to the terms of sale will require the home loan process to be rerun in its entirety. This might take a few days.
But if bartering with the refrigerator or some household items pleases them, why not? Letting go of white goods or suchlike won’t result in a delay in the property sale. Nevertheless, it adds to the drama and increases the tension in the final hour. Your goal is to get a pen in their hand and their hand on that paper. You needn’t give away your precious Vermeer or anything, but try and be flexible. Once your agent and the buyer are satisfied that everything is in proper order, it’s time to close the deal. You can now kick up your feet. The funds from the buyer will be transferred to your lawyer. They’ll ensure that all your accounts are in order and that the real estate agent receives their commission. After that, your bank will notify you that the proceeds of the sale have been transferred to your bank account.
Selling your house is like visiting the dentist: you’re full of apprehension at first but relieved when it’s over. It’s a drama to be sure, but one that will be over eventually. Some deals go smoother than others. All you can do is be meticulous in your organisation. You must take care of all the basics, ensure repairs are complete, and then hope it goes well. Bear in mind that selling your property is a contest. You are trying to get as much for your house as you can; the buyer is trying to pay less. Taken in this spirit, you should be able to fortify yourself against the ups and downs. As we said, the most important part of your property sale journey starts with finding a real estate agent. If you are looking to sell your property and want the easiest journey you can take, contact Perfect Agent.