How To Close Escrow In This Current Market Successfully

Waterloo, NY
Image by statPaige via Flickr

 

PREPARE YOUR PROPERTY FOR MARKET– When selling a multi-family apartment building or a single family residential home for clients I recommend a few basic steps. Remove the clutter, paint and clean the property including any tree work or exterior landscaping. First impressions are the most important along with curb appeal and location.

FOR COMMERCIAL OFFICE SPACE THINK OUTSIDE OF THE BOX– Turn a large vacant area into a pleasant work environment by renting office furniture. If the owners have moved their business to another location ask them to leave some cabinetry and office furniture to enhance the property for showing.

MULTI-FAMILY UNITS – When 100% occupied and subject to inspection take a video and walk the property to show interior and exterior amenities. If there is a vacant unit it may be important to stage so a perspective buyer can visualize how they can market as a future rental.

PROPERTY INSPECTIONS – Allows the sellers to be realistic about their property  in determining a price that will sell and the buyer knows what they are purchasing allowing for a successful close of escrow with very few surprises.

PRICE YOU’RE LISTING TO SELL –It is extremely important to understand sales comparisons in your area. In addition, knowing any costs associated with termite damage from the property inspection reports and obsolescence or deferred maintenance all are important factors when determining a price to market your property.

OFFER DATES STILL SUCCESSFUL – I believe for my sellers the aggressive marketing strategy for an Offer Date is still very effective. Often this strategy is very effective because buyers and agents will preview the property sooner than later. Especially on residential properties you can create a large Open House frenzy. When a home is priced correctly and shows well you can still get multiple offers.

REQUIRE ALL BUYERS TO BE PRE-APPROVED AND READY TO CLOSE– This is a crucial point in any successful close of escrow, a strong buyer with a strong deposit is often more important and the highest price offer.

PERSONALLY ASSIST WITH THE WALK THROUGH FOR A BUYER OR SELLER OF A MULTI-FAMILY APARTMENT BUILDING– It is extremely important to explain or answer any questions that a potential buyer will have during this process of the transaction. I recommend that if an owner is not the hands on manager they should make sure the person who knows the property is present to answer any questions from the buyers. 

BROKER EITHER REPRESENTING THE BUYER OR SELLER– It is extremely important to be present at the escrow signing to answer any questions and to see that all questions are answered by the escrow company as well so your clients can close escrow on time.

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