Aura Gauthier's Blog
A home selling negotiation may seem like a major hassle, particularly for property sellers who want to find a buyer as soon as possible. Fortunately, a prepared home seller will be able to streamline the property selling cycle as well as get the best price for his or her residence.
What does it take to complete a successful home selling negotiation? Here are three must-haves that will ensure any home seller can finalize a successful negotiation quickly and effortlessly.
1. Housing Market Data
Understanding the ins and outs of the housing market can help an ordinary home seller become an exceptional one. As such, if you allocate the necessary time and resources to collect housing market data, you may be better equipped to enter a negotiation as an informed home seller.
Housing market data is readily available – you just need to know where to look for it.
For example, home sellers can examine the prices of recently sold houses that are similar to their own. By doing so, home sellers can see how their house stacks up against the competition – and whether the price a homebuyer wants for a residence is in line with similar properties.
2. Realistic Expectations
Let's face it – as much as a home seller would like to enjoy a fast, seamless negotiation with a property buyer, many hurdles may delay a home sale. But a home seller who establishes realistic expectations before a negotiation begins may be able to minimize stress.
For home sellers, it is important to understand that a negotiation must meet the needs of both a property buyer and seller. And if you consider the homebuyer's perspective, you may be able to enter a negotiation with an open mind.
Furthermore, a home seller should be unafraid to walk away from a negotiation if necessary. Although exiting a negotiation is far from ideal, it is important to remember that it is always an option. Thus, if a negotiation reaches a point where you start to feel uncomfortable, you can always walk away and relaunch your efforts to sell your house.
3. An Expert Real Estate Agent
No one should be forced to enter a home selling negotiation without expert assistance. Luckily, real estate agents are available in cities and towns nationwide, and these housing market professionals possess the skills and know-how to assist home sellers during negotiations.
An expert real estate agent will serve as a liaison between a home seller and homebuyer. He or she will provide honest, unbiased recommendations throughout each stage of a home selling negotiation, ensuring you can make informed decisions along the way. Perhaps best of all, a real estate agent is happy to respond to any home selling concerns and queries – without exception.
Want to take the guesswork out of negotiating a home sale? Consider the aforementioned factors before you begin a home selling negotiation, and you can improve your chances of securing the best price for your residence.
Although there are a lot of sound reasons for hiring a real estate agent to help you sell your home, objectivity is near the top of the list.
Homeowners, when left to their own devices, tend to overprice their property and overlook easy, inexpensive ways to improve curb appeal and overall marketability.
There's both an art and a science to effectively selling residential real estate, and when either of these aspects are neglected (the art or the science), opportunities for a speedy sale are often missed.
Whether it's because of emotional attachments to the property or a lack of knowledge about real estate marketing, home sellers sometimes undermine the sales process and send prospective buyers scurrying. If you're considering putting your house on the market in the near future, here are a few tips to help you maximize your chances for producing the best possible results.
- Avoid the temptation to price your house too high. Other than emotional attachment, some homeowners inflate their asking price because they're not on a strict timetable and can afford to wait. They incorrectly assume that if they wait long enough and show their home to enough interested prospects, they'll eventually get their high asking price. While that strategy may seem to make sense at first, it's actually based on a false premise. Once an overpriced house lingers on the market for months, its desirability drops sharply. Not only will prospective buyers assume that something's wrong with it, but they'll also catch on quickly to the fact that you're asking too much for the property. Unless an eccentric millionaire comes along who is absolutely in love with your house and has no qualms about writing out a large check for more than the house is worth, chances are your property will linger on the market indefinitely. In the vast majority of cases, house hunters are looking for a home that makes financial sense and provides a decent amount of investment value. Also worth considering is the fact that a property priced well above its fair market value could make it difficult or impossible for an interested prospect to obtain bank financing.
- It's usually a mistake to assume the house will sell itself. Failing to price a property competitively, maximize its curb appeal, and keep the interior looking impeccable at all times is a recipe for disappointment. Since first impressions are crucially important in attracting prospective buyers, no detail should be overlooked when putting a home on the market. When you consider the competitive nature of the real estate market and the fact that most serious prospects are going to carefully evaluate all aspects of a home before making an offer, it makes sense for you, the home seller, to avoid placing barriers, stumbling blocks, or disincentives in the path of potential buyers.
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One of the basic things that people prepare for in their end of life planning is their property. A family home, for example, is often passed down to the couple's children or next of kin. Often, though, the people who inherit the property don't think about what they'll do with the home once that happens.
If you've inherited a property but there are no advanced directives attached, there are a few options.
Options for an Inherited Property
Every family is different. If the property has been lefts to siblings or multiple family members equally, you'll need to be in agreement as to how the property is managed. Ideally, all parties will reach an amicable agreement but you can also enter into mediation to make sure everyone's best interest is met and the asset is fairly divided.
The state of the home at the time you inherit it is an important factor. There may still be a mortgage or a reverse mortgage on the home, and those payments will need to be taken up immediately.
There are three basic options for an inherited property:
- Sell It. Selling the property can make the most sense when there are multiple beneficiaries. The taxes are often minimal because there's a step-up tax on inherited properties, which means that the property is valued at what it's worth when you inherit, not what it was worth when your parents purchased it. If you've decided to sell, you want to assess the house and make any repairs necessary or decide to sell as is. The second option will often mean that the home will sell for less than is possible in the market, but that may be a better option if the repairs are extensive. Once the house sells, the siblings can divide the total amount and the process is complete.
- Move In. Sometimes one of the siblings would like to move into the family home as their residence. This means that the new owner needs to pay the other beneficiaries for their portion of the estate. There are different ways that you can finance this — through a traditional mortgage or through private payments to the other beneficiaries. You'll need to assess the house to determine fair value at the time of the transaction so that all parties receive their fair share.
- Rent It. Some people prefer to keep their family home in the family but all the siblings have their own residence. You might choose to rent it out as an investment property. This will mean managing the property for repairs and the work entailed in finding renters. This option can be an excellent way to generate income, while paying monthly bills associated with the property.
An inherited property can offer a great blessing in financial gain, but it can also be a good deal of work. If your decision is to keep or rent out the property, make sure all parties are on board for the level of commitment that means to save yourself from tension in the future.