sales procedures for selling a loft Archives - Loftway : Loftway


Why Use a Real Estate Agent?

15 Oct 2017 · by Virtual Results PubSub

Whether you’re buying or selling a Loft in Los Angeles, you’ve probably considered whether or not it’s really necessary to work with a professional real estate agent. With so much information available online, isn’t it possible to go through the process alone? While working for yourself may save you commission fees, it could end up costing you more in the end. Here are some of the most important reasons why we think it’s valuable to work with a professional.

Pricing expertise

Pricing a Loft is a little like playing Goldilocks. You don’t want to price too high or your Loft will languish on the market. You don’t want to price too low, or you’ll lose out on a better deal. You do want to strike the perfect balance and price it just right. A professional real estate agent will have expertise in the local market and knowledge of neighborhood comps. They’ll help guide you to choosing the perfect listing price for your Loft.

Dealing with paperwork

Buying or selling a Loft in Los Angeles generates a high volume of paperwork. This includes purchase agreements, disclosure statements, inspection reports and so much more. It can be time-consuming and intimidating to pore over each document. A professional real estate agent deals with paperwork every day, and can help you navigate through and stay on top of all the documents that need to be read, signed and processed.

Negotiation skills

Negotiating is a learned skill, and professional real estate agents practice it every day. Negotiating on your own behalf can sometimes be difficult, especially if you’re emotionally connected to the Loft. An agent can maintain professional detachment and treat the process as a business transaction.

Easy access

Although the Internet has made it easier than ever to list and browse properties for sale, it doesn’t take the place of having an agent assist with your search. A professional real estate agent will be connected to a network of other agents and have easy access to property listings. They can quickly perform searches to find Lofts in Los Angeles that meet your criteria, call the listing agents and set up appointments for viewing.  If you’re selling, an agent can field these calls for you, make appointments and answer questions.

Avoiding problems with closing

There’s nothing worse than getting all the way to closing day and have the deal fall through. Watching all those weeks and months of work just disappear can be frustrating. A good real estate agent will know what kinds of problems to look for and will be prepared to handle them before they become issues. This could include making sure the title is clear and that the lender will meet the deadline for financing. They’ll also stay on top of all the professionals involved in the process, to ensure that everything is moving forward on schedule.

Though technology has made it easy to gather information about buying and selling Lofts, it doesn’t take the place of a professional real estate agent. Having an expert in your corner can help mitigate much of the stress of the sale, head off potential problems and get you the best deal for your Loft.




Selling an Inherited Loft

6 Oct 2017 · by Virtual Results PubSub

Selling Inherited PropertyDid you recently inherit property from a loved one that you intend to sell? If so, you have probably discovered that selling inherited property is an emotional process that comes with its own set of challenges. And if you have inherited a Loft along with your siblings, there are even more logistics you have to deal with. Here’s what you will need to know to make the process as smooth and pain-free as possible.

Understand the tax implications

When selling a Loft that you’ve inherited, the tax basis is the value of the property on the day the previous owner died. You will owe taxes on whatever the difference is between the value of the Loft when you inherited it and the amount you sell it for.

To illustrate, if the Loft was valued at $100,000 on the day the previous owner died and you sell it for $150,000, you will report a gain of $50,000 for tax purposes. If you are splitting the inheritance with others, then the gain will also be split. For example, if you would be sharing the inheritance with one sibling, each of you would report a gain of $25,000. If the selling price is less than the value, you do not need to report a gain. If you have any questions, seek the advice of a qualified accountant or tax attorney.

Wait through probate

Before you sell the inherited property, you must wait for it to go through probate. Some states allow for an expedited probate process if the total value of the estate is relatively small. However, most estates that include property will likely exceed this threshold. Once probate has concluded, the executor will be given permission to distribute assets and settle debts.

Make an agreement to sell

If you have inherited property with others, all parties will need to agree to the sale. If not everyone agrees, working with a mediator can help. In some cases, one party may want to keep the property and will agree to buy out the other shares. In other cases, the property must be sold in order to settle any outstanding debts the estate may have.

Prepare to sell

Once all parties have made an agreement to sell, it’s time to prepare the property to go to market. The Loft will need to be cleaned out first, oftentimes through an estate sale. Usually one person will be designated to handle any transactions. This is typically either the executor of the will or the trustee if the property was held in a trust. Consider enlisting the help of a real estate professional, who can assist with pricing the Loft accurately, coordinating showings and handling the closing process.

Be gentle on yourself

Selling an inherited Loft from a loved one is a tough process. Sorting through belongings and deciding what to keep and how to divide them up can be emotionally draining. Even siblings who have great relationships can find themselves in heated arguments. Be sure to take care of yourself and find time away to decompress during the process.