Do you want to sell?

Press, 17 May 1989, Page 49

Do you want to sell?

As discussed in the above article, a real estate salesperson wishes to show your property to an interested prospective purchaser. This approach has come totally unexpectedly. As owner(s), you had not even contemplated selling but after digesting the request, you are faced with three options, which are: • Rejecting the approach outright. • Asking for more time and/ or more information. • Deciding to proceed to the next step. Each of those options involves to some degree answering the question, Do we want to sell? Obviously at some time. the answer to that question will be Yes, given that the average-home-owner changes property at least twice in their lifetime — and some people, of course, move to a new home at frequent intervals.

If you have no reason to sell, then why go through the hassle? You may already be living in earthly paradise. But if this approach by a real estate salesperson on behalf of an interested

prospective purchaser(s) unleashes a number of positive reasons why you should consider selling, then go to it! At this stage it is unlikely that any purchase price has been mentioned, though the prospect may have instructed the salesperson to inform you that he/she is looking for a property in the price range of $X to $Y thousand dollars.

With your partners, family or, if you live alone, perhaps with knowledgeable friends or your professional advisers, list all the positive reasons for selling at this stage and then list all the negative factors. It is then and only then that you will be able to make a proper assessment. To agree to sell without first giving the matter due consideration is a recipe for disaster, though of course luck could be on your side. But with the large investment involved in homeownership one should not leave anything to chance. The assessment to find whether or not you should consider selling your home when faced with an unexpected approach — and, indeed, even

when taking the initiative yourself — involves a mixture of considerations. The list of considerations could be lengthy, but here are some obvious and perhaps some not so obvious ones;

Financial: Establish market price of own home; set own “bottom price”; estimate probable net cash after sale based on that “bottom price”; what’s the position with mortgage; find out associated sale costs such as commissions, legal fees and relocation costs.

Life-style: Consider the effect of sale on your/family personal life including interaction of family with friends, the neighbourhood; physical benefits/ shortcomings of house and grounds. Emotional factors: Identify and consider everyone’s attachments to the property, such as personally planned and executed construction/ alterations/ landscaping, favourite rooms and places outdoors, etc. Those are the factors that transform a house into a “home” and which can mean so very much to some people.

Relocation: Where are suitable

replacement properties; what do you actually desire; what is the likely cost; is that affordable? Shifting home involves tradeoffs because there always will be physical and intangible disadvantages in moving away, and not all losses will be recoverable. At the same time, one has the opportunity to make new gains, to enjoy an alternative home environment and perhaps — if one is bold enough — to find a whole new way of life. Such a happy ending, however, will not be in prospect for everyone and that is the reason why it is so important to make a proper assessment before deciding which way to move. There is no reason to feel offended or to be unduly elated if somebody indicates interest in possibly purchasing your home. It’s a legitimate trading option and a great number of properties have been sold as a result of a salesperson appearing on the scene on behalf of a client. After all, if you do decide to sell it is also an option at your • disposal when embarking on your search for a choice replacement property.