When one offers a property for sale, a seller must make sure that the buyer will get more than what he will paying for. The seller's satisfaction is not much of a concern as long as he gets what he should, given the nature, location and prevailing price in the area. In addition, if the property has sentimental value, the seller would want to be comfortable with the identity, character and reputation of the buyer.
How can it be said that a buyer will be more than wiling to close the deal ? It all depends on how the entire transaction is presented leading to the eventual closure of the sale.
The fact the the buyer has shown interest in the property is already a very positive sign that there can be indeed be a deal. Practically 90% of the task of selling has already been accomplished.
The remaining 10% is the most difficult as even a fraction thereof can blow off the entire deal and that brings back everyone to square one or worst, to no deal at all.
It is truly best to do one's homework, prepare well and be ready to handle any or all concerns or objections that may be raised by the buyer. This is the 10% of the task.
It may be noted though that there are very rare where that 10% of the work has been done by the buyer himself and waived altogether all minor objections. This is obviously a case where the buyer is so obsessed with the property that he would no longer wait any further hence he has to do it himself already.
A remarkable situation is where the buyer merely did his math in front of the seller, issued the check, got the title and instructed his lawyer present to do the paperworks and legal formalities. In a matter of 15 minutes the deal was done with and everyone was happy with the outcome. Here there was absolute trust and it is again obvious that the buyer really did his own homework ahead of the meeting. The seller could not believe it happened. Well, it happened.
Even in such rare instances, it is prudent to be ready and properly prepared for any eventuality. Here are some tips:
1) Be ready with a good reason why you are selling your house and why the buyer should get it. Buyers are definitely interested in knowing it and be assured that what they are getting into is something pleasant and a blessing.
2) Decide on the price that you are willing to sell it. A licensed appraiser is tasked to provide you a more or less accurate information on the property's valuation. This will give you increased confidence when negotiating with a buyer. It will also prevent you from looking greedy.
3) Make sure your house is ready for trippings or ocular visits by buyers. Your house increases in value if it's in order, presentable and clean. A buyer as far as practicable would want to acquire a house which is ready for occupancy or with very minimal repairs.
4) Selling the house must be a family decision. Be sure each family member is aware of the reason and there is a brighter future waiting for all. There may be sentimental reasons which must be addressed and the decision to sell should be explained carefully. An objection from a family member, particularly those affecting inherited properties, may trigger lawsuits. It is also an exercise of pragmatism if in situations like these, a written agreement among family members are signed. This should include the shares to be received by each member.
5) A buyer will be impressed when presented with a complete set of documents concerning the property. The basics documents needed are: original or transfer certificate of title, tax declaration, location map, survey map showing the boundaries, updated realty tax receipts and clearance from the LGU's Treasurer's Office, special power of attorney, court order or extrajudicial settlement of estate, if any, and such others which may obviously be relevant affecting the property.
6) Be aware of the potentials of the property. What are the future developments being planned in the area? When will they materialize? Who are the barangay officials and where is the barangay hall located? Where is the nearest school, hospital, police station and fire station located? What is the crime rate in the area? Are there amenities and facilities available? Remember, this brings you back to No. 1. If this property is that good, why are you selling it?
7) Look at your options ahead of time when it comes to the terms and conditions of the sale. The most ideal is when cash is offered as payment upfront. What if the buyer requires some other conditions? Like installment. Will you still sell your house to the buyer or not? Will you amenable to those conditions or would you negotiate? Be prepared to seek professional help and do not make any decision unless you are sure and informed of the effects and consequences.
8) In relation with the price that you may be willing to offer the property for sale, there are certain items you must consider. They are, though not limited to, back and current realty taxes, capital gains tax, documentary stamp tax, broker's commission, legal documentation including notarial fees and other expenses related to the sale. You would of course want that these items are covered and they should not cone as a surprise to you.
9) Deal with licensed professionals only. Ask and verify their credentials. You are paying them good money and thus you need an assurance that what you will get will be worth it. There are situations where dealing with somebody without any license would result to a "no deal transaction". This is because you are actually dealing with a web of free lancers with obsessions for overpricing and other greedy schemes. Avoid them. The law cannot protect you for neglect and negligence. As it is now, as a law-abiding citizen, you have the obligation to uphold the law.
10) Pray. With all your heart and with all your might. With God nothing is impossible.
These are just some tips. They change depending on the situation. When dealing with property, moves are made on a case-to-case basis. Nothing is certain except taxes. Your concerns may require a certain way of addressing them. Therefore, you are still advised to seek professional help from a lawyer, licensed real estate broker, licensed appraiser or a licensed consultant.
There is no substitute for prudence.
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