Key Things to Know About While Selling Residential Real Estate

Residential Real Estate

Selling a property is a responsible and serious decision. The slightest mistake or inaccuracy can lead to the loss of several million. Regardless of how complex the process of sale or purchase of real estate can be, you should be extremely careful and learn all the subtleties. Knowing step-by-step implementation will allow you to sell residential real estate without losses. The following tips will show how to sell property fast and highlights possible hidden costs:

1. Know Types of Residential Real Estate

Each type of residence has different types of buyers. Make a list of “who are your potential clients”: single-family, elders, students, contact-workers, etc. Each type of buyer can have their preferences and needs. For example, if you have a 4-floors building with no elevator, the chance that an old lady will buy it is small. There is the main six type of residential real estate:

  • Single Family house. It is a house built on a single lot, with no shared walls.
  • It is a hybrid between a single-family house and condo.
  • Condos are the single units within the larger buildings.
  • Co-op. In Co-ops, you share the building with other owners. It is the trickiest case. In case of problems, the financial responsibilities are also taking for the whole building. For example, if someone stops paying the mortgage, the bank has the right to charge you for it. If you have any legal questions in real estate it is better to consult with real estate attorney in NYC.
  • Multi-family house. A home that is turned into two or three units for unrelated families
  • Just land, not a home for sale

2. Check Real Estate Agent

There are many types of real estate agents. One is more focused on office buildings, the other on short-terms rents, the third is professional in residential real estate. Secondly, after reading all reviews on the Web, check the area your agent worked before. If you are selling property in Staten Island, but your agent is from Queens, it is unlikely that they will provide a high-quality service.

You are not the only client of a good agent. And if the main part of clients at the agent in other parts of the city, then do not be surprised if your apartment will be shown on a residual basis – once or twice a week. Finding an agent from your area with a license is the best way to sell property in a short time with the highest price.

3. Stay Away From Fake Real Estate Buyers

Dealing with fake buyers can cost you a lot. Let’s consider one of the most popular cases nowadays. You have published an ad for the sales of your residential real estate. After some time, there is a call from a potential buyer who wants to buy your apartment. He is very afraid that the property will slip away from him and even ready to prove his interest with an advance payment.

Fake buyer is ready to transfer money right now to your card and asks you to tell him its number and three digits on the back. Unfortunately, many people in the moment of happiness do not think that it is a trick and happily give all card details. As a result, they get a text from the bank with a withdrawal message, no deposit. Hardly possible that police will investigate your case. It is hard to prove that you were cheated, and you did not send money yourself.

4. Know When to Hire a Real Estate Attorney

Supposedly you do not want to get into trouble either with fake buyers or potential buyers. The lawyer usually is involved in the preparation and execution of the transaction at every significant stage. Often, lawyers who specialize in real estate, over the years of practice, become “little realtors”. The issues that they have to solve are closely related to agent work. It is the corresponding skills that are acquired over time.

Along with examining documents and preparing a contract of sale, real estate lawyers often promise the client an analysis of the price of the property on the market. Besides, lawyers conduct mutual settlements, negotiations with banking specialists in the case of a mortgage scheme, and much more.

The following home selling tips for 2020 will help you to sell your property safely at the highest price. Most importantly, do not hurry and learn about property law to eliminate possible mistakes. Tell us about your experience in real estate. Do you prefer to use the help of a real estate agent or lawyer?

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Nirupama Verma is a self passionate blogger, managing a bunch of informational blogs. She has written a lot of informational content for several popular blogs.
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