How To Sell Your House with Prudence and Caution

Doron F. Eghbali Real Estate Law

How To Sell Your House With Prudence and Caution

Friday, February 25, 2011 by Doron F. Eghbali

A lot of us seeking to sell our houses, have wondered what we should do except, possibly, hiring a real estate agent and thinking about the day after when we have sold the house. In fact, without having specific plans and objectives, selling a house might not be a pleasant experience and we might not obtain the dollar amount we reasonably deserve. Hence, to facilitate the selling process, let us explore the steps we should take.

SETTING SPECIFIC OBJECTIVES AT THE OUTSET

• Do you want to wait for the right seller and the right market to sell?
• Do you want to sell hassle free and get what you put into the property?
• Do you want to wait, wait and wait for the seller you have in mind, but the market may not bring you in the foreseeable future?
• Do you want to and can you move out on a few weeks notice?
• Do you have a place to move into?
• Do you want to time your sale of you home and purchase of another?

SETTING A REASONABLE SALES PRICE

• Do your homework.
• Do not rely on what real estate agents just tell you. It might be you are told a house is worth a lot, so that you list it. Just, they ask you later to lower the price to sell it.
• Do not overprice it since it might languish in the market.
• Do obtain a professional reliable appraisal, if possible.

SETTING SIGHTS ON FLAWS AND PROBLEMS IN THE HOUSE

• Do inspect your house carefully.
• Do identify any problems or flaws, such as: leaky roof, dry rot, asbestos, flooded basement, termites, septic problems, etc.
• Do notify the potential buyer of such problems or flaws.
• Do take disclosure very seriously since if you do not disclose such and possibly other problems, your sale might be sued for fraud, in a number of states.

SETTING YOUR HOUSE IN ORDER COSMETICALLY

• Do major repair work before the sale, if it economically makes sense.
• Do beautify your walkway outside your house. Plant some flowers and trim shrubs.
• Do paint inside, if possible.
• Do remove extra stuff from your house to make it look neater and larger.

SETTING YOUR SIGHTS ON WHAT IS LEFT AND WHAT IS TAKEN

• Do decide what you are leaving behind and what you are taking with you.
• Do leave behind drapes designed for your house and custom cushions. Such incentives attract buyers to be amenable to your pricing or even concerns, to some extent.

SETTING YOUR FINANCING IN PLACE

• Do calculate what you pocket and what your expenses are.
• Do calculate real agent's fees up to 6% of the selling price.
• Do calculate the amount you owe the bank and the net, you receive after all these and probably other expenses, such moving, packing, etc.

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DORON EGHBALI is a Partner at the Beverly Hills Offices of Law Advocate Group, LLP. Doron Primarily Practices Business, Real Estate and Entertainment Law. Doron Can Be Reached at 310-651-3065. For More Information, Please, Visit: HERE.