Buying a house is one of the biggest investment for a median income person can make. Selling it off would be the second.
Your average house in Malaysia would cost you RM280,000 (report for the first quarter of 2018), after that huge sum of investment you would want to reap as much profit. With that said it is important to get this done right.
So grab your notepad and make sure to jot this down. Trust us, we know property. Here’s your complete guide to “How do I sell a house in KL”:
What’s your price?
The first thing you want to do is to name your price. To do this, you can either eyeball your amount or get professional help (which we would recommend). A valuer or a trusted real estate agent would get it appraised based on market data, the property type and the price of similar properties in the surrounding area and more other factors.
We suggest hiring an evaluator because imagine setting a price under the market value. All the years worth of interest paid….. You wouldn’t want that, right.
SPEEDHOME tip is: to sell a house fast, the price must not too high and too low either.
An agent makes all the difference in the world. A truly committed agent can bring thousands of ringgit of difference to your investment. Before appointing an agent try assessing the agent. Test on their abilities to negotiate, and ability help with legal procedures.
The best way to let buyers know it’s up for purchase is through advertisement. But posting it up alone is not enough. You have to take the best angles, with a good camera. Use the SPEEDHOME tips! Make sure the picture is taken in the day time, curtains drawn back and as well as an interesting caption to really grab buyer’s attention. Word of mouth works too. Tell all your aunties and the word will go out in no time!
It is time to bring in the buyers. Let the clients explore the house freely with your agent. Make it homey and comfortable for them. Try starting a small conversation and build a relationship with them. Let them walk in their own pace and avoid interjecting conversation unless needed. The goal is to make them feel at home!
Remember, the answer is not only “accept” or “decline”. A counteroffer is an offer made in response to the price offered by the buyer and this works best. The goal is to meet a buyer in the middle so both of you walk away happy. Here’s what you should focus on when making a counteroffer:
Consider more than the price
Typically it is the numbers that both parties’ eyes are fixed with. However, it is not necessarily the most important. As a seller, the most important number is your net gain from the deal. Whether it’s through closing costs, taxes or any other expense, a buyer can make a more profitable offer than another buyer even if the price comes in lower.
Look outside the numbers
There are plenty of factors to consider beyond price. If you need to move out right away or need some time to find your new home, being able to set the closing date is a big benefit.
Aim for a win-win agreement.
As you make counter offers to get more of what matters to you, be sure to offer concessions to keep things fair. Creating a give-and-take dynamic makes both parties eager to cooperate and reach an agreement.’
Seal the deal
In most cases, accepting an offer and signing a purchase agreement is a huge relief. It signals the end of the hard part. But as soon as all those tasks end, the paperwork begins. Here’s a typical list of to-dos:
- Provide buyer and buyer’s agent, lawyer, and other professionals with legal documents
- Contact your lender to start the mortgage payoff process
- Make your own arrangements to move
Once those matters are handled, the next step is preparing for the closing day. You’ll need to gather much of the necessary paperwork yourself if you’re selling on your own.
Here’s a rundown of the forms you should expect to complete when you meet with the buyer at your closing:
• Disclosures as required by your state and municipalities
• Property records, building permits and receipts for the appraiser
• Property records for the title insurer
• Insurance documents
• Mortgage, loan and lien documents
• Related legal documents for financial and estate planning
The steps to selling a house almost always take considerable time, attention and energy. The good news is that when you sell by owner, you’ll save thousands in commission costs and become even more prepared the next time you sell a home.