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How To Sell Overseas Property In 15 Simple Steps

Overseas Property

Selling an overseas property is no stroll in the park. It’s a completely different ball game from the usual real estate. A lot can go wrong if it’s not done properly.

To avoid hiccups or costly mistakes, here are some recommended simple steps you can take to sell your overseas property:

1. Sell At The Right Time

The best time to sell your overseas property is during the peak of its lifecycle. This is when its price reaches its highest and when you can maximize profit from the sale. 

The season in which you sell your property is equally important. Most sellers market their homes in summer and conclude their sales by autumn. Properties are seldom put up for sale during holidays or in winter. At this time, most potential buyers are busy holidaying. 

2. Do Some Comparisons 

It’s advised to make preliminary estimates of the property’s worth before you sell. An easy way of doing this is through comparisons with similar offers on the market. A great place to look is on real estate platforms. 

By making comparisons, you can decide whether to sell or wait. If you need to be sure of the value, you could employ the services of a Coquitlam realtor or one from your area. 

3. Estimate Your Expenses

Estimating the value of your property may not be enough. Other expenses could come from selling your property. These include taxes and commissions. Find out what these expenses are before you accept an offer as this will help you determine your final price.

4. Remember Curb Appeal

Before putting up your property for sale, it may help to improve its general appeal. This will help you attract potential customers quickly. Some ways you could improve curb appeal are as follows:

  • Give the property thorough cleaning, and get rid of all the junk. 
  • Declutter the property by taking out unneeded furniture. 
  • Repair all the broken appliances or electricals.
  • Paint the walls using neutral colors.
  • Spruce up the garden and the outside area around the property.

Remember not to spend too much on presale repairs, as this could decrease your potential sales revenue.

5. Hire Realtors

Hiring realtors can make the sale of your overseas property quite a breeze. When you choose a realtor to work with, pay close attention to the quality of their services. Check whether they have the experience and customer care that you require. You also have to ensure that they have the market segmentation you need.  

The main roles of a real estate agent include the following: 

  • Property evaluation
  • Marketing 
  • Organizing viewings
  • Handling potential buyers
  • Negotiating the best price
  • Facilitating signings.

Employing a real estate agent has the main advantage of saving you time and money. Agents specialize in buying and selling properties, so they’ll likely get you the best price for your property. If you’re selling during the off-season period, you could hire more than one agency to improve your chances of getting the best deal.

Hire Realtors

6. Sign An Agreement With Your Realtors

When you’ve hired a realtor, you’ll need to sign an agreement with them. The agreement will typically include the following: 

  • The agreed price of the property
  • The terms and conditions of price negotiations, including the last price
  • The agent’s commission fees and how they’re to be paid

7. Let Professionals Assess Your Property 

Always allow realtors to do a proper assessment of your property. You may risk having a subjective assessment that may affect the best price for your property. Realtors are typically always aware of market trends, and they’ll give an objective value. 

8. Prepare The Necessary Documents

Next, you’ll need to have all the necessary paperwork ready. Depending on your country, the documents required to sell your property may include:

  • The title deeds to the property
  • Affidavits from the authorities, verifying that the property is legitimate 
  • Documents to show that there are no outstanding debts linked to the property

Your realtor will usually have a list of all the documents needed, and they’ll help you draft the paperwork needed. 

9. Get Professional Photos

Before putting up your property for sale, make sure that you’ve taken some quality photos. These will help with the marketing of your property. It may help to hire a professional photographer to take the best shots. 

10. Advertise 

The best place to start advertising your property is online. Most home seekers are likely to start searching for properties online. It’s therefore advisable to place some adverts on trusted and well-known platforms. 

11. Use The Right Platform 

Although one of the best chances for successfully selling properties is online, some platforms won’t be ideal for overseas sellers. Some may not even allow international realtors. You, therefore, have to do a bit of homework and search for sites that promote international realtors.

12. Get A Lawyer

You can hire a real estate attorney to represent your interests. You should also have a notary to certify all the sale agreements, and conveyancing and brokering the property transfer. Either the buyer or the seller hires the notary.

13. Sign The Contract

When you’ve found a buyer with the best offer and who agreed to the offer, your next step is signing the sales contract. The buyer has to make an initial payment deposited into a notarial account until the ownership transfer is complete. This initial payment is usually 10% of the sale price.

If you decide to cancel the transaction, the initial deposit will be sent back to the buyer. When the buyer has done due diligence, both you and the buyer sign a purchase and sale contract, during which the buyer pays the rest of the sale price. When the property is registered in the new owner’s name, the funds are transferred to you. 

14. Pay The Realtor

Depending on the country you’re selling in, you may need to pay a realtor’s commission. In countries like the USA, Spain, and Hungary, this is a shared cost between the seller and the buyer.

15. Pay Your Tax

When you’ve received the funds from your property sale, don’t forget to pay your tax. Depending on your state, you may need to pay capital gains tax, which is normally paid in the country where your property is located. But, if the taxes are higher in your country, you can pay the difference in your home country.

Conclusion

While it’s a good idea to research the market trends and the law governing real estate in the country where your property is situated, it’s advisable to hire a professional to act on your behalf when selling property overseas. Realtors will typically be knowledgeable about property sales, contracts, and tax-related issues.

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