Speed up the sale process
If you want to sell your existing flat, get systematic. Remember that any hesitancy on your part while describing its features to a prospective buyer can be interpreted as having some flaws to hide.
Prepare a brief summary of its attributes such as exact built-up area as well as carpet area, year of construction of building, formation of society, monthly outgoing, transfer fees charged by society, number of bedrooms and sizes of each bedroom, hall, kitchen, toilet blocks, etc, with an sketch or floor plan of the flat with directions i.e. north, south, east and west as well as the floor on which your flat is located, the number of lifts in the building, etc.
If you are selling the flat with fitting and furniture, the list of
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Don’t overlook the obvious, sometimes you can find a ready buyer of a flat in the same building in which you are staying. It is possible that a large family may be staying together in a single flat. If such families can afford your house, they will be willing to pay aright or a better price.
You can also put on notice board of your building, your intention to sell the house so that all residents in the building and through them their relatives and friends come to.
Also communicate with your friends and relatives your desire to change your old home for a new large or better home, so that in case they come across someone interested in your old home, they would let you know. You may even find that one of them is interested in acquiring your home.
If you cannot manage to sell the house by yourself, do call in the professionals, but only after doing your own research first
By and large transactions of selling old property take place through estate agents who by their contacts and information data available with them, find a ready buyer. The estate agents generally have a list of prospective buyers ready with them or sometimes such estate agents contact their other colleagues in the same profession of real estate who may be in search of such a property. Your estate agent may in turn get your property listed with another broker of his choice and both will share the commission payable to you.
The amount of commission generally charged by Estate agents is 2% of the sale value of the property, against which you are entitled to full services and proper guidance from the appointed estate agent to complete the transaction to your satisfaction.
But before this, you must ascertain prices of other buildings in the same locality. Your estate agent, if he is dealing in that area, should also be able to tell you of certain deals, which may have taken place in the neighbourhood. Once you have done all this homework thoroughly, you will be in a better position to negotiate the price of your old property in a professional manner.
Most of the buyers want to bargain over the price. It is therefore advisable to quote your expectations at about 10% higher than your bottom price. Clarify with the buyer who will be paying the stamp duty and registration charges in full, as per the market price.
You must be very clear in your mind that you will be required to pay 50% of transfer charges to the society or developer and also brokerage commission to the estate agent if any. All such hidden costs must be added to the expected price before giving your quotation. All the best!
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