You’re getting ready to make what may be the biggest financial investment of your life—selling your luxury home.
In Tennessee, a luxury home is any home valued at more than $500,000, and selling one can be a lot of work.
Real estate agent Robin Ann Aggers, who has 16 years of experience and is a member of the National Association of REALTORS, offers the following tips.
Don’t Let Just Anyone Tour
With less expensive houses, owners will sometimes let anyone tour, but with luxury homes, you have to be more concerned with who is touring your home. Don’t let anyone on the property unless they are prequalified, Aggers said. Do your homework on potential buyers.
To be prequalified, a potential buyer needs either a bank statement proving that they have enough money to buy the house or, if they’re planning on getting a loan, a pre approval letter from the bank or mortgage company.
Also, the buyer shouldn’t make any big purchases or make any changes that might affect his or her credit score during the sales process. Even something like buying a car could disqualify a buyer from obtaining a loan.
Hire an Agent
Selling or buying a house is expensive and time consuming. Don’t go at it alone. You need someone to market your home, list your home on major websites, set up showings, help you negotiate price, inspections, appraisals and then walk you through the closing process, etc. They’ll also see that you get professional photography and video of your house.
Market to Buyers Worldwide
Don’t just spread the word in your local area. Your buyer could come from the other end of the country or even the opposite side of the world. Thankfully, the internet is a great tool for marketing internationally.
Most real estate agents will have access to a multi-listing service that will list your home to other Real Estate Professionals and Networks.
Take Down Your Personal Belongings
You want potential buyers to look at the house, not your stuff. This includes any guns, medicines, or pictures. This also protects your privacy and shows that you’re serious about moving.
Have a Website
It may seem strange to have a website just to sell your house, but it can make it easier for people to find you. Most buyers are researching on the web to find a home before they find a realtor.
Don’t Feel Like You Have to Meet the Buyer
It may seem odd, but in these incredibly expensive purchases, the buyer and seller often never meet. Most transactions are conducted through professional agents. This doesn’t mean that meeting the buyer is bad, just that it is not necessary.
The process is the same for both normal and high-end residential closings. You’ll need a title company to research the home and make sure the property has a clear title and can be transferred with the property. This is even more important for expensive houses.
Have any questions about real estate? Contact Rochford law’s luxury home real estate attorneys for a free consultation.