Steps to Selling a House in Dubai
The Steps to Selling a House in Dubai can be a very stressful, overwhelming and daunting task for most people, yet it is also one of your biggest and most expensive assets. Therefore, the decisions that you will make along the way are important as they could either cost you or save you a lot of money. This process is usually generally the same whether you are hiring a listing agent or selling for sale by owner. It is, therefore, necessary to take the necessary steps to reduce any risks and maximize your profits. Below are the most critical steps to selling a house;
- Hire a Real Estate Agent- Hiring a real estate agent professional will save you a lot of time. They will usually represent your best interests and deliver your needs. Real estate agents are usually experts in negotiations, marketing, and transaction forms amongst others. They will provide you with the best sale for your houses within a short period.
- Set your Sale Price- Achieving the highest return in a short amount of time is hands-down the most important part of house selling. Therefore, a lot of factors need to be considered before coming up with a price of selling the house. Some of these factors include the market value of similar houses in the nearby neighborhood, the location, and condition of the house amongst others. One of the mistakes sellers usually make is to overprice a house. Furthermore, it is also important to mark on an extra 5 – 10% on the price you would want to achieve since buyers will normally try to negotiate a discount before agreeing on buying a house.
- Get the House ready for sale- The first impression to selling a house for cash is key. Therefore, the house needs to be clean and decluttered to improve its curb appeal to potential buyers. Always make the necessary repairs to the house such as repainting, cutting the grass and preparing the front garden. Staging the house will create a welcoming environment for the potential buyers thus helping them to envision their life in that house. Staging can be done with furniture that you already have and using accessories as well.
- Market the house- After getting the house ready and sizzling selling points, advertising words should be identified together with the real estate agent. Before marketing, you should approve the marketing campaign on how your house will be advertised. The photographs of the house should be of top quality and once posted should increase traffic on the website to enable high visibility of your house to potential buyers online. The descriptions of the house should be clear and appealing on the yard sign, website as well as on the handouts, flyers and printed materials.
- Prepare to show your house- Showing house is one of the most important steps to selling a house yet it can sometimes be inconvenient. As your house is on the market, it is essential to maintain cleanliness at all times. It only takes a few seconds to make an impression. Therefore, it is important to clear out the house as it can be uncomfortable for viewers to view a house when the owner is still in the house. Always ask the buyer for some feedback so that you can make necessary adjustments that would ensure you get the best price for your house.
- Receive and Negotiate the Offers- At most times, the offer that a seller receives are usually either below the asking price or it involves some additional requests from the potential buyer before they accept the offer. The give-and-take aspect of selling house is very normal and your real estate agent will be prepared for it. Sometimes you may be lucky to have more buyers who are bidding for your house at the same time but at times you will be in a tricky situation of deciding whether to wait for a better offer or to make a counteroffer. However, this is where an experienced and professional real estate agent will come in handy to help you choose the best option.
- Purchase and Sale Agreement of the house- Once an offer has been made and accepted by the seller, a legal contract called a Purchase and Sale Agreement is entered between the buyer and seller. This legal document generally outlines the terms and conditions of the transaction which is then acknowledged by both the parties by signing it.
- Inspection of the house- Once a mutual acceptance has been reached by both the buyer and the seller on the house, an inspector is then hired to thoroughly investigate the house for any repairs that are needed for the house. The inspector will usually check the roof, heating system, basement, plumbing, electrical system, air conditioning and the water heater amongst others. After the inspection, the buyer will then have the chance to negotiate with the seller over the costs of the repairs identified by the inspector or even ask for concessions.
- Escrow- Upon accepting the offer and agreeing on the closing date, an escrow will basically allow the seller and the buyer to have an outside third party who ensure that all the parts of the contract are completed as required. Your real estate agent professional will help to coordinate the completion of the necessary forms and monitor the escrow process to the completion of the transaction.
- Closing- Once all the paperwork has been signed and settlement fees paid by both the buyer and the seller, the documents are then recorded. It is important to have your lawyer verify all the paperwork who will also help in finalizing all the details and give you the cheque of the net proceeds.
The above steps to selling a house from hiring a real estate agent to closing usually take time, energy and a lot of attention and thus requires patience and commitment.
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