A Simple Guide To Real Estate Sales Process: By Teifke Real Estate
If you are looking for a simple understanding of the sales process, this is the place. You may be planning on buying a home. Or you might be looking to sell.
Either way, there’s a process to get it done. This guide provided by Teifke Real Estate will be your roadmap from start to finish. If you want more information on a realtor that you can trust, you can check them out here: https://www.teifkerealestate.com/.
Purchasing a home or selling can be a challenge. But you can be sure that it will be easier to understand the process once you learn more. Let’s begin:
The preparation
This includes preparing the home for the sale. The seller will check to see if the property is in good condition. If not, they may need to find a home inspector to see what needs to be fixed.
This can come later on if the buyer requests one to be done. This could lead to the seller being responsible for the repairs. The buyer could also buy the house as is and do the repairs themselves (or hire a professional).
You can hold off on the inspection until the house is listed and people are looking at it. The seller will need to take care of any loose ends such as any tax payments that are delinquent and the like. If these are not taken care of, this might be brought up when the buyer notices and the deal may be off.
During this process, you’ll want to take pictures of the property. This will help when you need to get the listing posted up online and across various sites. You will also need to work with an agent that will help you prep for the selling process.
This includes promoting the listing, setting the price, and more.
Meanwhile, a buyer will be searching for the home they want online. They will need to apply for a loan that will help them find the best mortgage. If they are pre-approved, that will put them in a better position.
They want to be financially prepared to make a decision on the kind of house they want to buy. But not without looking beyond the price itself and discussing why the house they are looking at is the best one. It could be the commute time, close to amenities, or something different.
The sale itself
Whether it’s arranged by the agent, the sellers, or both, they can have an open house allowing prospective buyers to tour the property. The buyers and sellers will agree to meet each other at an appropriate time that fits their schedules.
At this point, the buyer(s) has already been approved for a loan and will be in line to choose the house they want. However, they need to be aware of what they need to pay per month. They also need to remember that their monthly payments will depend on their yearly income.
For example, if a buyer is making $80000 a year, their ideal mortgage payment may run anywhere from $1900 to $2200 a month. That’s anywhere from 28 to 33 percent of their monthly income.
Granted, the market conditions may change the game in terms of how negotiations may go. In a buyer’s market, the buyer may ask for a price that is lower than the one listed. The seller may accept or counteroffer depending on their situation.
If they want to sell the house fast, then they can accept the offer. Otherwise, they may not be in a rush to sell and counteroffer with something they see as best in their favor. Negotiations should be about making both sides happy, not one person winning and the other loses.
The seller must be upfront with the buyer about the home. This also includes any potential cosmetic issues. The buyer may be willing to get them taken care of if they so choose.
Otherwise, they will encourage the seller to take care of it themselves. This can also give the buyer leverage of offering a higher price point if the seller takes care of it. In other words, the buyer may be willing to pay not only the listing price, but also the value added for the work done to reimburse the seller.
At this point, it’s time for an offer to be accepted. The timing may vary depending on when the offer is made. A buyer may have a price they can negotiate and the seller may need time to think about it.
They can either accept or provide a counteroffer. Otherwise, they can accept the deal as it is. It depends on their needs and preferences.
The seller may not accept the offer and counter it with a different price. It may be below the original listing price, but it may be higher than what the buyer originally wanted. This can go on until one of two things happens:
- The offer is accepted
- Or someone walks away
The offer process is time-intensive and can be a challenge due to the different schedules buyers and sellers may have. These offers can be made quickly or they can take days, weeks, or even months to consider. It’s important for patience to play a role for both parties involved.
But a deal will be closed one way or another. That could either be with the same buyer or someone else.
Final Thoughts
The sales process for real estate can be a challenge for both buyers and sellers. A buyer may need to figure out the financial aspects of buying a house. The seller will need to see if it’s in good enough shape to sell it in the first place.
But it’s important for both parties to be prepared for when the time comes. Because an offer can be made to where both will be happy with it. Or it can be a long dragged out experience to a point where one may walk out.
Either way, this is a process that will take time. But it will be worth it in the end.
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