How do I sell my home in NY state?
Selling your property can be a daunting task, but following the steps outlined below will help guide you through the process. All the way from the first call with an agent to filling out your RP5217 form and paying your final sales tax with a title company like MacGregor Abstract.
1) How do I sell my home?
The first step is to figure out how you want to sell. There are two main ways that you can go about this:
– Sale by Owner (or FSBO/DIY sale), where the owner, rather than an agent, handles all aspects of sale. With this method, you’ll save on the commission fee charged by real estate agencies for representing you, which averages around 6% of the sales price. The downside is that it’s easy to make mistakes or forget important details when handling negotiations which oftentimes means that you won’t actually be saving any money.
– Hiring a real estate agent. This method is more common and the least risky, as your agent would be experienced in these matters and will handle all aspects of sale (including negotiations).
Doing some research about properties for sale in your neighborhood or nearby will give you an idea of what homes look like and where prices are currently at (so that you’re not over/underpricing your home). There are many sites on which you can find this information: Zillow, Trulia, Realtor.com to name a few. You can also check out Neighborhood Scout for crime stats and other data relevant to making such decisions. Your realtor can also help you with this process.
You’ll need to choose a real estate lawyer. You don’t need to hire your own lawyer if you have a buyer’s agent, as the buyer’s agent will work with a seller’s agent and they will negotiate on your behalf. However, it is common for people to hire their own realtor and a separate lawyer.
The reason for this is that some contracts can be very long and complicated (over 100 pages) and you may want an expert on contract law representing your interests in the negotiations of such an important document. In addition, even though both parties’ agents will review the contract on their clients’ behalf before signing it, there are bound to be disagreements from time to time so having your own representative handle these disputes can save you tens of thousands of dollars and countless headaches.
Accepting an offer is contingent on several factors including, but not limited to: inspection results for major repairs (foundation issues), home disclosure statement (seller is supposed to be very forthcoming with info about their house) and asbestos inspection report. If you don’t want any surprises during closing day, request that these reports are sent directly to you so you can review them before accepting an offer. I would also recommend having a professional inspector inspect the property as well just in case there are items that need repair or replacement that aren’t found during a standard inspection.