|
Especially Helpful if you haven't sold a house in a while
How do I know what my house is worth?
A real estate agent can do a market analysis by visiting your house and
comparing it to similar houses by size, type and location. The agent will
compare it to the actual selling price of those houses to get a fair market
value for your house.
How much higher do I set my asking price over fair market value?
Because a buyer will probably bid below asking price, you do want to allow for
that. However, not by more than 5-10%. Some sellers (or agents) will want to
list pretty high, hoping they’ll get someone who likes their house enough to pay
that. Unfortunately, this very rarely works because buyers in today’s market are
educated consumers and know the values pretty well. Also, many are working with
buyer’s agents who are responsible to the buyer and not the seller, and will
advise them accordingly. Overpricing risks having your house sit on the market a
long time until it gets "stale" and potential buyers start to wonder why no one
wants it.
You represent me and my best interests, right? What about if the buyer has a
different agent?
Yes, as your listing agent I am looking out for your best interest. Your buyer
will also have an agent they are working with. Their agent is never working for
you (technically called a subagent) unless you agree to compensate subagents
(not recommended). Their agent is either acting on their behalf and in their
interest (called a buyer's agent) or on no one's behalf and in no one's interest
(called a facilitator). For obvious reasons of conflict, if I also represent the
buyer of your house, I would not be able to act as a buyer’s agent for them - I
work for you, the seller.
If I have a real estate agent do I still need a lawyer?
Your agent will walk you through the steps and forms, but it is recommended that
you have a lawyer look over the Purchase and Sales Agreement before signing,
since it is a binding document and covers all details of the sale. If you have
an unusual or unique situation you may want a lawyer involved through the whole
process.
What about the home inspection – how responsible am I for everything?
The home inspection is an option your potential buyer has once you and they have
agreed on an accepted bid price, and is paid for by the buyer. The purpose is to
expose major problems. Usually there are many minor items noted and this is
common for any older, lived in house. If major issues arise, such as heating
system or roof problems, the two parties can negotiate how to resolve them.
Sometimes the current owner addresses repairs, sometimes the price is deducted
from the bid, or buyer and seller may split the cost and the buyer will get the
work done after they move in. Your agent can help you with this process. Some
people make major repairs before selling, and some owners have an inspection
done on their own home before listing so that there are no surprises.
The buyers met my price, but I can’t move out when they want me to – do I HAVE
to sell to them?
No – while price is the primary concern of sellers, it may not be the only
concern in your case. The timing of the sale may be a factor, and if the buyer
cannot accommodate your needs, you have the right to not accept their offer on
those grounds.
Why shouldn’t I just sell my house myself?
Even if you pay a fee to have your house listed in the MLS, there are many
aspects of selling a house that are daunting or impractical for a homeowner. You
need to be prepared to market and show your house – this means calls at all
hours and sacrificing your free time for showings. An agent pre-qualifies your
buyers financially. Most people are not comfortable asking strangers what they
make, how their credit is, and for documentation from a mortgage company.
There’s also the issue of safety. Without screening, do you really know if the
stranger you admitted is casing your house, or a legitimate buyer? Also, by
setting up appointments on your own, when you have to say you’re not available
at such and such a time you’re letting strangers know when your house is empty.
Agents are not only familiar with all the forms and steps of a home purchase,
but have the negotiation skills and experience to smooth over bumps in the
bidding or inspection process. And last but not least, not every sale involves a
match made in heaven re: buyer and seller, and sometimes a little buffer can be
a good thing!
What should I do to prepare my house to be shown?
To state the obvious, people do tend to make an immediate judgment based on
cleanliness. Buyers often equate a clean house with being well maintained in
general. If you have a lot of furniture, or knick knacks on display all over,
consider putting some of the extra pieces in the basement or packing some boxes
now (you’ll need to pack them at some point anyway). Less clutter makes your
rooms look bigger, and in general creates a better impression. Don’t invest a
lot of money on major renovations before moving but a new coat of paint or
replacing that broken window will definitely help.
Why should I use you, Mike Hunter, to sell my house?
I will take an active role in getting your house sold. Every aspect of listing
your house, from pricing to marketing to negotiations will get my highest level
of attention. In my field, reputation is everything - I want a happy client who
would recommend me to their friends and the only way I know how to do that is to
provide top service. Communication, effort, and attention to detail are what
you’ll get when you list with me.
|
