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1
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How do you prepare a house to sell?
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2
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What are the two most important factors when selling a home?
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3
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If you make an offer on a house and the owner comes back with a counter offer and you agree to it can the owner still change his mind and sell to someone else?
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4
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What, precisely, can be claimed as a tax deduction when you buy a home?
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5
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I agreed to buy a house and now I've changed my mind. How do I cancel?
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6
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I signed an agreement to list my house – but now I’m having second thoughts. What do I do now?
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7
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What repairs should the seller make?
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8
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Do I have to consider contingencies?
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9
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What is a realistic number of homes you should view prior to buying?
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10
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How do I find out what my house is worth?
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11
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Can you negotiate when making an offer on a new home?
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12
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I just listed with a realtor for 3 months but decided I would like to change to another. Is that allowed or legal?
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13
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Can you negotiate the price of a bank owned home?
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14
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What happens if I buy a home then find out that the seller did not disclose important information that would have affected my buying decision?
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15
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What happens if I am not happy with the listing realtors’ services?
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16
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How much does an in-ground swimming pool add to the selling price of a home?
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17
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What is the best time to sell your house?
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18
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How does someone sell a slow mover?
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19
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What is a Short Sale?
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20
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What are the standard contingencies in an Offer to purchase Contract?
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21
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Do sellers have to disclose the terms of other offers?
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22
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Pre-Approval - What is It?
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23
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Prequalification - What is It?
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24
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How can I find out how much my house is worth? There are no comparable homes in my area.
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25
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Real Estate Code of Ethics - is there such a thing? If so, where do I find them?
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| 1 |
How do you prepare a house to sell? Back
to FAQS
Doing whatever you can to put your house's best face forward is very important if you want to get close to your asking price or sell as quickly as possible.
• Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the
yard.
• Clean the windows (inside and out) and make sure the paint is not chipped or flaking.
• Be sure that the doorbell works.
• Clean and spruce up all rooms, furnishings, floors, walls and ceilings. Pay extra attention to details
in the bathroom and kitchen.
• Organize closets.
• Make sure the basic appliances and fixtures work. Get rid of leaky faucets and frayed cords.
• Make sure the house smells good: from an apple pie, cookies baking or spaghetti sauce
simmering on the stove.
• Hide the kitty litter box.
• Put vases of fresh flowers throughout the house.
• Having pleasant background music playing in the background also will help set your stage..
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| 2 |
What are the two most important factors when selling a home? Back
to FAQS
Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer..
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| 3 |
If you make an offer on a house and the owner comes back with a counter offer and you agree to it can the owner still change his mind and sell to someone else? Back
to FAQS
A seller is free to withdraw the counter-offer any time prior to your acceptance of it. The communication method for acceptance is usually described in the contract. If your acceptance was communicated to the seller in the method required by the contract (prior to the seller withdrawing the offer), the seller should honor the contract with you and not entertain other offers.
But people don't always do what they should.
The problem then becomes whether you try to enforce your contract or not, which requires legal advice and expenses. For that, you have to consult an attorney.
Although you could probably technically enforce the contract, you have to reach a decision on whether it makes sense to expend the time and money to do so. Or does it make more sense to realize the seller is unethical and just move on to buy something different..
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| 4 |
What, precisely, can be claimed as a tax deduction when you buy a home? Back
to FAQS
This is really a question you should ask a local CPA or whoever does your taxes. We encourage you to follow up with a professional tax advisor as we are not qualified or authorized to give advice in two areas - legal matters and tax matters..
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| 5 |
I agreed to buy a house and now I've changed my mind. How do I cancel? Back
to FAQS
For the answer to this, you have to look at your contract. The contract is the legal agreement you have made with the seller. Most contracts have certain contingencies where a cancellation is acceptable. To cancel for reasons other than that, there are often consequences and such a decision should not be taken lightly. Keep in mind that while you have been preparing to close the transaction, the seller has taken his/her home off the market and may have entered his/her own contract to purchase a home. This can create a chain of sales and purchases, all depending on you to fulfill your obligation. If you do not fulfill the contract, your decision may affect many more people than just one seller. For the legal consequences of canceling a contract, you may have to consult an attorney..
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| 6 |
I signed an agreement to list my house – but now I’m having second thoughts. What do I do now? Back
to FAQS
First, look at the contract and see if there are any contingencies that allow you out of the contract.
You can always decide not to sell.
You just don't know exactly what the buyer's reactions are going to be. You don’t know if they will attempt to enforce the contract. You don’t know if there will be legal repercussions. You might want to get an attorney's opinion at some point, since we do not provide legal advice.
If you do cancel, think about ways to soften the blow to the potential buyer who has put up an earnest money deposit, may have already paid for a credit report and appraisal, and may be charged a cancellation fee by the settlement agent. They may have already given notice (if they rent) or sold their own house, too.
If you reimburse them for some of their hard costs, maybe they will not try to enforce the contract..
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| 7 |
What repairs should the seller make? Back
to FAQS
If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before putting your home on the market..
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| 8 |
Do I have to consider contingencies? Back
to FAQS
If you are a seller in a seller's market, in which there is more demand than supply, you probably won't have to entertain too many contingencies. But if you are selling in a buyer's market, when buyers are few, prepare to be very flexible. Granting contingencies also depends upon what kind of price you want to get and on the condition of your property, most experts agree. Remember, contingencies are written into the contract and are negotiable during the negotiation phase only..
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| 9 |
What is a realistic number of homes you should view prior to buying? Back
to FAQS
The short answer is "as many as it takes to find a home for you". But everyone is different..
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| 10 |
How do I find out what my house is worth? Back
to FAQS
There are two main ways to establish a home listing price:
1) Get a full blown appraisal: A certified home appraiser will give you an estimated market price for about $300.
2) Get a "CMA" (Compartive Market Analysis): A CMA can be provided by a real estate agent. The agent will look at recent sale "comparables" and determine the market price for your home. A comparable is a house similar in size, age and condition that is physically located near your home and has sold recently. Comparable sales are the best indicator for what your house could sell for. (And actually, this is pretty much exactly what a certified appraiser will also do.) The advantage of a CMA over an appraisal is cost--A CMA is free..
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| 11 |
Can you negotiate when making an offer on a new home? Back
to FAQS
Making an offer on new construction is not the same as making an offer on a resale. Most of the time, the margin for profit is so small on new construction (per unit) that there is basically little or no negotiating. You can try, of course, because "everything in real estate is negotiable," but do not expect too much..
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| 12 |
I just listed with a realtor for 3 months but decided I would like to change to another. Is that allowed or legal? Back
to FAQS
Since you have a contract for 90 days, you would have to get your agent's permission to be released from the contract so you can go with the other agent.
Most of the time they will attempt to dissuade you from making the change, but will release you because they don't want to engender any bad will. The agent will be reluctant of course, especially since you just "changed your mind," and cannot point to any lack of performance problems with your present agent.
The agent can refuse to release you from the listing agreement and there are various reasons they may do so. In that case, you're either stuck or you have to simply take your home off the market for the rest of the listing period..
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| 13 |
Can you negotiate the price of a bank owned home? Back
to FAQS
Everything in real estate is negotiable. However, banks are more sophisticated about pricing than they were years ago. So those "Get a great deal on a foreclosure!" days aren't what they used to be. Lowball offers generally don't go very far..
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| 14 |
What happens if I buy a home then find out that the seller did not disclose important information that would have affected my buying decision? Back
to FAQS
Disclosure rules vary from state to state, but most require the seller to disclose any problems he knows about. However, the rules on disclosure vary according to whether the seller is an individual or a bank, and whether they are represented by an agent or not. Rules on disclosure are not as strict for bank-owned properties and FSBO's.
If you received a "Transfer Disclosure Statement" from the seller, then you probably live in a state that requires disclosure. Go back through your documents and see if you have such a form. Whether the buyer asks about flooding should be immaterial - if a seller knows about a problem, they should disclose it..
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| 15 |
What happens if I am not happy with the listing realtors’ services? Back
to FAQS
All listing contracts have expiration dates. When is yours?
If it is not coming up soon, tell the agent and/or his/her manager that you want to cancel your listing. Often they will let you cancel easily, since they do not want to build ill will in the community.
If they won't, you can always pull your home off the market until the listing contract expires..
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| 16 |
How much does an in-ground swimming pool add to the selling price of a home? Back
to FAQS
Having a swimming pool built is not cheap. If you spend $20,000 on a pool, it
will not add $20,000 to the value of your home. Sadly, it may add nothing to the
value of your home. Don't add a pool to your home if you expect to recoup the
cost upon sale. It just doesn't work that way. Add a pool to your home because
you want a pool. A pool is an outstanding investment in terms of recreation, fun,
enjoyment, enhancing the appearance of your back yard and it provides great
exercise..
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| 17 |
What is the best time to sell your house? Back
to FAQS
There is no "best" time to sell. Selling a house depends on supply, demand and other economic factors. But the time of year in which you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price. Weather conditions are less of a consideration in more temperate climates, but most of the time, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June.
With the onset of summer, the market slows. July is often the slowest month for real estate sales due to a strong spring market putting possible upward pressure on interest rates. Also, many prospective home buyers and their agents take vacations during mid-summer.
Following the summer slowdown, real estate sales activity tends to pick up for a second, although less vigorous, fall market, which usually lasts into November when the market slows again as buyers and sellers turn their attention to the holidays. If this makes you wonder if you should take your home off the market for the holidays, consider the advice of veteran agents: You are always more likely to sell your house if it is available to show to prospective buyers continuously..
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| 18 |
How does someone sell a slow mover? Back
to FAQS
Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home..
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| 19 |
What is a Short Sale? Back
to FAQS
A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender..
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| 20 |
What are the standard contingencies in an Offer to purchase Contract? Back
to FAQS
Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers..
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| 21 |
Do sellers have to disclose the terms of other offers? Back
to FAQS
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers..
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| 22 |
Pre-Approval - What is It? Back
to FAQS
A mortgage commitment without a property! Contingent upon an executed Purchase and Sales Agreement, Appraisal and title work.
To increase the negotiating leverage of the buyer (offers can be made carrying the impact of a "cash buyer") to expedite the closing - most valuable to sellers awaiting an offer on their own property before purchasing. To reduce uncertainty of any buyers qualifications, reducing the stress and tension of the most crucial element of the home buying process..
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| 23 |
Prequalification - What is It? Back
to FAQS
This is a brief conversation between your mortgage consultant and anyone considering purchasing property in the future. To determine mortgage financing boundaries early in the home buying process,to provide guidance and rate and program information with a focus on establishing a comfort level on monthly obligations, educating clients (on process, lending policies, costs, etc.), and providing finance options and limits particular to their circumstances..
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| 24 |
How can I find out how much my house is worth? There are no comparable homes in my area. Back
to FAQS
This may be a bad sign for you, especially if you think your house is worth more than other houses in your neighborhood. Homes maintain their value better if the neighboring properties are fairly similar. In your situation, you may actually have to talk to several Realtors, get their opinions, and come up with some sort of consensus. Without knowing why there are no comparable properties in your area it is difficult to give another suggestion. If your lot or home is over-improved for the area, that means the value will most not likely be what you think it is. If your home is much larger, you might not get the same cost per square foot as other homes in the area. So I would talk to a bunch of Realtors and get their opinions. I would not recommend hiring an appraiser, however, even though a lot of books recommend this. Appraisers are better at "justifying" a price than in determining market value..
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| 25 |
Real Estate Code of Ethics - is there such a thing? If so, where do I find them? Back
to FAQS
Some real estate agents are members of the National Association of Realtors, which does have a code of ethics for their 720,000 members..
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