If you’re preparing to sell property in the U.S. Virgin Islands, it’s important to know all the steps you’ll need to take and items to check off your list. This is true whether you’re a first-time seller or an experienced real estate investor.
Below are a number things you will need to consider when selling real estate, along with some individual steps to take within each of those categories.
Determine the extent of your need to sell
- Determine your personal financial and real estate goals for the next 10 years
- Determine the pros and cons of selling your property
- Determine if you can afford to purchase a new property
- Calculate the equity you have in your property
- Consider if it is worthwhile to you financially or otherwise to rent the property
Figure out how much it will cost you to sell
- List all the repairs and projects you will need to conduct to get the property in selling condition
- Consider remodeling projects and green upgrades that will increase the value of your property
- Factor in costs such as capital gains taxes, property inspections, penalties for mortgage payoffs, moving costs, marketing and staging costs and expenses associated with getting a new property loan
Develop a strategy for selling your property
- Figure out how fast you need to sell your property
- Research multiple brokers and/or attorneys before deciding which you will consult
- Determine the unique selling characteristics of your property
- Determine your property’s fair market value and then set a price
Market the property
- Use MLS listings
- Put up “for sale” signs
- List your property on real estate publications, Craigslist, newspapers and other websites
- Send out email notices or flyers about your property to potential interested parties
- Take as many high-quality photos of different views of the property as possible
- Consider hiring a professional stager for your photos
- Arrange showings and open houses as people make their interest known
Take offers and negotiate
- Review the prices, preapproval letters, contingencies, earnest money and closing dates for each offer
- Have a process in place to help you quickly review offers if you expect to receive multiple offers
- Take the opportunity to negotiate offers you like
- Have a pre-set window in which you will compromise
For more information and tips on the legal aspects of selling real estate in the U.S. Virgin Islands, work with a skilled attorney.
Steven K. Hardy is Chair of the Real Estate and Financial Services Practice Group at BoltNagi, a widely respected and established real estate law firm serving individuals, businesses and organizations throughout the U.S. Virgin Islands.