For a good estate agent, closing a deal while making both parties happy should be a no-brainer. Of course, there can be a few hiccups along the line, and there is always that one per cent chance that a buyer or seller might back out of the deal. Though, through good negotiation tactics, honest communication and a fair price point that the buyer and seller are both happy with, closing a deal should be seamless and easy. Here are 5 simple steps to close a real estate deal without any hassle.
Do your research before-hand
Do not just attempt to make an offer without doing your due diligence. If you have found a house that you like, make sure to do your research; how much have similar properties in the area sold for in the past few months, how much have the neighbouring houses sold for in the last few months, what is the average price of property in the neighbourhood and what is the real value of the property? Once you have a figure in mind, it will be much easier to make an offer that the seller might actually consider. As a seller, you need to figure out how much is your house worth before listing it on the market. That way, you can choose the right selling price while leaving some room for negotiation.
Inspect the property
It is always a good idea to get a thorough inspection of the house before you decide to make an offer. A property inspector will let you know if there is anything fundamentally or structurally wrong with the house, such as a weak foundation, a damaged roof, broken plumbing, electrical issues or even water damage, fungus or mould. Buyers and sellers could benefit from hiring a property evaluator, as a property valuation will be able to help them determine the approximate value of the property. This will help a seller choose the right selling price while listing the property on the market whereas a buyer can use the property valuation to negotiate a better deal.
Be a good negotiator
It goes without saying that there will be quite a bit of back and forth between the buyer and the seller before they both agree on a selling price. So, when you decide to make an offer, make sure to leave some room for negotiation. As a seller, even if you have a price point in mind, you need to be flexible about your asking price. It takes a good negotiator to come up with a figure that both the buyer and the seller are happy with, but that is exactly what estate agents are there for! Keep in mind, when you find a house you like, the sooner you make an offer the better. If you delay making an offer or if you take too long to get back to the seller with a counter offer, your dream house might just get sold to the next best buyer.
Have your paperwork ready
In order to close a deal quickly, you need to have all your paperwork in order. From the amount you are putting down as the deposit to the pre-mortgage approval, you need to have everything ready before you decide to close a deal. The thing is, once you start closing a deal, things can move really quickly. Then, you do not have the time to apply for mortgage approval or figure out how much money you can pay as a deposit. You should also hire a lawyer or a solicitor who will help you with all the legal documentation required. Your lawyer can help you draft the closing documents which will in turn make the process of transferring the house deed a whole lot easier.
Protect your property
As a buyer, if your offer has been accepted then you need to protect your purchase. First and foremost, ask the seller or the estate agent to take the property off the market. Also, make a list of all the fixtures and appliances that are included in the sale of the property and make sure that this list is enclosed in the offer. Actually, it is always advisable to have everything in writing, from the final sale price to the date of sale, the method of payment, the initial deposit amount, future contingencies and so on. If you have a written agreement when the purchase process starts, it could prevent delays and disagreements. This applies to both sellers and buyers, as both parties will want to keep their best interests in mind to ensure that the deal closes seamlessly.