1. Why should I use a REALTOR?
2. When is the best time to sell my house?
3. What expenses will I incur when I sell my house?
4. Must I consider offers in the order received?
5. Can I consider multiple offers?
6. Will the buyer require an inspection?
7. My agent says I must complete a disclosure form. What if the inspection finds a problem with something I didn’t know about?
8. Should I hire a home inspector to inspect my home prior to listing?
9. What if I don’t want to or can’t afford to repair a problem?
10 Tips For First-Time Sellers
Q. Why should I use a REALTOR?
More money. Homes listed and sold by REALTORs produce higher net proceeds for Sellers than homes sold by owner. The main reason is that REALTORs are experts who have access to accurate sale prices in your market and are skilled at developing a pricing strategy that will protect your bottom line during negotiations. REALTORS® have the market knowledge to price your home competitively. REALTORS® can qualify potential buyers so “serious buyers” are looking at your home. REALTORS® are a good value
More Convenience. Your REALTOR will coordinate every detail of your sale from writing effective ads to scheduling showings, qualifying buyers, reviewing closing documents and much more! Don’t miss work or take valuable time from your family to perform tasks that are new to you but routine for your 1st Home Realty professional. REALTORS® save you time; handling phone inquiries, appointments and contract negotiations.
Less time. Homes sell faster when a REALTOR markets the features and amenities using the Multiple Listing Service (MLS). The time required for a sale is largely a function of the number of prospective qualified buyers who see it. Let your REALTOR expose your property to the largest number of buyers and their agents to optimize the time it takes to sell; REALTORS® subscribe to the MULTIPLE LISTING SERVICE (MLS), the largest real estate database in central Indiana. For an even faster sale, 1st Home Realty uses state -of-the-art Talking House technology. Why? Because “Home That Talk” just sell faster!
More confidence. Using a REALTOR® will give you more confidnce in buying and selling a home because REALTORS®:
--can inform you about how changes in taxes and zoning may affect your home’s value.
--have access to vast resources essential to the transaction based on training, knowledge, and experience.
--are marketing professionals with a PLAN to maximize exposure for your home.
--subscribe to a strict Code of Ethics and are trustworthy.
--provide a security buffer when showing your home.
--can help you navigate and negotiate the new home construction transaction.
Q. When is the best time to sell my house?
There is no “best time.” Real estate sales function in a local market and are subject to the economic laws of supply and demand. Though most homes sell during the summer, Sellers can get “lost in the crowd” and have to show their property to prospects that are only window-shopping as well as bona fide buyers. Sellers in the winter market have less competition from other sellers; though there may also be fewer buyers in winter, these buyers tend to be more highly motivated. The key to timing a sale is to determine your needs and communicate them to your agent
Q. What expenses will I incur when I sell my house?
In addition to the professional service fee (real estate commission) typical Seller costs may include repairs to the real estate and the following closing costs:
Owners Title Insurance: premium based on sale price to protect the Buyer.
Recording Fees: to record the release of your home mortgage.
Courier (express) fee: to transfer the payoff of your mortgage to your lender.
Q. Must I consider offers in the order received?
No. However your REALTOR must present offers in a timely way and a well-written offer will state an expiration time; offers received at approximately the same time need not be responded to in order.
Q. Can I consider multiple offers?
Yes. However, care must be taken in coordinating your response to each offer received.
Q. Will the buyer require an inspection?
Usually. The contract will specify the systems to be inspected, the time in which the inspections must be performed, and the response time allowed for the Buyer to respond to the inspection report(s) received.
Q. My agent says I must complete a disclosure form. What if the inspection finds a problem with something I didn’t know about?
The disclosure is not a warranty but rather reports your current actual knowledge of your home’s condition. While no one knows your house better than you, you most likely do not have the technical knowledge to know or understand everything about the proper operation of your home and its systems.
Q. Should I hire a home inspector to inspect my home prior to listing?
Not usually but market conditions in your area or a unique circumstance may justify having an inspection at your expense prior to placing your home on the market. This will give you a better understanding of conditions which may be discovered by the buyer's inspector, and an opportunity to make repairs that will put the house in better selling condition.
Q. What if I don’t want to or can’t afford to repair a problem?
If you are unable or unwilling to repair a MAJOR DEFECT (defined as a situation that affects habitability), the Buyer may terminate the contract. Or the Buyer may waive their request or reopen negotiations to amend other terms that might overcome their concern for the repair problem.
10 Tips For First-Time Sellers
At first the task seems daunting: You haven't sold a home before, the market looks complex, and what worked for owners 10 or 20 years ago seems inappropriate today.
What steps should you take? Here's a baseline list to get you started.
1. You Can Do It. Some 5.25 million existing homes were sold in 2001, more than 14,000 a day. Other owners have hired REALTOR and done it and so can you.
2. Define Your Goal. Do you want the highest sales price -- or the biggest check at closing? They're not necessarily the same. Imagine that two homes sell for $300,000, but one owner pays 2 points and agrees to replace the roof. The owner who sold without such costs got a bigger check at settlement. The bottom line: To have a successful sale you need to look at both price and terms -- you must have a strong negotiator in your corner.
3. Times Have Changed. Today's real estate marketplace is radically different when compared with 10 years ago. Purchasers now use the Internet, receive seller disclosure forms, get home inspections, and are routinely represented by buyer brokers. The result is that buyers are better prepared than in the past.
4. Sparkle And Shine. Imagine going to a supermarket and seeing dusty fruit or aisles filled with old shelving and cans. It doesn't happen because the grocery store knows how to present its goods. Sellers must do the same. Get rid of things you don't want to move, organize closets and storage areas, and clean everywhere.
5. Mechanics Count. Buyers expect everything to work. Home inspections are now entirely common and what buyers miss home inspectors will catch. Fix and paint things now and they won't be an issue in the future.
6. Think Broadway. When buyers see your home, it's show time. They want an environment where they can see themselves. Given them a show where everything is painted, arranged, and attractive, a home where the only issue is when to move in.
7. How's The Market? Real estate is local. Your broker can explain current market trends in your community, including what's selling, what isn't selling, and why. This information is central to getting the best possible price and terms.
8. Know Your Rivals. Your property will be competing with other homes for buyer attention. Ask your broker how to be competitive -- and how to have an edge.
9. What Time Is It? Markets differ by location and time. When interest rates are low and the local job base is growing, it's great to be a seller. But when times are slack and mortgage rates are rising, homes also sell. In 1981, when the prime rate topped 20 percent and the population was smaller, 2.4 million existing homes were sold. The trick is to be realistic, to get as much as market conditions will allow.
10. Understand The Plan. Real estate marketing involves far more than a sign in the yard and an ad in the paper. Successful brokers use a variety of methods to attract and qualify prospects, including the latest Internet and communication advances.
Of course, there's more to selling a home than the 10 items listed here. Your broker can explain how the local marketplace is shaping up -- and the best way to position your home for a successful sale.