When selling your home, you begin the next chapter of your life, whether that involves moving to a larger residence, relocating to a different city, or moving in with a significant other. Whatever the reason, this transition can be overwhelming. Therefore, checking off your list of things to do when selling your home can help expedite and smooth the process.
Bittersweet feelings aside, there are logistical concerns that must be addressed before listing your home and opening it up to potential buyers. Unless these matters are taken care of, you might find yourself feeling lost or stressed throughout the selling process, which could cause a delay in what could have been an immediate sale. One way to optimize efficiency and reduce anxiety when selling your home is to hire a real estate lawyer. A skilled lawyer can provide valuable guidance and ensure that all necessary steps are addressed. They can review contracts, determine who is responsible for paying the closing cost, and handle any legal issues that may arise during the sale.
In addition to hiring a skilled New York City real estate attorney, consider these 7 steps when selling your home:
1. List At The Right Price For Your Property
Listing a home at an inappropriate price point can result in either a poor impression and reduction in foot traffic or an immediate sale that could have produced a greater profit for the seller if he or she had sought advice to better gauge the estimated value.
Sellers may list a home for sale through www.fsbo.highriseny.com www.listedbyowner.com or www.streeteasy.com to save on the listing agent’s commission. However, using a knowledgeable agent who is familiar with the market and can show him or her how to arrive at a realistic asking price based on comparable sales and competitive properties on the market. The first two weeks after a listing becomes active are very important, and overpriced properties will miss the first initial and important exposure to potential buyers. A broker might be able to better help you beat the competition during this critical time.
2. Keep Your Home Clean
Nobody likes walking into a home filled with dirty dishes in the sink and overflowing trash cans. Taking time to clean your apartment and create a decorative, warm and polished atmosphere for potential buyers will make your home appear more valuable. Clean the house and declutter. Thin out the closets, so that prospective buyers don’t think you are sparse in roominess and storage. Keep surfaces clean and sparkling.
While having a few family photos, such as a picture frame on a nightstand or on a coffee table next to a flower vase, could be a nice, homey touch that will welcome buyers into your home, overwhelming them with personal details will dissuade them from being able to envision themselves living in the space and creating new memories abound. Keep a few pieces, but consider putting some clothing, memorabilia and family trinkets in storage. Also, if you have a pet, remove any litter boxes and chew toys, as they can decrease your home’s appeal.
3. Take Professional Photos
It might be a wise decision to take professional photos and floor plans of your home before listing it. Most buyers are looking at photos of the properties on the Internet, and the pictures are what draw them in. The little details in these photos can really make or break a buyer’s appeal and a seller’s ability to sell the property fast.
If you are listing on your own, work with a photographer to create the best angles, lighting, and other manipulations to create beautiful pictures. Some brokerage firms suggest not posting bathroom pictures as part of your listing. If you are working with a broker, make sure he or she is detail-oriented, is very important, and has a good eye. Ask him or her to look through the camera’s lens, along with the photographer. You need to make sure that there is nothing unsightly in the photo – is there a wastepaper basket, a reflection in a mirror, a wrinkled bedspread? It’s okay to be picky in order to make the pictures just right.
4. Stage Your Home
Sometimes, it is necessary to bring in a professional stager. If the apartment is empty and not in the best condition, it will look larger and better when it is staged. Contrary to what one would think, spaces appear larger when furnished than unfurnished.
Staging also enables prospective purchasers to see how a room can be set up and how furniture can be properly placed to brighten the room and complement home accessories. If the apartment is already furnished, and it is priced right, you can also hire a stager to make subsequent adjustments, such as moving around or removing existing furniture, adding in or changing decorative pillows and artwork, and manipulating lighting. To play with lighting, you can take down drapes, wipe the windows, upgrade wattage to further brighten the room, and change lampshades to exude a sunnier, happier ambiance.
5. Be Informed Of Any Complications Early On
It’s important to know your legal and financial history from when you had purchased the home and to relay that information to your broker, if you are using one, in order to create an easy and efficient sale. For instance, be clear on where you stand regarding property liens, neighborly disagreements, and any other home disputes that might interfere in your ability to sell. If you are selling property owned by the Estate, need to make sure you have your Estate attorney involved early in the process not to have a delay when you have your offer accepted. Look for advice on how to handle these matters prior to putting your home on the market, as you want those initial two weeks to be hassle-free.
6. Consider Closing Expenses
When selling your home and deciding upon a price that fits within the market and neighborhood value, it’s important to realize that there may still be some closing expenses that can take roughly 4-7 percent of your home’s sale price. Thus, understanding what these costs entail and mentally and financially preparing yourself can help speed the efficiency of the execution and reduce disappointment and shock.
Such fees include broker fees, condo and co-op fees, attorney fees, NY non-resident withholding fees, FIRPTA, and transfer tax. Costs will vary, but there might also be lien release fees, loan payoff fees, notary fees, escrow fees, and eagle 9 fees, as well as other miscellaneous payments, such as home repairs, recording fees, and termite letters, all of which must be paid prior to a closing. Knowing whether your property falls into any of the categories ahead of time will help with organizational aspects, meeting deadlines, and successfully closing the sale.
7. Fashion A Team To Help Sell
When putting your home up for sale, it’s important to create a team of people who can help guarantee that the process is run smoothly and safely, as it’s hard to sell a home on your own! Fashioning a team of a real estate attorney, an accountant, a tax professional, a real estate agent, a photographer, an interior designer, and even an organizer or cleaning service, can give you access to immediate and valuable assets. Whether you choose to work with all of these professional services, or just pick two or three from the bunch, knowing that you have solid relationships in place can take the pressure off of these vast life transition.
If you are using a broker to assist in selling your home, look to the agent for advice on market prices and competition within your neighborhood so that you can be informed about where your home’s value relatively stands and expectant of what is to come. Once you realize that the members of your team have your best interest in mind and are here to educate and assist you during this transition, you’ll be able to close a sale with greater confidence and ease.
| Steps to Consider When Selling Your Home | Description |
|---|---|
| List At The Right Price | Consult with a knowledgeable agent to determine the appropriate listing price based on market comparisons. |
| Keep Your Home Clean | Ensure your home is clean, decluttered, and free from personal items to make it more appealing to potential buyers. |
| Take Professional Photos | Consider hiring a photographer to capture high-quality images of your home, focusing on details and angles. |
| Stage Your Home | Utilize professional staging to enhance the appearance of your home, making it more inviting and spacious. |
| Be Informed Of Any Complications | Know your legal and financial history related to the property and share this information with your broker. |
| Consider Closing Expenses | Understand and prepare for potential closing expenses, including various fees and taxes associated with the sale. |
| Fashion A Team To Help Sell | Assemble a team of professionals, including a real estate attorney, agent, photographer, and others, to assist in the sale process. |
What Not to Say When Selling a House?
When selling your house, it’s important to be cautious with your words to avoid reducing your home’s appeal or creating legal issues. Here are some statements you should steer clear of:
“Our home is in perfect condition.” Avoid stating that the house is free of faults. No home is without its flaws, and claiming otherwise can lead to issues after the home inspection reveals inevitable issues.
“We’ve never encountered any problems with [insert household item here].” It’s best to avoid absolutes about the condition of appliances or systems. You might inadvertently contradict what an inspection uncovers, leading to potential doubts or legal issues.
“The property has been listed for…” Buyers have access to this information through listing services and market analysis. Discussing how long the house has been for sale might give buyers leverage to negotiate down the price, or worse, make them wonder why it hasn’t sold yet.
“We invested significantly in…” Buyers are primarily interested in how the home meets their needs, not the cost of your upgrades. High investment in specific renovations doesn’t necessarily increase the home’s value to others.
“This is the final price.” Setting an absolute limit on price can appear inflexible and deter negotiation. Buyers might feel there’s no room to negotiate, which could discourage them from making an offer.
Always aim for openness and flexibility in discussions, focusing more on the potential and benefits of the home rather than its past and costs. This approach not only makes your home more appealing but also invites genuine interest from potential buyers.
How Much Do You Lose Selling A House As Is?
Selling a house “as is” is a significant option for homeowners who lack the time or financial means to invest in repairs and upgrades before selling. Opting for an “as is” sale can save you money since you won’t need to undertake any repairs. However, it’s important to be prepared for the fact that you may have to sell your home at a price below its fair market value.
The primary disadvantage of selling your house “as is” is the potential need to accept a lower selling price. The extent of this price reduction can vary, but it could result in a significant decrease in your home’s overall value. Determining the exact figure for what “as is” sellers might lose during a sale is challenging, as it depends on your property’s condition and the dynamics of the local real estate market.
If your goal is a quick sale and you are comfortable with a lower selling price, then selling “as is” might be the right choice for you. You might consider an “as is” sale in scenarios where you need to relocate quickly for personal reasons, such as a job transfer, or when your home requires substantial repairs that you lack the time or funds to address.
Selling a house “as is” can potentially lead to unforeseen financial losses and legal complexities. At Sishodia PLLC, our experienced New York City real estate attorneys can guide you through the intricate process of selling a house “as is” and safeguard your interests. We can assist you in reducing your losses, negotiating effectively, and maintaining a smooth “as is” sale that complies with local regulations. Contact us today to schedule a consultation.
Can I Take My House Off Market at Anytime
It’s not uncommon for homeowners to have second thoughts about selling their homes, especially if they’ve invested a lot of time, effort, and emotional attachment into them. This attachment can even become more apparent when potential buyers show interest in buying your house.
As the owner, you have the right to remove your house from the market whenever you want. If you’re selling the house on your own, you can take down the listing from all advertising platforms, but you might not be able to recover any marketing costs. If you’re working with a real estate agent, you’ll need to adhere to the contract terms. Canceling the agent’s contract and then listing the property with another agent might result in early termination fees and other penalties, depending on the resources and time the agent has already invested in your listing.
However, if you’ve already signed a contract with a buyer and are reconsidering, canceling the contract can be a challenge. It’s crucial to consult with a skilled real estate attorney before taking any steps to review the contract and help you understand your choices. Our skilled New York real estate attorneys at Sishodia PLLC can assist you in evaluating the potential consequences of canceling the contract and determining any legal grounds for doing so.
For more information, please contact Natalia Sishodia, Sishodia PLLC, or email natalia@sishodialaw.com.
