I owe more on my house than what I
think its worth & need to sell. What are my
options?
What types of things should I do to
"spruce up" my property before selling?
My house is vacant -
should I be staging my home to sell?
Should
I leave my appliances?
What
paperwork should I have ready before my listing
appointment?
How do I know
how much my property is worth?
What is
capital gains tax? Is that something I'll have to
pay?
What is a
home warranty?
Should I have
open houses on my home when it's for sale?
Who pays for the typical
fees associated with a real estate transaction?
- I owe more on my house than what I
think its worth & need to sell. What are my
options?
We would first recommend talking to your mortgage company to see
if they have anything to offer you in terms of making the home more
affordable for you to stay if that's something you'd like to
do. Many lenders are modifying loans and there are programs
in place right now to help people that meet certain requirements,
so check with your mortgage company to see your options. If
they do not agree to work with you to change anything, ask them
about allowing a short sale. Sometimes they will give you an
indication if they will accept a short sale. Your
REALTOR can advise you on the short sale process. If a short
sale is not an option to you, talk to your bank about other steps
you can take to avoid a foreclosure.
- What types of things should I do to
"spruce up" my property before selling?
It is difficult to give advise without seeing a home first, as
each home is different, but a couple rules of thumb are: *Take away
as much clutter as possible, including nick knacks and personal
items. *A fresh coat of paint goes a long way. Try to
avoid bold bright colors as neutral colors are the safest bet for
pleasing most people. *Curb appeal is very important, so take
care of anything exterior that will help the home look more
attractive and inviting. *Re-arrange or remove furniture to
make a room look larger if you have a lot of large pieces. We
offer advice as part of our listing services, so we may recommend
more things specific to your home after our initial viewing.
- My house is vacant -
should I be staging my home to sell?
In most cases, homes that are stages sell more quickly and for
more money than homes that are vacant. Buyers have a hard
time imagining furniture layouts in a vacant home, so if staging is
in your budget, we would recommend it. If you do not want to
do a full on staging, it's a good idea to bring several things to
the home to make it feel more personal.
- Should I leave
my appliances?
If you do not need your appliances for your new home, yes we
would recommend leaving them. Appliances that should stay with the
home no matter what are the stove, dishwasher, and microwave (if
built in).
- What paperwork
should I have ready before my listing appointment?
Please gather your tax bill, most recent mortgage bill(s) and
any other relevant home paperwork you may have. Make sure to
have all decision makers for the home present at the listing
presentation.
- How do I know
how much my property is worth?
Your REALTOR will prepare a comparative market analysis (also
known as CMA) for you, which will analyze recent, active, and
pending sales in your neighborhood that are similar to yours.
This will give you a range of what your home should be listed
for.
- What is
capital gains tax? Is that something I'll
have to pay?
Capital gains tax is a tax the government charges you on your
profit when you sell the home. If you have owned your primary
home for more than 2 years, you may be except from this tax.
You should speak to your accountant for verification.
A home warranty is something the buyer may request on their
offer to purchase, which would cover the major mechanical systems
of the home for the first year of ownership. Home warranties
can actually be used during the listing period also. We cover
our seller's homes with home warranties on all our listings, which
will protect the owner if something breaks while the home is
listed.
- Should I
have open houses on my home when it's for sale?
Some people feel strongly that they do not want open houses; we
ask you what you're comfortable with. If owners are not
opposed to open houses, we will typically hold several per
month. Most of the time, homes do not sell from open houses,
but real estate marketing is a numbers game, so we try to get as
much exposure as possible for all our listings.
- Who pays for the typical
fees associated with a real estate transaction?
Some of the typical fess that are the buyers responsibility in a
real estate transaction are: Appraisal, Credit Report, Discount
Points, Escrow Payments, Insurance Impounds, Interest
Adjustment, Mortgage Insurance Impounds, One-time MIP (FHA only),
Origination Fees, Prepaid Insurance, Recording Fees, Tax Impounds,
Title Policy, Home Owners transfer fees (can be negotiated to be
paid by buyer or seller).
Some of the typical fees a seller may pay in a real estate
transaction are: Escrow Fee, Title Policy, Real Estate Commission,
Home Warranty (negotiable), and Credit for buyers closing costs
(negotiable).