Selling your house privately and without the help of a real estate agent can be very tempting, but if you are not aware of every little step of the selling process, you can get yourself into serious trouble: with preparing your house to put it up for sale, the time house viewings take, asking public administrations or the notary for necessary information and all the paperwork that needs to be arranged.
Today, this article by ShMadrid informs you of ten risks when selling your house just by yourself. Please consider these details, in order for the sale of your property not to turn into a nightmare.
Related article: How to Sell Your Home in Madrid
Beware of the dangers of selling your own home
1 Knowing the real estate market
You want to sell your apartment or house for the price it is really worth. Besides that, you must also take into consideration the amount of money you need for your new home or building project.
You have to think carefully about every little step of selling and buying a home and make some serious calculations, before putting your apartment up for sale.
2 Competition real estate market and banks
When potential buyers have done a viewing of your house and inform you they like it, they will then go to their bank for financing.
That is the exact moment you run the risk of losing your buyer, because the bank will offer better financing conditions if the buyer decides to purchase one of the properties the bank has in its portfolio.
3 Time consuming house viewings and defining a sales strategy
You should be ready to welcome the many potential buyers that want to view your property into your home and reserve lots of time for them. You need to know how and where to market your house, not only to attract a possible buyer, but also by defining a price and negotiation strategy.
4 Compare internet prices and actual selling prices
If you want to investigate the real estate market for similar properties as yours, then it is good to know you should always compare prices on different platforms with real price properties have actually been sold for.
5 Be careful during house viewings
Hosting an open house, or any house viewing for that matter, in order to sell your property quickly takes a lot of preparation. Always be aware that you run the risk of attracting not only serious and potential buyers, but you might also invite:
- People who are just curious and nosy
Related article: Home Staging Techniques
6 Check out real estate portals before advertising
There are different aspects to a good real estate portal. It needs to connect with your target group of possible buyers. Unfortunately, some portals are mainly aimed at real estate agencies. Choose the website or portal that really works for your property.
7 Knowing your legal stuff
If you have signed an earnest money contract and the deal falls through for whatever reason, buyers can request up to double the amount of money they granted you as a deposit.
In addition to this: if you don’t cancel the first sales contract and make a new deal with another buyer, you could be committing a crime.
8 Taking pictures of your property
Having a few ‘ok shots’ of your property and posting them online will not sell your property. Buyers are looking online at lots of properties at the same time, and photos should therefore be professional and display its real features and key characteristics.
9 Documentation complete?
First of all you should know when your documentation is complete. What specific paperwork do you need? Think of items like: an energy efficiency certificate and property documentation, like professional and original building plans of the property.
10 The first offer may be the best
All offers should be analyzed and considered carefully, because extending the sales period will not guarantee a higher selling price. Sometimes a buyer shows up in the first few days after you have put your house up for sale, and the offer may actually be the best offer you will get.
Have you ever sold your home without the help of a professional real estate agency?