*Article updated on 24 May 2022
Selling property is one of the biggest financial transactions a person can make. Having the best possible service during these complicated transactions will ensure the best possible financial returns.
The process of selling one home and buying another often happens simultaneously. In the Offer to Purchase, there are many conditions of sale that can be included to suit both the Buyer and Seller.
Clauses commonly found in this contract include:
- A specified time period for the sale of the house in question
- The sale being subject to the initial homeowner purchasing a new property.
Other conditions of a sale include finance approval, and occupational rental dates.
If there is a substantial period of time between selling and buying, including an occupational rental clause in the condition of sale could be the easiest and least risky option for the Seller.
READ: To buy or to sell first, which is the best option?
In a nutshell, it can get complicated.
According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, sellers need to find a real estate professional who they can trust to look after their best interests and who they feel will be best equipped to sell their home for full value. The only way to determine this is to ask some important questions.
The following can help you establish the level of competency and reliability of your chosen real estate professional, suggests Goslett.
How did you arrive at the suggested listing price?
“A competent real estate professional will be able to answer this in detail and will provide a full justification for their recommended listing price. The agent should present you with information from a Comparative Market Analysis (CMA) where statistics are gathered from various sources and compiled to determine the average price per square metre of property in the area. By determining the square metre pricing, the agent can compare apples with apples. They should also be able to tell you what other homes in the area have sold for (not just what they were listed at) and should explain how the unique features of your home affects the listing price. If your agent is unable to fully justify their recommended asking price, then it might be better to get a second opinion.”
READ: Market value vs Replacement cost - and why you need to know the difference
“Asking this will help sellers get a feel for whether the agent is truly looking out for their best interests. There are a host of costs involved in selling the home, including the agent’s commissions, bond cancellation fees, home inspection costs, and settling municipal accounts upfront, to name but a few. It is not a good sign if the agent tries to dodge this question or isn’t upfront with you about the various related expenses which sellers will need to budget for.”
READ | Trying to sell property privately? Beware of these 8 specific pitfalls
What do you need from me to make this sale happen?
“It is important for sellers to ask this question upfront so that expectations can be managed appropriately. The agent may say that certain repairs need to be made or they may recommend that the home requires some staging. They could also simply ask that the seller is not on the property when prospective buyers come to inspect the home. The more open, upfront and honest the agent is with what they will require from the seller, the better. The last thing a seller needs is an agent who tells them only what they want to hear and not what they need to hear.”
READ: How to negotiate a quick and trouble-free property transfer
Click here to find an estate agent in your area.
“Selling your home is one of the biggest financial transactions you will ever make. You want to be sure you have the best possible professional at your side to ensure that this all runs smoothly. Be thorough in your selection and don’t be scared to ask as many questions as it takes for you to feel comfortable with your decision,” says Goslett.
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