Home Business Selling House Below Market Value – How to Prepare For a Home Sale

Selling House Below Market Value – How to Prepare For a Home Sale

Selling a house in a slow market can be quite stressful, especially if you want to avoid paying hefty estate taxes. When in doubt, hire a professional real estate agent. They will know exactly how to handle all the logistics involved in selling a house below market value. However, real estate agents generally do not have a lot of experience when it comes to selling houses in slow markets. The advice they give may not apply to your unique situation.

Decide on a realistic selling price: This is especially important if this is your first time selling a house below market value. It would be a great help if you already have a market valuation done for the property, so you can determine the exact value that you wish to sell it for. Consider selling it for more than what you paid: If your market valuation tells you that selling this house is worth more than what you paid, go ahead and offer more than what you initially paid. This is a good way to entice potential buyers and to make them interested in the property. If you are selling a home to a family member, they will definitely appreciate the extra cash you offer.

Be fair to both the buyer and to yourself: You cannot expect to fully satisfy the wishes of your buyer if you neglect to acknowledge some of their needs. For example, your buyer may want to have an inspection done before he makes his bid. As a seller, don’t turn down an inspection because this could be a violation of fair housing laws. Similarly, if you have received a notice of default, it would be a good idea to acknowledge it to your relative or buyer and settle the issue before it becomes too serious.

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Get an appraisal: If things are looking tough, or your appraisal gives you reason to believe that selling this property is not a good idea, then get a professional to appraise the property. The appraisal should be free of errors and give you a fair market value for the home. Getting an appraisal does not necessarily mean that you have to accept a low figure. If you discover problems with the appraisal (which you should), you can dispute it and should the listing be removed, you may get to keep it. It is better to have the deal checked sooner rather than later as these types of transactions usually drag on for a long time.

Avoid negative red flags: You have to be a bit careful when hiring an independent evaluator. Make sure that he or she is not connected to your relative or buyer. Also, don’t trust an evaluator who bases his or her conclusions on hearsay or who presents you with only a brief summary. Make sure that you have the final say in every phase of the transaction. You can always consult experts if you are worried. It is a good deal if you know what to look for when you enter into a real estate transaction with someone else.

Check the Zillow offers: In addition to looking at the appraisal, make sure you check the real estate listings. The Zillow offers are one of the best ways to determine a fair market price for a house. Unfortunately, recently sold homes in the Dallas area that are listed below the pillow offers often get sold quickly. You can usually see the offers on websites that post recently sold homes, but you should also be able to contact a real estate agent who specializes in buying and selling to get the information about the offer.

Consider a percentage: A percentage of the sales is usually a good idea when selling. This is because the seller will have a sense of what his relative will be willing to spend, and he will also have some idea about what kind of mortgage payment he can expect. You can use this as a negotiating tool. If the seller uses a percentage, it’s probably because the price is close to the fair market value.

Compare the home with other properties: If you are not satisfied with the value, consider an assessment by an expert. Assessments are often fairly quick, and you can find them online. In many cases, buyers who are paying more than the market value will feel like they got a good deal. You can also use this as a negotiating tool if you are unsatisfied with the appraisal or home assessment.


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