Loans: Aim for a smooth transaction

Often loan schemes will place certain restrictions and responsibilities on the seller and/or the buyer. It is important to understand what those restrictions are, because they will affect the mechanics of any transaction.

Your banker or mortgage specialist can advise you on the details of the particular loan your buyer is seeking. Seek expert advice and you will avoid the usual pitfall and hopefully enjoy a smooth trouble-free transaction.

Prepare financial breakdowns in advance

Prepare financial breakdowns in advance

Your lender or mortgage specialist can help you with this too. It is important to be able to show potential buyers what it would cost to buy your property and what their monthly payments are likely to be. Financial and cost breakdowns are important, because they should give your buyer the necessary assurance to write a contract.

Buyers often use "a lack of financial information" as an excuse for not writing a contract. Buyers are generally unprepared - so do your homework in advance.

Pre-qualify your buyers

Don't waste valuable marketing time on a buyer who can't get a loan. Pre -qualifying interested buyer's is essential and it is something your banker or mortgage specialist should be able to help you with.

For example each time I have sold a business, I've always asked for a letter from the potential buyers banker, before releasing commercially sensitive information I would always ask for an assurance that the buyer has access to sufficient funds to purchase the business. I would always say to the buyer, "I want proof that you have the ability to buy my business."

Selling a property is somewhat similar. It is imperative that you pre - qualify an interested buyer. It would be stupid to let someone who is not able to get a loan, tie up your house sale up with a contract that is never going to be finalized. That would be a waste of everyone's time and could potentially lose you a genuine sale by a genuine buyer.

A mortgage specialist could give you guidance as to whether a buyer can afford to buy your house. They will be able to tell you if the buyer would qualify for a mortgage and if it is worth proceeding further with the transaction.

Consult with a mortgage specialist

Regardless of who else helps, YOU will always be the most important member of the team. You are the person who has to market your home, find a buyer, negotiate the contract and coordinate the whole process from start to finish.

Networking is tremendously fruitful if done correctly. Some people are time wasters so it is important to select the "right" people.

Remember that there needs to be a reasonable amount of give and take on both sides. If you continually pick someone else's brains without returning the favor in some way, you will run the risk that the other person, will lose interest in helping you. A good net worker has two ears and one mouth and uses them proportionately. Listen and ask questions.

If you have a mortgage then it pays to consult with the person (or company) that loaned you the money. This could be a mortgage broker, a banker, a lender or for the purposes of this we'll call them a mortgage specialist. If they can't help you, or if you don't want them to help you, then you might need to look for someone else who can.

You need someone who is knowledgeable and truly professional. Friends or associates may be able to recommend someone who fits the bill. A mortgage specialist will have the knowledge to help you complete the transaction smoothly.

Selling? Seek help from the right people

Although you are selling your house yourself, you shouldn't try and do everything on your own. I guess you already understand this, which is why you are reading this manual.

Selling your home alone can be disheartening and in many ways scary. You have to shoulder the responsibility all by yourself. The key therefore, is to find the "right" people who can help you through the sale and closing process. Accept that you can't do all the things necessary to close the transaction yourself. There is a lot at stake, so it is important to seek help, in order to get things right.

Be wary of bargain hunters and Plan for the unexpected

Just like those real estate agent, you'll probably get calls from bargain hunters. Some people think that just because a property is advertised FSBO, that the buyer is desperate, or that the normal agents commission can be knocked off the price even before starting to negotiate. Keep an open mind but be wary.

Plan for the unexpected

An opportunity (or problem) could present itself at any time. It is best to be prepared to grasp opportunities, or nip problems in the bud before they get out of hand. Plan for the unexpected.

Be prepared for calls from agents

Facing a barrage of calls from agents wanting to list your property is something you need to be prepared for. They are only doing their job so don't get too annoyed or upset. Besides they are use to knock-backs and in most cases immune to abuse. Just be polite and tell them you are handling the sale yourself.

They may even offer some tips and guidance.


Be prepared for the oldest trick in the book

Some agents will ring telling you they have a buyer. Don't slam down the phone too quickly, because they might be telling the truth. They might genuinely have a buyer for your house. What they usually mean is that they have buyers who are looking to buy a house in your area. Not necessarily your house, but "a" house in your area. There is a big difference!

They may even ask, "Is it alright if I bring someone around to have a look? "

Again that doesn't necessarily mean that they have a buyer for your home. Remember, they are in the business of showing people through houses.

Most agents will just be fishing for a listing. They just want to get their foot in the door so they can pitch for your commission.

If you do want to sell your house yourself then just tell the truth.

If they persist then suggest they post you some information. They probably won't bother.