 |
|
         
 
|
Seller Frequently Asked Questions
1. How long will it take to sell my home?Market time is defined as that period which spans the initial listing date to the date of the complete ratification and contingency removal of a sales contract on the property. Market time does not include the time and effort to prepare a home to be marketed and sold. Conservatively, Paul Fuqua normally advises his clients that the entire time period, from decision to sell, preparation to sell, listing to sell, and closing the sale, is on average no less than ninety (90) days. You may get a contract in the first day of the marketing period, but that does not reflect the reality of the total time frame. Better yet, ask the question: "How long will it take to get my money?"
2. How long will it take to get my money?Remember always that real property has not been sold until the deeds are recorded with the appropriate governmental office. Distribution of all the monies changing hands in a real estate transaction occurs after the recording of the documents has been done. Usually you will receive the net proceeds from the sale of your home within 24 to 48 hours of the closing and the act of recordation.
3. Does the condition of the paint and carpet really mean much?Absolutely. These elements of a home are the major visual elements. Think for a second. What else is there in greater quantity than the wall and floor space covered by paint and carpet? Poorly painted walls and worn carpet are seen as indicators of the overall condition of the property and are always seen to require more money to repair or replace than the actual costs.
4. Why should I leave my house when buyers are looking at it?Have you ever been uncomfortable in the presence of strangers? Have you ever avoided being honest about something when your comments could hurt feelings? Buyers are just like you. They tend to be intimidated by the presence of the seller in the home being shown. The goal of the marketing and showing process is to create an emotional bond between the buyer and your home. That is almost impossible when the owner of the home is present exerting his or her sway over the premises.
5. What if I don't like the offer from the buyer?Every offer or counteroffer on property will receive one of the following responses: acceptance, rejection, modification and counteroffer. There are no other possibilities. You, as seller, control totally your side of the process.
6. What about my grandmother's chandelier which won't stay?Any items in your home which would be considered fixtures and permanently installed such as chandeliers, lighted sconces, bolted-in-place mirrors, stained glass windows, ceiling fans and other such items, should be removed and replaced. Buyers expect to get what they see when they buy a home and the courts have affirmed that they should. To avoid a battle at closing and not misrepresent what comes with the house, "if it doesn't stay, it doesn't show."
7. Will you be here every time the house is shown?In many instances, at the request of the seller or upon my suggestion, we are present for all showings. It is an important consideration, especially if there are aspects of the property that must be explained in detail to prospective buyers. Unfortunately it also restricts showing times to those when I or members of my staff can be available. Often, a buyer's agent will request a showing at the last minute, which can be difficult to accommodate because of conflicting schedules. If having one of us present at every showing is your wish, we do it.
8. Why should all the lights be turned on for showings?Light and bright are the most coveted aspects of a home. Buyers will not purchase homes at any price level if the home is as dark as a cave. Plain and simple, human beings don't like the dark. Major retailers, because of the studies originally used from Bloomingdales, have realized the importance of well-lighted displays to move their products out of the store and into homes. The same is inordinately true of homes.
9. When do we have to move out?One of the major terms and conditions of a contract is the settlement and possession date. It is very important to all parties and is not automatic. You should plan to have moved from your home no less than 24 hours before the actual date of closing. And that date of closing is a negotiated item.
10. What if I don't want my neighbors to know my house is for sale?Then you have a major problem. The key component of a marketing plan is exposing the house to as many people as possible. Your neighbors may well have friends who love your neighborhood, or know people at work who would love to live where you live. If the neighbors don't know your house is for sale, they'll find out quick enough.
11. Why do you have to put one of those signs in my yard?Studies have demonstrated that one of the most effective elements of selling real estate is the "For Sale" sign in the front of the home. Without it, you miss the chance of someone who is looking for a new home in your neighborhood noticing that yours is for sale. Very often people drive through neighborhoods looking for homes for sale. If we don't alert the world driving by that your home is on the market, it may be an opportunity lost.
12. Can I leave my pets free to roam the house during showings?Nope. Animals should be taken out of the house, or confined to a specified area not to be disturbed by prospective buyers during showings. You do not want buyers to be confronted with a protective family dog, or your housecat while touring your home. Allergies, fear of dogs and cats, there are all manner of reasons why some people in this world don't have pets.
13. What about my security system?Most companies will allow the installation of a "Realtor's" code that will allow us to open the house and re-alarm it easily. Plus you can be assured that the security of your home is of paramount concern to us.
14. What about turning off the utilities?Generally I suggest you provide notice to the utility companies to cancel your service as of the day after the projected closing date. Doing so takes only a few phone calls and avoids the last minute panic. My office can supply you with all the pertinent telephone numbers.
15. When do I notify my homeowner's insurance?You should notify your insurance carrier of the impending sale and the scheduled date of closing once you have a ratified and contingency-free contract. Your insurance agent will best advise you on the transfer of your coverage from the house you're selling to your new home.
16. What is important about a home inspection?In most instances the home inspection by the buyers is a stated contingency in the contract. If the inspection finds elements of your home which are unsatisfactory to the buyer, the buyer has the right to an unconditional release from the contract. I suggest most sellers should have their home inspected before placing it on the market. Then there should be no surprises and you may elect to make repairs in advance so it does not become an issue when the buyer conducts his inspection. In a red-hot market, many contracts are written which do not include the home inspection contingency.
17. Who deals with the appraiser and all the inspections?I do, on your behalf. Successful appraisals and inspections are critical to the process. That's why we meet with each and every one of the inspectors and the appraiser.
18. How clean should my house be?Plain and simple, as clean as a hospital's operating room. Nothing is more distasteful to a buyer than a kitchen or bathrooms that do not gleam like a morning's sunrise. Windows should sparkle, closets straightened and everything removed from their floors. An often-overlooked room, which has impact on a buyer's perception of cleanliness and maintenance, is the utility/laundry room.
19. Why shouldn't I just sell my house myself?You can. This is America. Just as you can pull your own teeth, give yourself a haircut, or amputate your own diseased foot, you can certainly sell your house yourself. In fact, even with a Realtor, you are selling the house yourself. It's your house. You're hiring an agent to assist you in the process, in the details, in the legal requirements, in the transactional process, in the removal of contingencies, the qualification of buyers, the maintenance of your personal security during any showings, the presentation to the appraisers, the staging of the property, the meeting and greeting of prospective buyers, the placement of all the material on national websites, the photography, the recording of virtual tours, the placement of advertising. That's what an agent does for you, in part. But in the long run, you are the seller, you are selling your house. You control the dollar amount you'll accept, you control the terms you'll accept, and the bottom line. The money you'll get from the sale of your home will be the amount which you have instructed your hired professional help is acceptable to you. You are in control.
20. What's the difference between an assessment and an appraisal?An assessment is a value on property as seen through the eyes of local government assessors. It is the amalgamation of values in your neighborhood. It has political ramifications. People lose elections because local tax assessments rise dramatically and taxes are calculated against the assessed value of the property. An appraisal is an opinion of value used by the lending institutions to ensure that the mortgage loan placed on the property is in keeping with the risk/reward ratio that bankers use to protect the monies entrusted to their care by their customers and investors. Appraisals are time sensitive and have no political or tax consequences. Assessments look to the general, appraisals are specific. Assessments are slow to react to marketability of a property, appraisals are reflections of the market.
21. I've always taken care of my house.
|