Managing a real estate transaction with ease

| Dec 18, 2013 | Real Estate Transactions

With the New Year rapidly approaching, residents of Worcester might be making resolutions. While some may hope to lose weight or find new careers, others may want to either sell their homes or become first-time home buyers. Experts in the real estate market have summarized some useful ways of successfully navigating a real estate transaction as either a buyer or a seller.

For sellers, experts recommend being aware of how comparable properties in the neighborhood are priced. If sellers want to move their properties quickly, they may consider pricing their homes a little under the homes’ actual values to entice buyers on a good deal. Properties that sit on the market for long periods of time often do not get as good of selling prices when compared to homes that sell quickly.

Additionally, sellers should recognize that it can take a substantial amount of time to get a home on the market and as such they should plan for when they want to have their homes for sale. Preparing a home, marketing it and working through the transaction can take several months to fully complete.

Buyers who have secured loans may feel that they can begin shopping for new household items before they close, but experts recommend against this practice. Lenders can take back loans if buyers have changes in their credit from running up large bills on new home items. Buyers can also consider getting loan preapprovals before they make offers on homes to demonstrate that they are financially capable of paying a home’s asking price.

While the transfer of property can be difficult for both a buyer and the original homeowner, both parties can take steps to streamline the process. These suggestions are just a few ways to make a home sale easier, and individuals interested in learning more about real estate transactions may choose to speak with real estate lawyers about other important property transaction matters.

Source: Long Island Newsday, “Home buying, selling tips from brokers in shaky 2013 market,” Dana Dratch, Dec. 6, 2013