Selling your home is an overwhelming and exciting process, as homeowners see great offers coming in, it could be quite confusing. While the journey is thrilling, it also comes with its own pros and cons. The situation intensifies when you see a lot of offers knocking doors, you may get confused in concerns with what offer suits you the best. It is essential to get through with the know-how of the whole process and choosing the best deal which covers all your concerns.
Providing below are some tips for picking the best offer while selling your home, which you can keep in mind before you get tempted and wrap-up deals.
Get Thorough With The Process
It could be the first time for many homeowners, and it is essential to know the fundamentals right, in the initial place. The formula to pick the best offer while you sell your home is to understand the process of sale thoroughly. You need to comprehend that, all proposals are not acceptable, the decision completely lies in your hand – you can either decline, negotiate or accept any offers that come in the process.
In some cases offers can also be modified based on the requirements of both parties mutually, this particular process of making a deal is called a counteroffer.
Decide The Criteria Of Sale
While you put your home in the market for sale, you would want to set criteria or baselines on which you’ll be proceeding. Set your zeroes to priorities, for example – if money is the point of inclination you could cut down on the selling duration to find the final offer, and so vice-versa if time is your priority you could cut down the monetary expectations by selling your home fast for least maximum gains.
Receive Comments Positively
As said in the very beginning home selling process is a very overwhelming process, as you are emotionally attached to the place you wouldn’t want to sell it. But nonetheless, it is just a deal which could favor you for life and would lead you to make wiser decisions.
Acceptance will lead you a long way, you would have to face a lot of criticism and welcome to the negative comments of buyers where you would feel offended. For example – If your residence has exteriors that are aesthetically appealing but, as soon as you enter the house the view of the living area is shabby in such cases, buyers are likely to complain. Here, you do not need to lose your calm, this could be a sign, that the buyer is potential and has an interest in your property.
Opt For An All-Cash Offer
As a piece of suggestion – if you want to close the deal fast, it is highly advised to pick an all-cash offer. While walking on the track of an all-cash offer, the buyer would likely put a discounted price on the house which as a seller is an added advantage. It will remove hurdles like contingencies and waiting period. Though it sounds all good and glittery, it is always essential to have your proof of funds letter accounting from the buyer’s bank or any legit lender. Buyers propose a cash offer eventually to pay less for the seller’s property as they elude contingencies, prolonged time of sale and pay hard cash immediately to close the deal. Also, remember the highly priced offer may not always be the best one, you might want to think through the other terms as well. Accepting cash offers will let you be at peace, as the gains would be definite. If you want to sell your house fast for cash. You can get in touch us, we buy houses within 3 days.
The amount that the seller is left with after cutting the expenses along with the closing cost is known as net proceeds. For example – If you receive an amount of 5,000,000 dollars as your closing cost, as a seller you would have to meet with some terms of the agreement which will cost you dollars. If the cost of repair, inspection, appraisal, and some other terms cost you 500,000 dollars, the outstanding amount would be 4,500,000 dollars – this amount is known as net proceeds.
- Seller concessions
- Repair cost after home evaluation
- Repair cost post appraisal etc.
Given above are some of the primary charges that you may find in the contract which are subjected to change accordingly.
Contingencies are clauses that are present in the purchase contract. There are a set of standard conditions which must be satisfied, in order to proceed with the sale. The clauses are likely to vary from contract to contract or buyer to buyer, as some of them can be summed up over demands, there are some basic requirements that must be taken care of before progressing to an agreement.
Listing below are some of the common contingency clauses –
Appraisal contingency is a standard real estate contingency that, allows the buyer to decline the contract without paying the upfront penalty, this case is only applicable when the appraised value of the assessed property is comparatively less than the purchase price. In such circumstances, the seller can ask for a refund of the earnest money deposit.
With a right to withdraw contract before providing the earnest money deposit, buyers also have the entitlement of inspecting the property within the specified time period. This term is also known as due diligence.
Here, the time is usually between 5-7 days, the objective of inspection contingency is that it covers the buyer which helps them to back out of the deal or negotiate for repairs. A home inspector will inspect the HVAC, electrical and plumbing systems. If the report is disapproved by the buyer, he or she could terminate the contract or negotiate mutually.
If your funds are likely to fall through as a buyer, you can terminate the contract and reclaim the earnest money deposit if you don’t secure any finances in the given term period (the financing contingency or also known as mortgage contingency states the specific number of days when the potential buyer has to apply or obtain financing).
In such cases, the buyer can request for an extension, or according to the norms, the buyer will have to purchase the property regardless he or she has their finances on track or not. Hence, as a seller, it is always necessary that you comprehend the difference between a pre-qualified buyer and a pre-approved buyer (these terms are used interchangeably, which could also differ from the seller’s requisitions). Although, a pre-approved buyer is always in favor as they have high chances to achieve loan on first place basis.
Home Sale Contingency
In home sale contingency the buyer has to sell their existing property and settle the finances prior to buying the new one (or your home in specific) what it does is, it gives liberty to the buyer ensuring they have the gains from their existing property, further to buy yours inclusive of no hassles. You can also buy and sell property at same time all you have to do is get in touch with ‘we buy houses for cash’ companies like ‘Elite Properties’, they will help you in order to satiate your requirement and get the work done.
In home sale contingency a specified amount of time is provided to manage everything from selling and financing but, it is not necessary that things would go on a definite path as there is a possibility of things might won’t go according to the plan. In such a case the buyer can back out if he or she does not achieve the desired amount of the existing property – here the buyer will not be questioned for terminating the deal.
The seller here furthermore has the privilege to drop the agreement if the purchaser’s house isn’t sold out within the specific time frame.
There is also an additional set of contingencies that are added based on the requirements of the buyer. Some of them are listed below –
- A radon examination
- Mold inspection
- Evaluate the presence of lead paint
- Radon in water
- Well water inspection
- Miscellaneous inspections or other contingencies
As money could be the leading aspect of selling a home, it is similarly significant to understand other related terms carefully before making a move. The real estate market is full of uncertainty hence it is advisable to be thorough with the know-how of the selling process.
Ask questions or make a checklist of terms that simplifies the home selling procedure. Check if the buyer is pre-qualified for a mortgage and has a pre-approval letter, this enables the seller to be at peace as the credit score, debts and available assets has been previously passed with an evaluation.
Provided below is a seller’s checklist that you might go through while selling your home –
1. What Type Of Mortgage Does The Buyer Avail?
Each mortgage has some terms of the agreement, and prerequisites, there are mortgages that allow buyers that have a low credit score or even no money required for purchases. There are mortgages that will progress only when the buyer has a required or high credit score to make down payment for the asset.
It does not matter on what grounds is the buyer obtaining his finances, as a seller it is only essential that the buyer has a fair amount of down payment that will provide certainty in the sale. Mortgages like FHA and VA loans have some requirements that need to be satisfied before sanctioning the loan. In an FHA mortgage if the requirements aren’t made the seller might find him or her in a chaos of making last-minute changes in the sale – the demands in a VA mortgage also stand the same.
2. Mortgage Commitment Date
A mortgage commitment date symbolizes the ultimate date of buying a home. As mentioned earlier the home selling process has contingencies throughout, and the risks of a loan fall-through are unpredictable hence, it is necessary to have a mortgage commitment date. If the date lapses, the seller is entitled to keep the earnest money deposit.
3. Required Earnest Money Deposit
Earnest money deposit is the money that is held by a listing agent (escrow) until the sale closes. This money is kept in custody which ensures that the buyer satiates the conditions of the contract if he or she fails to do so the money is given to the seller as liquidated damages. The typical escrow amount is 5% of the sale price.
4. Fix A Suitable Time
Home selling is a hyperactive-chaotic situation as everything is fast-paced. There is a spectrum of home selling bar where you need to fix a suitable time for each move from selling to moving further. It is advised to keep your plans settled as closing dates are usually the most critical aspect of the sale.
5. Mistakes on Contract
Mistakes on contract show poor knowledge of a realtor and uncertainty of the buyer, using white ink, re-writing or over-writing on the contract is unacceptable. Dodging of poor errors will provide you with the assured sale.
A Safe Conclusion For You
Covering many sub – topics, here is providing you with an effective method and tips to consider when you pick the best offer while selling your home. If you are living in New York City and require more assistance regarding the above or any other real estate crisis you can get in touch with a reputed real estate company like ‘Elite Properties’, we will provide you with thorough support and answer each query.
Do you know the average time to sell a property is 1-2 months? It might take longer if your house is in a distressed condition or unsafe locality! With so much competition in the real estate market, chances of getting a good deal are less.
Don’t get disappointed and multiply your stress listening to such remarks, because it’s not always like that. There are thousands of home buyers in NY who are actively seeking a property to live. With proper home selling strategies, you can definitely rack up a favorable opportunity and sell your property fast. Therefore, keep a positive attitude and embark upon your home selling journey.
We have compiled a list of 10 easy and effective tips to sell your home fast…
1. Right Property Evaluation
Every home seller feels that his property is the best. Now, this notion doesn’t emerge due to arrogance or ego it is simply a result of the attachment one has with their house. However, this ‘attachment factor’ may become a barrier in the home selling process. Potential home buyers won’t be concerned about such things. They just want to buy a good property at affordable rates. Therefore, you should take care of the practical aspect and decide a price according to the rates of property in your neighborhood and the condition of your property.
2. Choose the Right Time
There’s always a right time for everything – This saying is true even when it comes to real estate affairs. Logically, summer and spring season are considered to be the best seasons to sell or buy a property because buyers usually explore the properties during the warm season and refrain from going out during the winter season. Therefore, you must pick the right season for selling your house fast.
3. Hire an Experienced Real Estate Agent in NYC
Never opt for a real estate agent who’s offering you services at cheaper rates. Instead, look for an experienced real estate agent who can help you find genuine home buyers. Don’t worry about their fees because they will make sure you get a quick and good deal. So, do thorough research of real estate companies in New York and choose the best one.
4. Clean and Declutter Your Home
Nobody likes a dull and depressing ambiance especially when they have to live there for a long term. Imagine a potential home buyer comes for your home inspection and all he/she sees is a cluttered and untidy home. Will they invest in such a property? To be honest, no one will be interested in such real estate venture. Remember that the first impression is the last impression. So, it’s imperative that you present the home in a decent manner. The simplest way to declutter your home is removing the unwanted accessories and sanitizing the entire space.
5. Make Clever Upgrades to Your Home
Merely cleaning the home is not enough. You have to make some clever upgrades for amplifying the overall look and pitching the buyer for a competent price. If your budget allows, start with a fresh coat of paint, repair the damaged cabinets, and ensure your plumbing, and drainage system is in working condition. In addition to this, hire a caretaker who will maintain the home until it gets sold.
6. HD Images for Property Listing
Property listing is a great way to convey to the buyers that you are interested in selling your home as soon as possible. Furthermore, the majority of people check the images on the property listing page before they proceed to contact the home seller. Poor quality images of your home can make the home selling opportunity slip off your hands. Therefore, hire a professional photographer or ask your real estate agent to do the needful. This investment will surely prove fruitful.
7. Emphasize on the Best Features
No house is perfect but, every home has a USP (Unique Selling Point). For instance, you might have a sea-facing house, or your house might have a larger space. You have to figure out the best feature of your home to convince the buyer for closing the deal in a hassle-free way.
8. Traditional Way of Advertising
In today’s world, where everyone relies on modern means of advertising, you can try advertising in a traditional way. By ‘traditional way’, we don’t mean printing ads in the newspaper, simply by word of mouth or putting a huge signboard on your home can work wonders. You can also put an ad on the backside glass of your car.
9. Harness the Power of Social Media
If you are tech savvy and don’t believe in traditional methods, try to be a little creative and adapt unique ways to advertise your home for sale because the online advertising competition is very high in real estate market. You can start by shooting a video of your home and share it on famous social media platforms like YouTube and Facebook. In addition to this, you can make a catchy post and ask your friends to share it with their contacts.
10. Behave Politely with the Potential Home Buyers
We are so focused on commercial aspects that we often overlook the power of polite behavior. Sometimes, polite behavior can invigorate a trust level on the home seller and help them crack the deal smoothly. Therefore, no matter how tired or frustrated you are, always behave politely with your potential home buyers.
These tips will surely prove to be a schlepper in selling your home fast. Furthermore, you can contact reputed ‘we buy houses for cash’ companies in NY like ‘Elite Properties’ for greasing the wheels of your home selling jaunt. Being one of the renowned facilitators of real-estate services in NYC, they assist their customers at every step. Therefore, keep patience, connect with Elite Properties, and soon you’ll find a perfect buyer for your home.