Guide to Selling a Property

Guide to Selling a Property

Selecting an Real Estate Agent

When the time comes for you to put your home on the market, make an effort to select the right agent. Find an agent who is familiar with your type of property. Ask for transaction data. Check to see if the agent is a member of the Institute of Estate Agents ( IEA ) and if yours is an HDB unit, make certain that the agent is a Listed Housing Agent.

Interview the agent to ensure he has the knowledge and the skill required to successfully market your property. Most importantly, you must appoint one exclusive agent and allow him to conduct his duties in a professional manner.

Why Exclusive ?

* Exclusive Authorisation means a dedicated agent handling the entire marketing process ensuring full discretion and personal reporting.

* Exclusive agents are more willing to share listing information thus ensuring the widest possible coverage within the real estate community thru Multiple Listings and Networking.

* All prospective buyers will be carefully screened by a single agent with your requirement and scheduling in mind thus ensuring a peace of mind marketing effort.

* Accepting a serious offer is easier since your agent is fully aware of all marketing activity associated with your property. This reduces your having to check with several agents for any other offers. Price control is easily achieved.

* An Exclusive Agent is authorised to negotiate on your behalf since you both have a customised marketing strategy, thus resulting in a faster closure at the best possible price. Most successful real estate transactions are conducted thru exclusive agency - the preferred method by both agents and sellers.

Formulating a Marketing Strategy

Get your agent to prepare a Comparative Market Analysis ( CMA ). The CMA will clearly illustrate the transacted prices of similar properties in your neighbourhood within a given time span. Discuss and finalise the asking and the reserve price for your property and any special conditions that you might have. Formulate and agree on a marketing strategy.

Preparing your Home for Sale

First Impressions are really important ! Taking some time out to present your home in its best possible light can provide a big advantage when your Property Consultant shows your home to a prospective Buyer.

House Viewing

Buyers usually ask many questions when being shown through the house. If you have a real estate agent, your immediate presence isn't required at the viewing. If you insist on following the potential buyer around, do not discuss terms, price, etc. Leave the details to your agent.

Accepting the Right Offer

Successful marketing efforts bring in several offers. The dilemma facing all sellers is which offer to accept. Smart money would be on the highest offer with the least attached conditions. Not all buyers would be willing to wait too long for an acceptance of their offer. Effective negotiating requires being prompt.

If you feel it's a fair offer for your property, it is wise to negotiate immediately and enter into a sales contract. It may never be repeated. A bird in the hand is worth two in the bush. Always discuss with your agent as to the eligibility of the buyer, completion period, and your legal obligations as a seller.

Completing the Sale

It is the sellers obligation to hand over the property upon legal completion as agreed in the contract. In the case of a HDB flat, vacant possession is a requirement. Plan your move early to prevent a last minute rush. Remove all your belongings and discard any unwanted furniture and rubbish. Ensure that all fixtures and items in the inventory list are left behind. Invite the buyer ( as required by HDB ) for an inspection before completion.

In the case of private properties, they can be sold with existing tenancy or vacant possession. The sales contract will specify your legal obligations. Check with your agent if you are in doubt.

Commission

The Institute of Estate Agents ( IEA ) has finalised and published the recommended commission / fee for real estate transactions. Service is not about cutting cost. The commission you pay will determine the marketing budget available to your agent. Since you want the best possible price for your property, be prepared to pay for a good agent as it will make the difference between a successful closure or a lost opportunity. Remember, if you pay peanuts, you will ultimately get monkeys.

Thanks for your reading,
Hoping those tips are useful for you.

Regards

Wingcent Ning
ATG (ECG Property)
(+65) 8163 6290
wingcent@singnet.com.sg
Property-RentBuySell.Blogspot

Guide to Buying a Property

Guide to Buying a Property

Buying Resale Properties

If you are looking to buy a private property or HDB flat in Singapore, make sure that you know all the pitfalls before you sign on the dotted line. Here are some of the major things you should look out for to avoid getting into a legal or financial tangle during the transaction.

Selecting an Real Estate Agent

You need to select an agent to service you. Find one who is familiar with the location and type of property you have in mind. Make sure the agent is from a Listed Housing Agency and also a member of the Institute of Estate Agents ( IEA ). Discuss your requirements with him and be specific. This will allow him to advise and service you in a professional manner.

Ownership

Always ensure that the seller is the actual owner of the property. You may wish to request for proof when you are making the purchase.

Eligibility to Sell

Ensure that the seller of the property is eligible to sell the property. For a private property that is mortgaged to a bank, if the seller has lost money on the sale, and is unable to top up the shortfall on his bank loan, the bank may not allow the seller to go through with the transaction.

Bankruptcy

On some occasions, the seller of the property may be a bankrupt. With the written consent of the Official Assignee, the seller will be eligible to sell the property, however, the Official Assignee may request for all monies, including the option money or deposit, to be paid to the Official Assignee.

Eligibility to Buy

Decide beforehand on a few likely locations that you'd like to live in. Take into account things like the distance to work places, schools, transportation and places that you visit frequently with your family's lifestyle in mind.

Financial Planning

Once you've decided on a location and size of home that you'd like, think about how much you'll be willing to spend. Bear in mind other monthly expenses that come with owning or renting a home. Several software exists to assist agents to accurately calculate the cost of buying a home. Providing your agent with accurate data regarding your financial status is vital and will help him to formulate a proper financial plan.

If you're buying, talk to two or three banks and discuss a financial plan that you're comfortable with. Your banker will also be able to advise you on the loan quantum available to you. This will help you decide on your budget. Remember, Banks and HDB require documentary proof of income.

Considering Factors

Decide beforehand on a few likely locations that you'd like to live in. Take into account things like the distance to work places, schools, transportation and places that you visit frequently with your family's lifestyle in mind.

* Size - How large a home do you need ? Have you thought about the next couple of years - are members of your family likely to move in or out ? How many bedrooms do you need ? Where do you and your family spend most time ?

* Facilities - Would you like the advantage of a swimming pool, tennis courts and other condominium type facilities ? Or, would you prefer to join a recreation club and enjoy a wider variety of leisure ?

* Amenities - Are shops, banks, and markets within a short distance away ?

Illegal Renovations/Alterations

Ask the seller if the renovations or alterations in the property are legal and approved. Get the understanding from the seller that should the relevant authorities require the seller to rectify any of the illegal renovations or alterations, the seller will be responsible for the rectification, at his own expense.

Making an Offer

Once you find a home that you like, discuss with your agent with regards to the asking and market price for the property. Compare that property with those that you have viewed. Refer to your notes about the property. Your agent should be able to help you to decide on an offer price. The rule is to start the offer at a price that seems fair to you and wait for a counter offer. If the seller is serious, you should receive a counter offer.

Option Money/Deposit

Confirm that the option money or deposit will be of the standard amount. For private property, the option money is usually one per cent of the purchase price while for HDB resale flats, the deposit should not exceed $5,000. Lastly, when buying an HDB resale flat, it is also important to take note of the following.

Scheme of Purchase

As there are 14 different schemes of purchase when buying an HDB resale flat, it is important to check with the HDB or the real estate agent representing you which scheme you are categorised under. This is to determine your eligibility to buy a resale flat.

Ethnic Integration

It is also important to check with the HDB or your agent if you are affected by the ethnic integration policy.

Completing the Sale

It is the sellers obligation to hand over the property upon legal completion as agreed in the contract. In the case of a HDB flat, vacant possession is a requirement. Inspect the property before completion. Make known any objections or faults immediately. Check with your agent if you are in doubt.

Commission

The Institute of Estate Agents ( IEA ) has finalised and published the recommended commission / fee for real estate transactions.

Viewing Etiquette

Once you have decided on the type of home to purchase, your agent will arrange for you to view all available homes matching your criteria. Bring a small notebook and take notes for later comparison. Put down the positive and negative points about the property. This will help you make an informed decision later. Be punctual for viewing appointments. Dress casually but smartly.

Thanks for your reading,
Hoping those tips are useful for you.

Regards

Wingcent Ning
ATG (ECG Property)
(+65) 8163 6290
wingcent@singnet.com.sg
Property-RentBuySell.Blogspot