5 things to keep in mind before you sell a house

Selling a property is much more difficult than buying one.  Unlike buying, which is an emotional decision for many, selling a property is a practical one. You need to be well versed with the market.  From pricing, documents, marketing your product, everything needs to be done by you.

You are just a click away from properties in Delhi!

So how should you go about it?

For property related advice, switch to Magicbricks!

Magicbricks provides its consumers with a few important things that need to be kept in mind to ensure a smooth selling procedure.

    Price your property right

It is very important to price your property right. One should keep in mind that the purchasing power of the buyer depends upon the larger economic scene. Keep track of the unsold units in the area/locality where you are planning to sell. If there is an over-supply, you cannot demand higher than the prevailing rates in the locality/area.

“Remember that your house is just one among the many houses on sale. You know what you paid for the house. If the rate in the market has dropped below that, you cannot expect a price more than the `running price’,” advices Rajiv Raj, co-founder and director, Creditvidya.

He also suggests it wise to understand what your house is worth and what the market is willing to pay. It is a good idea to talk to people. Get a few real estate agents to give you a fair idea about the worth of your house. You may have a mortgage, but that does not affect the market price of your property.

    Reach out to a broker  

Unless you know people who are willing to give you a good price for your house, a property broker may be your best bet. Brokers usually have a wider reach and more information about the local property market than an individual seller.

    Market your product

Alternately, you can also list your property online. There are many options in the market where you can advertise your project along with your contact details. This enables buyers to reach you directly. Property portals such as Magicbricks.com allow individual sellers to list one property for free. You can also make use of social websites such as Facebook, Twitter and Google+ to advertise your property.

    Getting key documents in order

The main documents required to sell a residential property are the housing society share certificate and the sale/purchase deed of the property. The Sale Deed confirms that the land is in the name of the seller and that he has the right to dispose it off.

    Process to transfer property   

Some clarifications for a seller:

    Who pays for the society transfer fees – buyer or seller?

“Technically what has been agreed at the time of price negotiation or at the time of entering into an agreement is to be taken into account. In case both the parties have not discussed this issue and the seller feels that the fee is a negligible amount, he can accommodate it. Similar for the buyer,” says Supreme Realty’s Devanathan Rajagopalan, a principal advisor on Open House, a consumer forum by Magicbricks.

    What is the percentage amount of brokerage that a seller needs to pay?

“Like transfer fees, the same applies to brokerage too (as in what is agreed at the time of first discussion), though generally the real estate agents demands two per cent from the seller and one per cent from the buyer,” says Rajagopalan.

Source: http://content.magicbricks.com/industry-news/5-things-to-keep-in-mind-before-you-sell-a-house/74973.html