How To Sell a House
An example of this would be the following: Your property’s valuation is RM100,000, so the loan amount would be RM90,000.
The buyer will therefore need to cough up the RM10,000 difference with his/her own money.
If you didn’t get a valuation done and decided to set an ambitious price of RM160,000, the bank’s loan will still cover only up to RM90,000.
This means your buyer needs to find RM70,000 in cold hard cash to cover the difference! Even if a buyer can afford that, chances are they’ll look at better deals.
Look up properties in the vicinity and how much they’re valued. And if any have sold recently, how much they were sold for.
Take note of the total number of properties sold, as well as how long it took for them to get sold. This can give you an indication of how in-demand your area is.
REAs are fully certified and registered under BOVAEA, and can open their own real estate agency with up to 30 RENs working under them.
For an REA to be fully certified, they must undergo a more comprehensive procedure, as well as have at least two years of working experience under the guidance of another REA.
A good way to start the search for an agent is to get recommendations from your friends and family. This is one of the most valuable and honest ways to get feedback about a particular agent.
When you sell a property, there’ll be certain legal procedures you need to go through, especially related to the transfer of ownership.
It’s recommended that you get a lawyer at the beginning since you’ll want professional help in drafting the necessary legal documents.
When you make the decision to sell your property, you should be taking steps to make it look presentable and welcoming to prospective buyers.
First impressions are EVERYTHING – buyers coming down for viewings will only spend a short while looking over your house, and you’ll want to impress them in as little time as possible.
Consult with your property agent and get them to help you look over your home. An unbiased eye will help you see flaws that you may have otherwise missed, and property agents are experienced enough to know exactly what to look out for.
If your property is dirty and messy, it’s a huge put-off to many potential buyers. They will base their opinions on the current situation of your house, not how it will look when it’s done up by them in the future.
Open the windows to let in lots of daylight and use a good camera. Alternatively, you can hire a professional photographer to take pictures for you.
Once you’ve gotten some beautiful photos of your place, your agent can then begin the task of advertising it through both traditional and digital channels.
You’ve found a potential buyer who is expressing genuine interest in purchasing your property – congratulations! It’s now time for the both of you to negotiate on the price.
Negotiations are dependent on several factors such as your asking price, the current market condition, and how urgent the sale is.
Always set a margin for negotiation. For example, if you intend to sell your property for RM600,000, you might want to set the price at RM630,000.
Your agent will be able to give you invaluable advice on how to conduct these negotiations effectively. He or she can also assist both you and your buyer in reaching a mutual agreement.
When the Sale and Purchase Agreement (SPA) is executed by the buyer, they will pay the first 10% of the purchase price (the down payment).
You’ll receive the documentation and they will need to be stamped. You need to complete this within 14 days of the signing of the Letter of Offer.
Standard terms for any SPA slot88 states that the remaining 90% will be paid to you within three months from the date that the SPA is signed and stamped.