OVERCOME DELAYS WHEN SELLING YOUR PROPERTY

Property selling in any property market has its own practical issues, and in a competitive market such as Dubai, speed really matters to beat out the competition. Many sellers experience losing the deal after they get interested buyers or even during early stages of the transfer.

What are the main reasons for losing a deal when selling a property?

• Financial Approvals and Constraints

• Increased Mortgage Processing Time

• Indecisive Buyers

• Longer Selling Timelines

So how does a seller overcome these shortcomings in a competitive market and get their property sold to the best of their interest? Here are the core elements that a seller should follow that will possibly offer them the best deal.

Working with RERA certified agents

A lot of agents and agencies are competing in Dubai to provide professional assistance to buyers and sellers. But the quality of service might vary given the market competition and the baseline of identifying a proper agent is to check their RERA certification. Being certified with DLD’s licences generally makes your transfer legal and secure. Working with uncertified agents might be cheaper and they might offer you faster methods, but in the eyes of the law, the property owner is engaging in an illegal property transfer. So make sure to have every aspect of your transfer legal to make sure the seller will be present until the deal is complete.

Qualifying Buyers

Having a professional and experienced agent to assist you comes in handy to qualify and pre-approve buyers. Making sure the buyer has the means to buy the property or to finance is important because doing every aspect of the deal properly doesn’t mean anything if the buyer cannot manage to finance the deal.

Using Escrow / Trustee Services

Using these services will strengthen the agreements legally. This takes off the pressure that the seller has with concerns of the deal failing.

Preparing Early On

Making sure everything that is to be completed on the side of the seller might be the difference that it takes to lose a buyer. Making sure the documents such as the NOC, Title Deed / OQOOD, Copies of EID and others are provided to the agent while all remaining repairs, inspections or payments are completed as soon as possible. Having all of this completed beforehand can make sure deals close very fast.

Understanding Mortgage and Finance options

Understanding how the current financing situation of the seller and the options that are available or unavailable within the deal is necessary to come to an agreement with the buyer.

As it is explained above, these aspects that can be completed in the earliest stage of selling a property can help the seller to go through the deal before the buyer loses interest or gets another offer brought up to them. With the modern competition or personal reasons such as the necessity of a residence might push the buyer away from the deal even if the seller presents a property in an excellent condition.

While there are many other moving parts in selling a property in Dubai’s property market, each deal is its own. Consulting the services of an expert property consultant can save the seller a lot of trouble and stress. At Anarock Middle East, we make sure that we study the property and requirements of the seller to guide them through the process making sure that the transfer is swift, transparent, secure and that it is in the best interest of the seller. Thinking of selling your property? Contact us or visit our offices to share your requirements with us.