12 Questions and Answers For Home Sellers
Wed, Oct 14 2009

Q. How can I find out how much my home is worth?

A. A REALTOR® can give you an estimate of your home's value based on his or her experience and a comparable sales report. You can also hire an appraiser.

Q. Why should I hire a REALTOR® to sell my home?

A. A REALTOR® can help you find a buyer for your home, negotiate a contract, ensure the sale will close and do other tasks. REALTORS® are professionals who understand housing markets. Here's a good article on this subject: "I Don't Want a Fool for a Client."

Q. Should I get a pre-inspection report?

A. A pre-inspection report isn't required, but still highly recommended because it can help you identify repairs that will make your home more attractive to buyers.

Q. Who pays for the home inspection: the seller or the buyer?

A. The buyer typically pays for the inspection. However, the seller may wish to pay for a pre-inspection.

Q. Who pays for title insurance: the seller or the buyer?

A. Either the seller or the buyer as agreed to in the purchase contract.

Q. Can a home buyer find out whether my home has suffered any damage?

A. A home inspector should be able to identify serious damage to a home, unless you have tried to hide the evidence.

Q. What should I do to improve a home for a sale?

A. There are A LOT of things you should do to improve the marketability of your home. A good place to start learning about what can be done is through your REALTOR®, home stager, and this site. Go here for a good starting point. 

Q. Should I be home when my home is shown to buyers?

A. Whenever possible, you should leave while your home is being shown. If that's not possible, remain away from the rooms that are being shown. Here's a good article about how families can make last-minute showings easier.

Q. Is there a certain percentage of the asking price that a buyer should offer for my home?

A. Some real estate professionals say a buyer's offer won't be taken seriously if it's less than 90 percent of the asking price.  However, depending on your market and the demand for your home, the offer could vary considerably. Working hard at improving your home for a sale will definitely help you increase the demand for your home. 

Q. Do I have to be present at the closing?

A. No, you needn't be present at the closing. 

Q. How long do I have to move out after my home is sold?

A. You should be packed and ready to move before the buyer's loan is funded, which typically happens 30 minutes to two hours after the closing. If you need more time, you can request a short-term seller lease when you negotiate your sales contract.

Q. What are the tax value, appraised value and insured value of my home?

A. The tax value is the value used by local government agencies for property tax purposes. The appraised value is the value a lender will use to make a home loan to you. The insured value is the value an insurance company will use when you insure your property. The insured value often will include personal belongings and possessions.

Published On Oct 14 2009, 10:21 PM by eseller1 | Digg It

Comments

margaretbirney wrote re: 12 Questions and Answers For Home Sellers
on Fri, Oct 2 2009 8:49 AM

Twice when selling I have had a home inspection done on the recommendation of my realtor. In one case our home did not sell for 9 months and then was taken off the market. The other time our house was purchased to be razed. Thus, in both cases the home inspection was useless and expensive in the sense that, not only did we pay the inspectors several hundred dollars, but made a number of repairs for an additional several hundred dollars. Moreover, one inspector told me that, on average, inspectors find only about 70% of matters needing attention, and every inspector sees something different. As a result a seller may go to some expense to make repairs only to have the buyer's inspector cite an equally long list of repairs to be done, adding to the seller's cost.  For all these reasons, I would not recommend that a seller get an inspection unless the homes has not been maintained or if there are reasons to suspect significant repairs are needed.

Karen Otto,ASP,RESA-Pro, Home Star Staging wrote re: 12 Questions and Answers For Home Sellers
on Fri, Oct 2 2009 12:38 PM

This is a great list for home sellers. Very informative and easy to understand. Thanks for putting it together

After reading Margaret's comment above I can surely understand her frustration. To not have a home sell and one be razed after spending money and time on an inspection and repairs is not what is usually expected.  

However I would still agree that in the majority of cases a pre-list home inspection can assist sellers in knowing before hand what problems (or not) may be lurking.  

In the housing market we have today, it is imperative that home sellers eliminate, fix or repair problems prior to a home going under contract.  Simple repairs or major problems are more easily handled prior to selling and can make the difference between a home that sits on the market and one that gets sold.

In my opinion it's like going to the doctor for a check up even if you're feeling well - an ounce of prevention is worth a pound of cure.

Karen Eubank wrote re: 12 Questions and Answers For Home Sellers
on Fri, Oct 2 2009 3:14 PM

I have to second Karen Otto on this one. A good Realtor will give you an idea if your property is one that could potentially be razed. At that point you can make a more educated decision about pre inspection. These cases are few and far between however.

It's always better to know on the front end of a deal, what may need attention.

That sweet  rush and excitement of  an interested buyer  can turn sour quickly once a home inspector issues a long list of problems.

Pre-inspections provide the all important   pre-emptive strike on the part of the home seller. You always want a sale to go as smoothly as possible. If a potential buyer starts finding out a lot of work has to be done upon inspection, they are quite likely to move on to the next house on their  list.

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