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When you work with a real estate agent, you’ll get selling support at every step, from prepping and listing your home to marketing that gets buyers in the door. It’s easy to sell your home when we connect you with a participating Duran Realty NYC partner.
Duran Realty NYC provides a boutique yet complete service, including a large network of contractors, decorators, vendors, and maintenance specialists. Contact us with your current needs and help you with your New York City real estate investments.
1. DECIDING TO SELL
2. SELECTING AN AGENT & PRICE
3. PREPARING TO SELL
4. ESCROW INSPECTIONS AND APPRAISALS
5. CLOSING OF ESCROW
1. DECIDING TO SELL
Why Sell?
One of the primary reasons for selling a property is because you are on the hunt for something bigger and better. If you have a growing family, for example, your current two bedroom bungalow may be too small. This could lead to the need to find something with more space. In addition to a growing family, an increase in income due to a promotion or a change in career could also allow you to make an upgrade into a new price bracket of property.
One of the primary reasons for selling a property is because you are on the hunt for something bigger and better. If you have a growing family, for example, your current two bedroom bungalow may be too small. This could lead to the need to find something with more space. In addition to a growing family, an increase in income due to a promotion or a change in career could also allow you to make an upgrade into a new price bracket of property.
2. SELECTING AN AGENT & PRICE
Why Should You Choose Our Professionals?
If you’re looking to switch careers, becoming a real estate agent is a less time-consuming process than, for example, becoming a surgeon. This doesn’t mean that it’s an easy choice, but simply that there are accessible educational opportunities people of varied backgrounds can use to their advantage. For many people, becoming a real estate professional can be a reality while still demanding and rewarding goal.
If you’re looking to switch careers, becoming a real estate agent is a less time-consuming process than, for example, becoming a surgeon. This doesn’t mean that it’s an easy choice, but simply that there are accessible educational opportunities people of varied backgrounds can use to their advantage. For many people, becoming a real estate professional can be a reality while still demanding and rewarding goal.
3. PREPARING TO SELL
1- Fix Everything that is Broken
A dislodged plug or a door that does not close properly creates a bad impression at first glance. Even if they are minor details that the new owner can change, that image can make you retract your purchase decision.
In this way, if you change the plugs, the faucets that do not work correctly, the doors, the windows or you give the house a coat of paint, it is possible that you will sell your house much earlier and also at a higher price.
2- Depersonalize the Home
This means eliminating those signs that the apartment is inhabited by other people. That is photos of the family and any other memories.
The person who visits our house has to see himself living there, so the less he has of us, the easier it will be for him to have that feeling.
3- Better, without Furniture
Related to the above, furniture can also be considered personal belongings, and a fully furnished home does not allow prospective buyers to imagine the home in their style.
The emptier the house is, the better space will be seen and, therefore, visitors will be able to better think about how to distribute the furniture in their own way.
4- The House has to be Neat and Clean
Another essential aspect is that the house is collected. Clutter, dirt, and odors are the first thing that jumps out and the worst impression on visitors.
Thus, before showing the house to potential buyers, you should do a thorough cleaning of all areas, highlighting the kitchen, bathroom, and windows.
5- Boost Natural Light
When it comes to showing a home, light is essential. A dim, dark house will be a lot harder to sell because the spaces look so much smaller and sadder.
Therefore, try to plan visits at the times when the house is most illuminated. If you also add a little artificial light, the result will be even better.
6- If it is very Deteriorated: Home Staging
The home staging technique consists of decorating a home to make it more attractive to potential buyers. Between two houses with similar characteristics, the one that is better presented will be the one chosen by the client.
If you think that the image of your house should be radically improved, you can hire a professional in this sector to reorganize it for you and make it easier to sell.
How to Organize the House During Visits?
Once you have prepared the home to receive potential buyers, you also have to take into account other guidelines during visits:
7- Keep the House Calm
It is important that there is no noise in the house from television, radio, etc., or that at that moment we are preparing food or washing up. At the time of the visit, we have to stop everything we are doing to disturb the buyer as little as possible and to see the house completely calm.
In addition, if we have pets or small children, it is better that they are not inside the house at that moment.
For everything to be calm, you have to be prepared and leave everything done in advance. Good planning will avoid many problems.
8- Leave the Agents to Attend the Visit
Real estate agents are the professionals in the sector, so it is better that you let them do their job and that they explain the characteristics and advantages of the home. If possible, try not to be present during the home visit
4. ESCROW INSPECTIONS AND APPRAISALS
Inspections and Appraisals
Most buyers will have the property inspected by a licensed property inspector within the time frame that was agreed upon in the effective contract to purchase. Some buyers will have several different inspectors inspect the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure). If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via third party. This is done so that the lending institution can confirm their investment in your property is accurate. A buyer of a commercial property may also have a complete environmental audit performed and/or soil test, if required by the lending institution.
The Closing Agent.
Either a title company or an attorney will be selected as the closing agent, whose job is to examine and insure clear title to real estate. After researching the complete recorded history of your property, they will certify that 1) your title is free and clear of encumbrances (eg. mortgages, leases, or restrictions, liens) by the date of closing; and 2) all new encumbrances are duly included in the title.
Contingencies.
A contingency is a condition that must be met before a contract becomes legally binding. For instance, a buyer will usually include a contingency stating that their contract is binding only when there is a satisfactory home inspection report from a qualified inspector.
Before completing his or her purchase of your property, the buyer goes over every aspect of the property, as provided for by purchase agreements and any applicable addendums. These include:
Obtaining financing and insurance;
Reviewing all pertinent documents, such as preliminary title reports and disclosure documents; and
Inspecting the property. The buyer has the right to determine the condition of your property by subjecting it to a wide range of inspections, such as roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist, mold, lead based paint, HVAC, etc.
Depending on the outcome of these inspections, one of two things may happen:
1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the closing; or
2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract (usually the price).
How do you respond objectively and fairly to the buyer when a renegotiation is demanded, while acting in your best interests? This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, we guarantee our expertise and total commitment to every customer, no matter what their situation is.
Loan Approval and Appraisal.
We suggest that you accept buyers who have a lender’s pre-approval, approval letter, or written loan commitment, which is a better guarantee of loan approval than a pre-qualification or no documentation from a lending institute. Expect an appraiser from the lender’s company to review your property and verify that the sales price is appropriate.
5. CLOSING OF ESCROW
Closing Day
If you have come this far, this means that it is almost time for a congratulations, but not yet. Do not forget to tie up these loose ends:
Final Walk-Through Inspection.
More of a formality than anything else, the final inspection takes place the day before, or the day of the closing. The buyer visits the property to verify that all is in working order, everything is the same as when the buyer last viewed the property, and that there are no extra items left behind.
Cancel Home Services and Utilities.
We will provide a list of useful numbers for the termination of home services and utilities after the closing occurs.
Be Prepared.
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. If something at the property breaks down or the buyers’ loan does not pull through on time, there is no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manner.
Closing.
The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. The buyer(s) will sign this statement and then you will sign as well as the closing agent, certifying its accuracy. If you are unable to attend the scheduled closing, then arrangements can be made depending on the circumstances and the notice that we receive. If you are receiving funds from the transaction, you can elect to either have the funds wired electronically to an account at your financial institution, or have a check issued to you at the closing. The seller should arrange to have all property keys and any other important information for the new purchaser at the closing, so that the purchaser may receive these items at this time.
2021-2022 Capital Gains Tax Rates — and How to Calculate Your Bill
What is a capital gains tax?
Profits from the sale of an investment, such as shares of a stock or real estate, are subject to capital gains taxes. How much these gains are taxed depends on how long the asset was held before selling — a year or less than a year.
In 2021 and 2022, the capital gains tax rates are either 0%, 15% or 20% on most assets held for more than a year. Capital gains tax rates on most assets held for less than a year correspond to ordinary income tax brackets: 10%, 12%, 22%, 24%, 32%, 35% or 37%.
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