PREPARING TO SELL A PROPERTY
TIPS TO ENSURE A QUICK PROPERTY SALE
Selling a property is one of the most enriching transactions in the real estate market. At least 90% of landed properties in urban areas have been sold with a period of 100 years.
What is it?
Property sale is the total or complete transfer of ownership rights or title on a piece of land/house by the previous owner or transferor (the seller) to a new owner or transferee (the buyer) through cash payment or a promise of payment on a future date.
Most property owners decide to sell properties for profits, reinvestment or to solve personal difficulties. The first two reasons may not bother the owner or investor as he/she mostly has other alternative options considered to be better than holding unto the property rights. However, selling a property to resolve financial difficulties could often bring back episodes of memories and psychological unrest. When selling a property, it is often good to prepare yourself psychologically by bearing in mind certain realities. It is also important to take physical measures to ensure that the property is sold easily.
PERSONAL AND PSYCHOLOGICAL ASPECTS
These are things you should consider and put in place to ensure that your emotions are put at rest to prevent family and/or conscience from haunting you.
- Make up your Mind to sell: This is the first and most important decision to make. We at Legacy Housing And Real Estate advice that you take out time and ask yourself questions such as:
- Will selling this property help me in solving my challenges?
- Can I cope with the memories lost after the property sale?
- Must I sell this property now?
- What will happen if I don’t sell it?
- How much will a similar property cost me to acquire in 2 to 3 years’ time, Etc?
Taking out time to answer these questions and considering other options before taking the decision to sell will relieve you from future regrets. We do not advice intuitive sale especially for personal property owners.
- Decide on what the income shall be used for: Failure to plan on the uses of the revenue from the sale of a property can have devastating effects on the seller. This mostly leads to misuse of such funds which leads to regrets and conflicts. Be sure of the use for such funds before taking the decision to sell. When selling for speculative reasons, ensure that the entire sum is deposited in the bank under a deposit account or savings account and only withdrawn when the need arises.
- Inform all parties concerned: This is very important especially when selling joint property or family homes with “good old memories”. Letting your spouse, children and/or family members know your intention is critical. It give them the chance to express their concerns and thoughts about your decision to sell. Sometimes, it takes the words of these persons to know you got it all wrong or to clear your conscience. It also prepares them psychologically to let go of some attachments to the property in question. Letting family and friends know of your decision to sell also helps locate buyers or provide assistance during and after sales.
- Decide on your price: On daily basis, we encourage our clients to decide for themselves the asking price for their properties. Deciding on what price to sell your property is sign of control and responsibility. Other persons or factors may affect your price but the price should be named by you. This is to avoid guilt, regrets and accusations after sale. We however advice sellers that, depending on the situation, should seek expert opinion before setting up a price for their properties. This too will ensure a competitive and realistic price thereby ensuring quick sales.
These are conscious physical actions you should take to ensure the smooth sale of your property.
- Identifying the property to be sold: This entails mapping out the property or section of the land to be sold or the house. Measuring and noting the dimensions which make up the total surface area of the property. Placing markers (boundary pillars or local plants) at the boundary points of the property.
- Producing Legal Documents: Ensure that all relevant documents concerning the property are put in place and in order. This may require the establishment of new deeds and titles or presentation of existing deeds, titles, sales agreements and site plans where applicable. Whatever the case, ensure that all available documents are ready when the first potential buyer comes knocking.
- Seeking A Real Estate Agent: The services of a real estate Agent is vital if you wish to sell your property on time and at the right price. Picking a real reliable real estate agent means that your property will be well publicized, all leads will be followed up, viewings will be scheduled at all times, negotiations will be accurate and closing the deal will be fast. Statistic have proven that properties listed with agents sell quicker and at higher prices.
- Keeping the property clean and accessible: Keeping the property clean and accessible can attract and ensure quick sale. This may include:
- Clearing tall grasses and trees from the land surface,
- Opening access roads to the site
- Cleaning out the rooms and surroundings of the house
- Making minor repairs and renovations of the property
- Keeping the keys of the house with the agent or neighbors
- Confining all animals in or around the property.
- Consulting Neighbors: This is primarily to ensure that all boundaries and access road issues are confirmed. Nevertheless, just notifying a neighbor could attract buyers from their contacts especially when you are listing under FSBO listings. This also prepares them to welcome new neighbors and stand as witnesses to such sales agreement.
- Removing all unsalable properties attached: This entails cutting down of trees, harvesting of crops, extraction of rocks, sand and any other items on the property that is not intended to be sold with the property. All properties to be sold must be named and distinguished from the rest. Crops that cannot be removed immediately should either be sold with the property or an agreement should be reached on the time frame for such to be harvested. When such clauses are neglected, it could cause problems after sales.
In conclusion, selling a real estate property implies revoking all rights and privileges formally enjoyed such as to use, enjoy the benefits or fruits and to rent or resell. We therefore advice that you get professional advice and consider other options before settling on the decision to dispose of a real estate property.