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Seller Repairs:
You don't want to overspend on your pre-sale repairs, but you also want to maximize your home's potential value. The trick is finding the delicate balance between the two. Having a contractor look over the property, as well as a real estate expert, can help you decide which repairs will have the greatest return and bring you the best price for how much money the repair costs.
A Seller's Other Offers:
A seller does not have to legally disclose the terms of other offers to potenial buyers.
What are "standard contigencies?"
Generally, a purchase offer contains two standard contigencies: a financing contingency and an inspection contigency. A financing contigency ensures the buyer must be able to secure finances to purchase the home, generally a loan. The inspection contigency allows buyers to inspect the property to their satisfaction before the sale becomes final. The purchase contract must also contain the seller's responsibilities. Generally such things as passing clear title, ensuring the property remains in it's present condition until sale, and any agreed repaired are stipulated in the purchase contract.
What is the seller obligated to disclose?
Obligations to disclose vary from state to state. But under the strictest laws, you and your agent are required to disclose any facts that affect the value or desirablity of the property. Some examples: Homeowners Association dues; whether work on the home has all met local codes and permit requirements; any neighborhood noises or annoyances a buyer might not notice -- like a dog that barks every night or poor cell phone reception inside; any death on the property within the last three years; any limits on the use of the property -- like zoning ordinances or association rules.
It's probably a good idea to check your own state's disclose rules before selling or buying a home.
The Two Most Important Factors for Selling a House: Price and Condition
Even in a down market, Price and Condition are the key factor in selling a home. First, price your home correctly. You may want to consult comparitive sales information with your broker or pay a professional appraiser to objectively determine your property's value. Secondly, repair any obvous cosmetic defects that might deter a potential buyer.
In a down market, you may be forced to consider lowering your asking price or making a major repair like replacing the roof to attract prospective buyers. You'll also want to ensure that your home is getting the correct marketing and exposure it needs -- open houses, broker open houses, advertising, good signage and listing in the MLS.
If you feel appropriate actions are not being taken, bring it up with your agent or the agent's broker. If you remain unsatisfied, you may have to change agents.
The Best Time of Year to Sell a Home:
While there is no "best time" to sell a house per se, there are periods of the year where more homes sell than others. Selling a home depends on supply, demand and other economic factors, but the time of year you choose to sell your home could impact the final price as well as how quickly it sells.
While weather conditions will not affect the more temperate climates as much, real estate markets generally tend to pick up in February with the strongest sales season lasting until May or June. As summer appears the market generally slows since both buyers and agents often take vacations mid-summer. (Sometimes strong sales in the Spring can push up the interest rates for the Summer, as well.) After a slower Summer, sales tend to pick up again for the Fall market -- though rarely do Fall sales outperform the Spring sales. The Fall season usually lasts until November when buyers and sellers begin to focus on the Holidays ahead.
And while some seasons do better than other in the real esate market, most veteran expert agents suggest that you are always more likely to sell a home if it is continuously available to buyers -- rather than removed from the market during slower months.
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