Frequently
Asked Questions by Sellers
What’s the First Step Selling My
Property? The very first step in selling your home is to identify
your equity through the provision of a Market Analysis. I can
provide you with this through research, and preparation of
information that will allow you to compare your home or property to
other similar homes on the market. I do this usually with a two step
process. The first step includes making an appointment for me to
preview your home and identify the amenities and upgrades that you
have, as well as the neighborhood and location. The second step is
to make another appointment so that I can review my research,
recommended price range, and share with you my plan for marketing
your home. By the way, there has been a lot of chit-chat regarding www.zillow.com as an aide to assisting home owners to establish
prices. Several home sales that I’ve completed in 2006 have sold for
10-15% higher than zillow.com has indicated so while that site has
some information you might be interested in, there is absolutely no
substitute for a current market analysis.
What Do I Have To Do to Prepare My Home For the Market? The process
of preparing your home for the market is called “staging” . I am an
Accredited Staging Professional and will walk through your home
inside & out and advise you on a list of items to prepare your home.
REMEMBER: BUYERS DON’T BUY WHAT BUYERS CAN’T SEE. It is my
experience that over 95% of Buyers and real estate agents can not
visualize how your house could be if you have too much clutter,
animal smells, not the best of housekeeping, dark rooms, and so on.
Yes, I know this is a lot of work however you will reap benefits
down the road in either shorter market time or more money in your
pocket. Be prepared to have this discussion with me. We are both
members of the same team and working together to accomplish the same
goal: SELLING YOUR HOME FOR THE MOST MONEY WITH A REASONABLE MARKET
TIME.
What Kind of Marketing Techniques Do you Use To Market Property /Homes? I use a variety of marketing techniques and will
provide you with a well thought out marketing plan tailored to your
home. Key items including in my marketing plan will include pricing
your home right, staging your home for market, getting information
on your home to prospective Buyers and Agents and providing you with
quality web sites & fliers as well as advertising. The photos of
your home, especially on the Windermere and NWMS web sites are
critical. We live in a very technically savvy area and over 90% of
the Buyers out there look on line as a way of previewing, choosing,
and deleting homes from their actual home tours with their agents.
My camera is a quality digital camera and I spend a minimum of 2.5
hours per listing editing and placing photos on-line so that your
home will be shown at its best. I will make sure you can review your
listing and your photos so that you can give me feedback. Our
interests are the same and I want what’s best for you!
I want my Home Shown Only When I Can Be Here and I Don‘t Want a
Keybox. I cannot recommend this option unless there are very severe
conditions that would require this. These conditions do exist but
they are few and far between. Please discuss this with me. Selling
your home is going to have some inconveniences that will occur
before we accomplish your goal. I will do my best to minimize these.
I recommend asking agents to call you in advance before showing your
home, having a keybox on your home for ease of access, and in
general, doing your very best to leave your home in showing
condition before you leave your home during the day.
What Do I Need To Do To Present My Home At Its Best? After your home
is staged and on the market, most hard work is complete. However,
there is still work to be done because most people do not live in
their home regularly the way they must live in their home when it is
on the market. Steps that I will strongly encourage you to follow
are:
At the beginning of the day, and
before you leave, make sure your dishes are done and counters clear
and clean, dirty clothes picked up, beds made, toilet lids down,
garbage out and so on.
When you leave, leave most lights
on please! Buyers want to know that your house is light and bright
and if their agent is fumbling for the lights, they will not have
that important “first” impression! In addition, you will want your
freshly staged and cleaned home to be shining like the trophy it is!
Leave the blinds/curtains open.
Okay, An Agent Just Called me To Let Me Know They’ll Be Showing the
House….What Do I Do? Take a deep breath, take a moment to quickly
clean/de-clutter, lights, etc and leave. I know this may be an
inconvenience but Buyers always want to figure out how they can fit
their stuff in your house or discuss what they would change and they
will not do so if you are there. If we have time frames to work
around due to children or day sleeper schedules, I will outline
those requirements in the listing and set time parameters on the keybox.
I Have A Pet, How Do We Show The House When I’ m Gone?
I have a
beautiful boxer named Jughead and I will be challenged when we put
our house on the market but there are options:
- Signs on the doors not to let
the pets out
- Pets assigned to
crates/yards/garages with appropriate signage
- Dogs to doggy day care for
certain hours of the day which will be noted in the listing and
keybox showing instructions
- Neighbor assistance when
necessary
- Pets taken to work if that's
an option
Otherwise, let’s discuss and come
up with an acceptable solutions.
My House Has Had Some Problems In The Past, Do The Buyers Have to
Know? You are required by law to disclose defects in your house. If
there are problems that are in the past and you have repaired them,
they do not need to be disclosed except for the roof. One of the
questions on the legislatively prepared form include a question
asking if your roof has leaked. You need to answer truthfully.
Please be thorough on every question. I’ve probably seen most
possibilities, from a remodel with no permits to a drainfield
expansion with no permits. The most important thing is to be
truthful. We can resolve almost every issue. As we review your
property, and as I see things that I have questions about, I will
discuss them with you.
What Can I Expect When I Return Home After My House Has Been Shown?
First of all, I do not expect dirty footprints, as I’ll leave a sign
for people to remove their shoes. You should find your house the way
you left it. The Agent who showed the house should leave their card.
Doors should be locked. Please call me immediately if this is not
the case. You can expect Buyers to open closet & cabinet
doors/drawers to check out both the operation & space.
Will I find out What Those Buyers Who Look At My House Think About
It? Yes, and the quickest way for this to happen is either to call
me with the Agent’s name & number or e-mail me. Since the
information about who opened your keybox will be downloaded to me
every time that agent updates their agent status, if I don’t get the
information from you I will eventually get it and call that agent
directly. From time to time I will not get a call back from agents
and if this happens after my efforts at two phone calls I
automatically assume they will not call me back and will let you
know.
How Will I know That an Offer Has Come In? It is the selling agent’s
responsibility to let me know that they have an offer on your house.
When that happens, either they will fax or hand deliver to me their
offer, and I will schedule an appointment with you to present their
offer. Regardless of whether the offer is presented to you by me or
the selling agent I will be there with you. This is actually a NWMLS
requirement. The selling agent cannot contact you directly regarding
their offer so that you can have my representation in your best
interests.
What Happens When There Are Multiple Offers on My House? We will sit
down together and discuss the differences in the offers. If I have
the offers in advance, I will come prepared with a spread sheet
outlining key points to the offers so you can make the best
decision. Key factors, aside from price, will include pre-approval
status, strength of Buyers, closing date, and time frames.
Your price can actually end up higher than listed, depending on the
type of market we‘re having in your area and your price range. For
example, if there is very little inventory, you will most likely be
in a Seller’s market and command the listing price or higher.
However, if there is quite a bit of inventory in your home’s price
range, we could be at the other end of the spectrum in a Buyer’s
market or somewhere in between.
Can I Always Get My Price? Not always. See above.
We Have a Signed Agreement, and Then What Happens? Once we have
mutual acceptance, there are a variety of steps in the process that
are almost always taken including:
Inspection: Almost all Buyers
conduct an inspection on their new house. We want them to pick an
option that will have short time frames(5 - 7 days after mutual
acceptance) and that will provide you an opportunity to correct any
issues identified during the inspection. In a raw land or investment
purchase, this step is called a “feasibility study”. The Buyers will
have a designated time period to let us know what they would like
you to repair and you then will have 3 days to respond. There is
often some negotiation involved in these situations although, if the
request to repair the inspection issues is not agreed upon, the
Buyers do not have to buy your house.
Neighborhood Review: This item is
often included to allow the Buyers to review the local community to
ascertain whether or not the crime rate, location of registered sex
offenders, etc, is acceptable to them. This usually includes up to a
3 day time frame. I often recommend we shorten this clause as it can
be an “out” clause.
Loan Application: The Purchase &
Sale Agreement will have a time frame for the Buyers to complete
their loan application.
Well/Septic Review: If this
property has a well and/or septic system, at a minimum you should be
prepared to provide the Buyers with a bacterial or coli form water
test from the well and proof that the septic tank has been pumped &
the system inspected. Additional information that might be asked for
include a well flow test or separate well inspection, organic
compound test, & so on.
Appraisal: On occasion, if your
Buyer’s credit scores are fabulous and/or they have a substantial
down payment on your house, the lender will waive getting an
appraisal. Usually, however, an appraisal is required. An
appraiser’s job is solely to establish market value and not address
condition. From time to time, a house might present itself in an
appraiser’s eye as maybe needing an outside specialist in a
particular field to assess a particular situation. An example of
this would be if a roof looks like its on it’s last legs, an
appraiser might order a roof inspector to certify the roof for 5
years. If the appraiser asks for specific work orders in order to
close the house, I can help you locate resources to assist you.
Insurance: There is currently in
existence a national data base for insurance companies called the
“CLUE” system which keeps track of home claims when those claims are
determined to be caused by a construction type problem. For example,
if your house has had a severe water issue and had a claim for
repair, this data base will have that claim in the system. This may
mean that the insurance rate for the house is higher than average.
The Purchase & Sale Agreement has specific time frames for the Buyer
to apply for insurance and then specific time frames for the Buyer’s
ability to back out of a transaction based on specific insurance
pricing in excess of ½% of 1% of the sales price. Pay attention to
this, because if these deadlines pass, the Buyer cannot rescind on
your Purchase due to insurance costs.
Final Walk Through: Many Buyers
will include in the contract their ability to walk through your
house within 5 days prior to closing to verify that the house is the
same condition as when first viewed.
Is The Closing Date Considered To Be The Day I Sign My Closing
Papers? No. There might be a rare occasion when you can sign your
documents on the day of closing but most lenders send their escrow
instructions to the Escrow Company 2 - 3 days prior to the closing
date. Escrow then prepares your note, deed of trust, and other
documents, has both Buyer & Seller sign documents, then sends them
back to the lender’s funding & review department. The time period
for funding & review is usually 24 -48 hours, or 1 - 2 business
days. They then contact escrow, release your sale to be recorded
(title transfer at the County Assessor’s Office), and then wire
transfer funds to the Escrow Company. We will be notified when the
funds have arrived and the deed has been transferred. Usually, we’ll
get the call between 3 and 5 p.m. Escrow will then either wire your
net proceeds to your next purchase or issue you a check at closing,
however you’ve instructed them.
When Do The Buyers Get Keys? The Purchase & Sale Agreement states
that the Seller must deliver the keys on the day of closing. A
typical way for these keys to be delivered is for them to be left at
my office for the Buyers.
When Do I Call the Utility Companies to Transfer Utilities from My
Name? I would recommend that you contact the your Utility Companies
1 week prior to closing, and schedule those transfers to 9 pm on the
day of possession.
How Clean Must I Leave My House for the New Owners? Please treat the
new owners the way you would want to be treated. My recommendation
would be for you to leave your home very clean, leave all appliance
or system manuals, garage door openers, keys, and remove all
personal possessions and debris. Make sure you leave the lawn kept
up, as well.
When Must I be Moved Out? At 9 p.m. on the Possession Date specified
on the Purchase & Sale Agreement.
During this process, I am very involved in communicating with all
parties. You will know what’s going on and what you can expect to
happen next. I will provide you with a calendar of events and copies
of our contract documents for your reference.
Throughout this exciting process, please feel free to contact me
with any questions. I’ve tried to outline what I would anticipate
would be the most common questions, however am sure I haven’t
covered everything!