Outline Closing Process from Sellers Perspective in Real Estate Market
When a person wants to sell his house or any other real estate related property, the foremost thing he can do is to contact a reputed New York real estate professional, who can guide him well through the sales procedure, resulting in smooth closure of the deal with satisfactory amount of profit achieved from this sale. The seller of the property needs to be careful in dealing with the closing procedure and should follow some definite steps for ensuring profitable sale.
Closure procedure of a real estate property sale
- First of all, the seller needs to keep all the documents regarding the legal purchase of the property to be sold, as well as the home insurance policy document and the mortgage papers, if any. If the house is to be sold in a furnished state, all the receipts of buying the home appliances, along with their warranty cards should be collected together, so that all these documents can be produced at the time of closing the sale.
- The seller should discuss all the details of the sale requirements with his hired real estate professional, so that he can hope to get the best deal. A well experienced real estate agent will be able to analyze the current real estate market and give the best suggestion about the most profitable selling price for that property. A thorough Comparative Market Analysis provided by the real estate professional gives solid idea to the seller about the amount of profit that he can make by selling his property at that time.
- If the real estate agent of the seller suggests about any repair or slight renovation of the house for increasing the resale value of the property, the owner should pay heed to this advice and take necessary steps for the betterment of the state of his house. But he should take care not to spend lavishly for this purpose and keep in mind about the profit that can be made by the minimum renovation works. Moreover, the house should be totally cleaned and made ready for showing to the potential buyers, who want to buy houses in that locality.
- When someone offers to buy the property on sale, the seller should check if the offered price is well justified according to the Comparative Market Analysis report given earlier by his real estate agent. If the quoted price is not satisfactory, the seller should ask his agent to negotiate with that buyer for getting a suitable price for his property. If it is found that the price asked by the seller is too high to attract any buyer for more than a month, then it is wiser to lower the price after discussing with the hired real estate professional.
- As the selling price is accepted by both the seller and the buyer, they need to sign a contract with the clear mention of the sold property and the amount of its value, in the presence of an attorney and witnesses from both parties. Finally, the deal is said to be closed within a month or more after signing the contract of sale. The full payment is handed over to the seller in presence of a lawyer, while the seller totally vacates the house and hand it over to the buyer, along with the document of deed for this sale.