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Tips that can make a real estate transaction go smoothly

You don't want to run into any issues or hangups with a real estate transaction in New York, as they can just slow the process down or derail it entirely. However, this is a complex process where issues can arise. The tips listed below can help things go as smoothy as possible when selling a property.

1. Work with buyers who are pre-approved. Some people may want to see the property before going to the bank, but this is risky on your end. You don't know if they have any chance of approval--and they may not know either. Buyers who have been pre-approved can still be turned down, but it's less likely.

2. Ask about the maximum approval. If you're trying to sell for $400,000 and a buyer is only pre-approved for $300,000, for example, it may be a waste of your time. The buyer may just be looking to offer well under what you'll take.

3. Ask buyers what their wish lists include. This way, you know right away if it's a good fit. If a buyer desperately wants things the property simply doesn't offer, you could both be wasting your time.

4. Keep communication open. This is important when taking offers. Agents can discuss potential offers before officially making them to be sure both sides are at least somewhat on the same page.

5. Understand that delays can happen. Be prepared for them. This can help reduce the stress when something minor happens, and you may even be able to identify likely delays and take steps to make them less probable.

Above all else, be sure you understand the entire legal process, especially in more complex transactions, like short sales.

Source: Bigger Pockets, "10 Helpful Tips For A Smooth Real Estate Transaction," John Steele, accessed March 25, 2016

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