Frequently Asked Questions

From Sellers

 

The following is a list of questions that we are frequently asked by folks when they are considering selling their homes.  The answers provided are accurate in most cases but may sometimes require modification based on special circumstances.  If you require additional information or if you want to make sure that these responses apply to your own circumstances, please do not hesitate to call us or to consult with your attorney.

 

 

Q:  Should I price my home above the market average since most buyers will want to negotiate the price down?

 

A:  This is a common mistake many folks make when pricing their homes.  A home that is priced too high relative to other similar properties tends to get fewer showings and, accordingly, less offers.  It is best to price the home competitively so that there are many showings and, hopefully, many offers that can bid the price up above asking.  Remember, your best offers are usually your first ones!

 

Q:  What can I do to improve the appearance of my home to prepare it for sale?

 

A:  Preparing a home properly for sale is one of the most important things a seller can do to maximize exposure and attract good offers.  This concept (known as staging) is a wonderful tool to create the best possible first impression with buyers.  Some staging actions involve minimal effort and expense while others can be more complex.  The goal is to both attract buyers as well as to maximize the dollar value of an offer.  Each home is unique and requires different approaches.  Bill and Nancy are experienced in helping sellers prepare their homes for sale and can counsel you on building a staging strategy that is effective.

 

Q:  Should I sell the house on my own and save the commission?

 

A:  Some folks decide to sell on their own.  While there is a savings in commission expense, there are often serious drawbacks that one should consider before attempting to do a “For Sale By Owner”.  First, the home sale process is a very complex one.  There are numerous disclosures that are required by law, there are contracts that need to be completed, there are optional contract contingents that need to be negotiated, etc.  While some owners are fully capable of navigating through all of this, most folks are not.  A mistake can be very costly!  Secondly, pricing a house for sale is a process requiring skill and market knowledge.  Most folks are not skilled in developing an appropriate price range for their home.  A professional Realtor like Bill or Nancy can be instrumental in helping you decide at what price to list your home.  Third, developing profile for your home in print and electronic media advertising is a skill and an art.  Most folks do not have the time, the skill or the budget to effectively advertise their own homes.  Finally (and most importantly), safety should be a major concern of yours.  If you decide to sell on your own you will need to show the property yourself to strangers who have not been qualified as legitimate buyers.  Using a Realtor mitigates this concern since a Realtor who has pre-qualified the buyer as legitimate always accompanies buyers to your home.

 

 

 

 

 

 

 

 

 

Q:  How much is the commission?

 

A:  Commissions are negotiable and depend on the amount of services that are required, the amount and type of advertising needed, the complexity of the transaction, etc.  Remember that selecting the agent with the lowest commission is not always the wisest decision.  It is more important and more effective to select an agent that you are comfortable with and who can sell your home quickly at the best possible price with the best conditions of sale possible.  A professional agent who markets your property well can more than compensate for any additional commission dollars expended.

 

Q:  How should I select a Realtor?

 

A:  First look for those things that you would desire in any business relationship (honesty, responsiveness, experience, market knowledge, creativity, etc.).  Second, look for differentiation.  Not all Realtors do the same things to sell homes.  Look for what a Realtor does differently than the rest to sell your home quicker and at a better price.  How does the Realtor use the Internet?  How does he or she use photography?  What kind of brochures (if any) do they create?  Is there a roadside marketing presence?   

 

Q:  What should I expect from a Realtor in selling my home?

 

A:  Selling a home takes more than simply putting up a sign and taking out an ad in the Sunday paper.  You should expect your Realtor to be familiar with the current market conditions and how they affect the price of your home.  You should expect your Realtor to be knowledgeable about pricing of your home.  Your Realtor should be Internet “savvy” and be capable of creating a unique electronic presence for your home.  Your Realtor should be someone whom you trust to give you honest advice.  You should expect your Realtor to provide you with frequent and meaningful feedback while your home is being marketed.  Bill and Nancy provide a suite of marketing services to Sellers that includes all of these things and more!

 

Q:  What is the process for selling my home?

 

A:  Once you have selected a Realtor and Signed a Listing Contract, the home will be advertised, placed in the Multiple Listing Service and presented to the public for showings.  Once there is an interested Buyer, the Buyer will submit an offer by completing an Agreement of Sale and presenting it to your listing agent with a deposit check.  At this point a process of negotiation takes place on the price, terms and conditions of the offer.  While you always decide what these will be, your listing agent will handle the negotiations for you with the Buyer’s Agent.  Once there is a “meeting of the minds” on all the particulars of the contract, all parties sign the contract and the house is now “under agreement”.  Usually, the Buyers will want to have the house inspected by a recognized inspection company and any defects or repairs are usually raised within 15 days.  Also, if there is a loan involved for the Buyer, a bank appraisal to establish the value of the home will be conducted.  While all of this is taking place, the Buyer will be securing Title Insurance and Homeowners Insurance (at their cost) and scheduling the settlement date.  On settlement day, you will sign a deed that evidences transfer of ownership to the buyer, present them with the keys and turn over the home empty and clean of all debris.  At this point, you are presented with a check for your net proceeds! 

 

Q:  How long will it take for my house to sell?

 

A:  Time on market is influenced by many factors.  These include: interest rates, condition of house, location of house, price of house, type of house, amount of land, etc.  It is always difficult to predict with any degree of accuracy just how long a particular house might stay on the market before being sold.  Suffice it to say that homes in great condition that are reasonably priced sell much quicker.  While you cannot influence interest rates or change the location of the house, you can make repairs, “stage” it well and price it competitively.  The market analysis Bill and Nancy uses takes these factors into consideration.

 

Q:  How much total expense is involved in selling my house?

 

A:  A professional Realtor like Bill or Nance will show you, before you sign a listing agreement, an estimate of the proceeds that you can expect to receive.  You will receive a similar estimate any time you change the price of the house as well as before you sign an Agreement of Sale.  These estimates will include all the usual costs associated with the sale including commissions, taxes, mortgage pay-off, miscellaneous costs, etc.

 

Q:  How long does it take from the time I sign an Agreement of Sale until I actually settle on the sale?

 

A:  While a sale can be completed in as little as a week or two, more commonly the timeframe is 30 to 60 days.  This is ordinarily an item for negotiation when entering into the contract of sale.

 

Q:  What does it cost to get an estimate of the price I can expect on my house if I have not yet decided to sell?

 

A:  Absolutely nothing!  Bill and Nancy will provide you with a comparable market analysis of how your home compares to other similar homes in recent sales for no charge whatsoever.

 

Q:  Why don’t you charge for this service?

 

A:  We are convinced that once you get to know us and once you see how we market homes you will want only us as your Realtor of choice!