Selling Advice

Home Pricing - Never select an agent based on price. The agent has no control over the market, only over the marketing plan. Base your selection of agent on the competence of the person and the services provided. Don’t allow or encourage agents to ‘bid up’ the price in order to get your mandate.

The value of a home is determined by what a buyer will pay a willing seller.

The amount of time a house is on the market affects the price. If a house is overpriced initially, then it has a good chance of selling below market price. The reason for this is that by the time the house price is reduced to a fair and reasonable selling price, it has become over-exposed and has begun to raise questions in the buyer’s mind…. “What is wrong with it? Why did nobody offer on it?” These are just some of the dangers of overpricing.

Remember! The wrong price attracts the wrong buyers and the right buyers won’t see the property!

Price Versus Time
Prices in the real estate market rise and fall over time. In today’s volatile market, correct pricing is absolutely CRITICAL since the market won’t absorb an overpriced home within a reasonable time. The result is that the longer an overpriced home is on the market, the less likely the seller will be able to obtain his asking price.

Pricing Guidelines
What is your property worth?

What you paid for your home doesn’t determine it’s value!
The amount of cash you need to buy your new home doesn’t determine it’s value!
What I say your home is worth doesn’t determine it’s value!
What another Estate Agent says your home is worth doesn’t determine it’s value!

The value of your home is determined by what a BUYER is willing to pay in today’s market based on COMPARING your home to others currently on the market and those sold recently.

Buyers always determine value !

Overpricing
First impressions are lasting. A house realistically priced from the beginning offers the best opportunities for you to obtain top ranks….

Listed below are just some of the consequences of overpricing:

If the price is too high relative to the competition, buyers may not even look at an otherwise attractive property.
Worse still if the house is overpriced, some estate agents may bring people through it to help sell another house.
An overpriced property can go stale after the important first few weeks on the market…then when the price is reduced, the house is overlooked.
Demand sets prices. Buyers purchase by comparison shopping. In the buyer’s eyes, your price must be justified in comparison to other homes.
Never select agents who will, at first, suggest a very high price, then after they have your listing work the price down !
Never select agents based on the price they give you! But rather on the accurate information they supply to you and their ability to market your home to get you the best results.

Benefits of a Sole Mandate

Buyers will be qualified by us and only then be introduced to your property.
Only one reason is given for selling.
Far greater security – you only need to hand out one key.
Viewing times will be set – no continual unannounced visits by other agents.
You won’t have two or more agents bringing the same buyer.
Eliminates any race for a ‘quick, low offer’. Your agent will not pressurise you to accept the first offer. It provides time to secure the highest offer.
Property will not be abused as a springboard to sell other houses as often happens with open listings.
Consistent and generous advertising budget with our sole mandate.
After sales service.
You have a professional working for you at no cost, unless successful.
We have an open-house policy that if other agents have potential buyers, they can work through us, we will arrange the viewing and split the commission.

When an offer is made

Presenting an offer
When an offer is presented to you, you will have three options to consider:

Accept the offer exactly as presented…and your house is SOLD!
Make a counter proposal – Propose changes to the offer, i.e. price, personal property, transfer or possession dates, etc. so that it is acceptable to you.
Reject the offer

Delivery of the Contract
A copy of the finalised contract will be delivered to both buyer and seller. All pertinent legal documents can be delivered to your attorney, if you desire.

Finalising all Conditions

If the contract states that financing will be provided by a lender, it is the buyer’s responsibility to make an application for the mortgage loan as soon as possible. The buyer will be given a set number of days to procure the loan, as stated in the contract. The lending institution will verify the buyers credit, work records, and determine his ability to meet the monthly obligations. Since your buyer’s mortgage loan is to be secured by the house itself, the lending institution will assign an appraiser to visit your home to determine that the value is enough to secure the loan. When all the information is received, the mortgage loan underwriter will either approve or disapprove the loan.
After the loan is approved, more legal work is necessary, though you will have very little involvement. The title deed will be searched, bond cancellation of the property may need to be ordered.
If the property is a sectional title unit, your Body Corporate may have to be contacted.
When the paperwork is in order, both buyer and seller will be called upon by the conveyancer to sign the transfer documents. We will assist your attorney to ensure a smooth and timely transfer.
Keys will be delivered to the buyer of transfer, or whenever possession of the property has been agreed upon.
Immediately after transfer all funds will be disbursed by the conveyancer.

My Responsibilities
My responsibilities are not fulfilled until the transaction is completed:

I will follow the progress of all steps mentioned so I may keep you abreast of all developments.
I will do everything in my power to work with your mortgagee, accountant, lawyer, etc. to ensure a timely and highly satisfactory settlement for you.

Seller’s Checklist

Book the removal company.
Arrange for your telephone to be transferred if in the same area or apply for a new one.
Arrange for electricity and water to be disconnected and to be reconnected at your new home.
Arrange with the Post Office to redirect your post. (they provide a free service for one month). Make arrangements with the seller or agent to fetch the keys to your new home.
Advise the following people of your change of address:
- Receiver of Revenue
- Provincial Administration (for your motor vehicle registration)
- Department of Home Affairs (book of Life, passport)
- Your bank
- Your insurance company
- Your employer
- Your children’s schools
- Your doctor and dentist etc
- All other firms with which you have accounts.

The Transfer Process
This is the final stage of a successful sale.

It takes an average of three months for the transfer of a property to go through. If the sale is a cash one with no suspensive conditions, then transfer can take about four to six weeks. But where there are delays and linked sales, transfer will take much longer. Neither agent nor attorney can guarantee a specific date of transfer, only a forecast.
Therefore, it is important that an occupational date be set out in the Deed of Sale, and that the buyer agrees to pay the seller a monthly sum (occupational rent) until day of transfer. Should the transfer take place during the month, occupational interest will be charged on a pro-rata basis which is monitored by the attorney.

We advise very strongly that the buyer does not take possession of your property before all suspensive conditions have been met.

To prevent any unnecessary delays, ensure your bond, rates, levies etc, are all paid up to date. Have all necessary documentation ready.

Once again we thank you for this opportunity. Our presentation is a measure of the quality of service which you can expect from us until your house is sold.

It is one of the reasons why we at ‘Latsky Properties’ should be your choice of Real Estate Agencies.

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