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The Selling Process
It is generally considered that a property has many values:
1) Owners Value- The price the owner wants.
2) Comparative / Market Value- This method of appraisal assumes that properties with similar characteristics will sell at similar prices.
Market data is collected on recently sold properties and from this data value is determined.
3) Investment/ Income Value- This method determines the present value of future cash flows from the property and presumes that this value is the current price an investor would pay.
4) Replacement /Cost Value This method of appraisal determines the value of the site, adds the cost of replacing a modern equivalent of the subject building (construction) and deducts depreciation if the building is not new.
5) Actual Value- The price that a willing Buyer pays to a willing Seller in other words the price for which the property is sold.
Once the Real Estate Broker values the property and the Seller is in agreement, the Broker will suggest different methods for marketing and selling your property. For example, Classified Ads, Feature sheets for distribution, Internet Exposure. Etc. he/she will also recommend important points to you with regards to the general condition of the property and showing instructions.
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