Step-by-Step Guide to Selling Your Home in Cyprus

While we may wish that selling a house came down to nothing but a smile and a handshake, we know that in reality, it’s a much more complex process requiring patience, planning, and paperwork. It can be confusing to the layman, so let us give you five steps to make the sales process go more smoothly.

If you’re thinking about purchasing a new home, these three steps will help guide you:

Step 1: Understand Your Costs and Responsibilities

As the seller, you are required to cover certain costs. These include:

Listing your home for sale
Hiring a real estate agent and paying them a commission from the sale
Making any repairs requested by the buyers
Paying closing costs

While you can save money by selling the house yourself, it also means showing the house yourself and completing all necessary paperwork which can be complicated. To make it easier, a real estate agent is worth the money for their understanding of the entire selling process. Hiring one can take a lot of pressure off your shoulders.

Step 2: Decide on a Price

The speed in which you need to sell the house – if you’re looking for a quick sale, you might want to set a lower price.
An appraisal of the home to determine fair market value
Your city or neighborhood’s supply and demand, based on the local economy
How much comparable properties have sold for in your area

Step 3: Schedule Showings

In order to show your home, you’ll need to spruce it up, but you don’t want to spend a lot of money. In order to make your home more inviting to prospective buyers, you should:

Get rid of clutter – you want your buyers to see how much space your home has available, so clean out closets and clear surfaces. Clutter can be a distraction.
Make small repairs – if your home has a small mechanical issue or cosmetic defect, fix it so it doesn’t become an object of contention. This can be as easy as replacing a broken toilet lid or fixing a squeaky cupboard door.
Hide private information – you’re about to have strangers walk through your home, and sadly, not all people are honest. Be sure to hide personal documents and mail and lock up your valuables before showing the house.

Step 4: Negotiate an Offer

When it comes to the sale, you can accept or refuse any offers. If you turn an offer down, you can provide a counter-offer which the buyer can then accept or deny before countering with their own. Keep in mind that:

Offers are not binding until both buyer and seller agree to the terms and sign a contract with an offer to purchase along with any contingencies.
Your contract should allow buyers to do a final inspection of the property within 24 hours before closing.
Your contract should also contain any fees and warranties, contingencies and financing terms, purchase price, the buyer’s deposit and down payment, and an expiration date.

Step 7: Close the Sale

Now is the time to finish all home inspections and necessary repairs. After the buyer is satisfied, the final step is closing. At this point in the process, you will deliver the deed to the new owner, transfer the title, and exchange insurance policies and financing documents while the buyer will pay any costs you agreed upon. Paperwork is signed and then turned into the county recorder. Closing also means you’ll pay any transaction fees and taxes as well as your real estate agent’s commission.

It’s good to remember that your home is probably your most valuable asset. In order to get the most out of your investment, don’t be afraid to ask questions of your agent. With their help, you’ll be well on your way to making a sale.

Step-by-Step Guide to Selling Your Home in Cyprus