FAQs for Home Sellers

The process of selling a home has become a more complex production than it used to be. New required contracts and a range of environmental concerns such as mold and radon have all emerged in the last decade. Surviving in today’s real estate requires expertise in marketing, financing, negotiation, and closing – all available from a local REALTOR®

Am I ready to sell?

• Ask yourself: why do you really want to sell? Selling a home is an intricate and multifaceted procedure and there should be a good reason to sell. Either a need for more space or a job change to another community. Your reason for selling could impact the negotiating process, so it is important to understand your needs and wants and to discuss them with your REALTOR®.

Where do l start?

• The home selling process usually starts several months before you actually put your home on the market.  Look at the house through the eyes of a perspective buyer. Determine what needs to be cleaned, repaired, painted or removed. The goal is to make the home look good, maximize space and attract as many buyers as possible.
  

How do I improve my home’s value?

• Improvements should be made so that the property shows well, is consistent with the neighborhood and not over-improved to the point where the cost cannot be recovered in the sale. Cosmetic improvements, such as new paint or landscaping help a house to show better. Mechanical repairs to ensure that all systems and appliances are in good working order are a must.
  

Why should I use a REALTOR®?

• Local REALTORS® are the community experts. They track real estate trends, share neighborhood concerns and are good neighbors who are in the business of helping others buy and sell homes. They belong to the National Association of REALTORS® (NAR) and must adhere to a strict Code of Ethics. Only NAR members can use the term “REALTOR®”.
  

How do I choose a REALTOR®?

• There are several ways to find a REALTOR®:
• Get recommendations from past sellers
• Use the Find a REALTOR® search engine
• Check the listings in local real estate magazines and newspapers
• Whether you choose to meet with only one REALTOR® or several, there will be a number of questions that you will want to ask. Think of this process as a job interview. Choose the REALTOR® that you feel will best serve your needs.
  

How do I set the price?

• All homes have a price and sometimes more than one. There is the price the seller would like to sell the home, the price the buyer would like to buy the home, and the price that is the point of agreement where the transaction can be completed. All transactions are different. Several factors will determine how much you can get for your home including:
• Market conditions
• Interest rates
• Location of your home
• Your needs, such as how quickly the home must be sold
• Because each transaction is distinctive, there is room for flexibility. The idea is to get the best price and terms for your home.
  

How will my home be marketed?

• There are a variety of ways your REALTOR® can market your home, some of which are:
• Listing your home on the local Multiple Listing Service (MLS) and REALTOR.com®
• Mailing a new listing announcement and regular newsletters
• Open houses
• Broker access to home via the use of a lock box
• Networking with both local and out-of-town brokers
• Much of your REALTOR®’s work will be behind the scenes, but vitally important. The work with contacts, the telephone calls and emails, the follow-ups with perspective buyers and their agents, conversations with ad respondents, and other outreach efforts that are all part of the home selling process.
  

What is an acceptable offer?

• A number of factors determine whether a perspective buyer’s offer is acceptable. They include:
• Is the offer at or near the asking price?
• Has the perspective buyer buried discounts and seller costs within the clauses and contract additions?
• What is the alternative to the perspective buyer’s offer?
• Does the seller have enough time to wait for other offers?
• In each case, the seller, with the assistance of their REALTOR®, will need to carefully review all offers and determine whether an offer is acceptable.
  

What is a counter-offer?

• A counter offer is nothing more than a new offer. They often reflect the back and forth activity of the market. While counter-offers are an efficient and practical route in the home selling process, they can contain tricky clauses and hidden costs. It is important to carefully review all offers before accepting one. Your REALTOR® can explain the process in detail and help with the negotiations.
  

How do you negotiate?

• Real estate bargaining usually involves compromises by both sides. Perspective buyers should be treated with respect, and sellers should never lose sight of their best interests or their baseline transaction requirements.
  

When do I close?

• A signed selling agreement is NOT the end of the real estate transaction. The sale agreement simply sets a purchase price for the home and a series of terms and conditions. It takes time to arrange financing, conduct inspections, obtain appraisals, locate replacement housing, pack and actually move. It is important to review the sales agreement and review your obligations.
  

What happens at closing?

• A closing is simply a meeting where the closing agent (the party who conducts the settlement) takes money from the buyer, pays out money to the owner, makes sure that the title is correctly recorded in local records along with any mortgage liens and assures that any transaction costs are paid. Closing is also where “adjustments” are made, such as unpaid property taxes.

Information provided by Realtor.com