There are a few steps that are common to almost all Real Estate transactions in Utah. The following is intended to help you simplify and organize yourself in preparation for selling real estate.
1. Determine market value: There are many factors that must be considered when determining the value of a property. It is wise to consult one of our professional Realtors when making a determination of your properties value. Our Realtors will start by using the Comparison Approach to determined your property’s value. By comparing your property to others that have sold in your area and making proper adjustments for size, condition, location, amenities, etc. A listing price can be found that will maximize the amount the home is sold for while minimizing your time on the market. OVERPRICED PROPERTIES DON’T SELL!
Note: If you have a loan on the property check the payoff amount against the property value. If your loan amount is greater than the current value of the property you may want to consider a sale under “short sale” guidelines.
2. Market the property: There are many ways to market a property commonly a sign is placed on the property, occasionally an add is placed in the paper. More often buyers are turning to the internet where local classifieds can be placed on sites such as Craigslist.com and KSL.com. Another commonly used tool is known as the “Multiple Listing Service” or “MLS” is considered the most far reaching way to market a home. You should also consider handing fliers to your friends and neighbors.
3. Make your property available to be shown to potential buyers: Our Realtors can be very helpful here. If you have a potential buyer anxious to see your property in the middle of the day when you have another commitment your Realtor can make the appropriate arrangements to make sure that buyer sees your property. Our team of Realtors will also screen buyers to make sure that each buyer who enters the property is also a person who is qualified to purchase your property. We also provide protective key boxes that can also be placed on the property to increase access and security while you are away.
4. Negotiate the terms of the sale: In today’s market buyers will frequently offer less that asking price. Be prepared with the worst case scenario buyer terms you will accept. Here again a Realtor who has good negotiating skills can be a valuable asset in protecting your interests.
5. Close the deal: No secret here, our qualified associates will walk you through every step of the way to help verify the terms are the same that you had agreed to, sign the paper and collect your money.
Note: Real Estate transactions can and often are associated with tax obligations, a tax professional or CFP should be contacted before the sale, he can help you make the best decisions reguarding the sale of real estate.