As soon as you decide to sell your home, a real estate agent is an essential ally. They can assist in setting the optimal price, listing and marketing your property and negotiating with potential buyers; understanding legalities involved with contracts and closing; as well as connecting you with professionals for inspections, loans or any other necessary services for completing transactions successfully.
Before hiring a real estate agent, make sure that you have a clear idea of your selling goals and budget. If you plan on purchasing a home, getting preapproved by a lender before speaking with agents will allow you to narrow your search quickly while minimizing delays in the process. It also helps if all necessary documents such as bank statements, pay stubs and credit reports are in hand when speaking with agents.
Once you’ve located an agent, it’s essential to interview multiple candidates until you find one with an in-depth knowledge of your local real estate market. Be sure to inquire about their experience, current listings, and recent sales in your neighborhood as well as preferred means of communication for timely responses: some agents prefer texting while others depend on phone calls or emails.
Consider working with a discount real estate agent who charges a flat fee instead of commission. Doing so could save significant amounts while still providing the same level of service.
Once you select an agent to represent you, they will arrange for photos of your home to be taken and used in marketing materials. They will host open houses and show it to potential buyers; should any offers come in, the agent will present them directly to you before negotiating on your behalf with buyers. Furthermore, they will work alongside your attorney and prepare a written contract of sale prior to scheduling a closing date.
Additional expenses related to selling your home include legal fees, title-related expenses and escrow charges. It is customary in New York for both buyer and seller attorneys to draft their own contracts of sale – usually using standard forms; your lawyer can still adjust them as necessary.
As well as these fees, you will also need to cover any outstanding mortgage balances or debts related to the property, transfer taxes, environmental inspection fees and survey fees may all come into play as expenses related to owning it. While lenders typically cover title insurance fees upfront for buyers, it may be possible for you to negotiate an arrangement wherein both parties cover these expenses jointly; buyers often ask sellers to cover closing costs; it’s wise to calculate anticipated expenses before selecting an agent.