Get an accurate estimate of price before putting your house on the sale

Housing sales: Make it presentable, clear off dues, and have documents ready before you meet potential buyers

Housing sales have gathered pace in recent months. According to real estate consultancy ANAROCK, housing sales in the country’s top 7 cities were the highest in the first quarter of 2022 since 2015. If, due to poor market sentiment, you have waited for a long time to sell your property, now is a good time to proceed.

Assess the value

First, you need to figure out the going rate in your area so that you can set a reasonable asking price. “Quoting an unrealistic price will drive away potential buyers,” says Sumit Jain, chief business officer, Square Yards.

One option is to search online real estate portals to get an estimate of the current price. “Online real estate firms can also offer you this service at a low cost,” says Vikas Wadhawan, group chief financial officer, Housing.com, PropTiger.com & Makaan.com.

Even property brokers in your area can provide you with an idea of the rates at which recent deals have taken place. 

Put your house in order

Your house should look nice when you show it to buyers. “Present a house that has been cleaned and decluttered thoroughly. Give it a fresh coat of paint. Use the services of a professional cleaning crew to prepare the house and make it presentable,” says Prashant Thakur, senior director and head of research, ANAROCK Group.

Getting rid of old furniture can make the house appear more spacious and ‘ready to move in’.

Use intermediaries to find a buyer

Listing your property on online real estate websites is one option. “The listing will be visible to thousands of potential property buyers and lead to a quicker sale,” says Jain. He adds that while brokers have a good knowledge of the locality, they may not possess a repository of accurate price data. As a result, he says, the price they quote may not match the actual value of the property.

Those who are comfortable paying a brokerage may consider approaching a local property broker. “While choosing a broker, consider his knowledge of the location, track record in selling properties, and market reputation,” says Thakur.

Keep all papers ready

The seller must keep all property documents in order. “Every buyer would like to have a copy of all the necessary documents when he purchases the house. Once the sale is done, the buyer will ask for these documents. A delay can result in cancellation of the deal,” says Thakur.

Among the papers you must keep ready are the conveyance deed, society documents including a no objection certificate from the housing society, sanctioned plan, letter of allotment, and the latest property tax payment receipts.

Take necessary permissions

You must take all the permissions required to sell your property before putting it on the block. “You may require the permission of various authorities to make the transfer. In case you are a member of a housing society, you will have to comply with the Residents Welfare Association (RWA) rules regarding the sale,” says Wadhawan.

Also, clear all dues including property tax, utility bills and society maintenance charges.

Check your loan status

If you have taken a home loan to buy the property, you will have to get a clearance from the bank. “The bank will issue you a letter, stating your outstanding liability. After this amount is repaid, the bank will return your property papers. You can then proceed with the sale. Alternatively, you can give this letter to the buyer to arrange the money for pre-closing the home loan. If the buyer also needs a home loan, he can apply to the same bank. If he wants to go with another lender, the property documents will be handed over to the new lender by the old one after the former pays the outstanding amount to the latter,” says Wadhawan.