First, pick the right agent. Your listing agent will represent you in interactions with (A) other real estate agents, (B) prospective buyers, (C) lenders, (D) inspectors, and (E) various professionals associated with the real estate business. Be sure to select a trustworthy and agent with fine-tuned social skills and with whom you are compatible. Try picking a real estate agent who will represent you honestly and fairly in your dealings with others during the sale.
Next, be fastidious about preparing your property for sale. This will not only facilitate the sale and bring you a higher price, it could prevent after closing disputes with the buyers.
Make a list of all the elements of your home that need repair or replacement. Your agent can help you with this. If you're uncertain about the condition of a major system, like the roof or furnace, you might want to hire a professional to inspect and issue a report.
Determine how much it will cost to repair or replace problem items. If you can't afford to repair everything on the list, ask your agent to help you prioritize. Disclose any defects that you're aware of that you don't fix before selling.
HOME SELLER TIP: Sellers often fear that if they disclose defects to buyers it will impede the sale of the property. This rarely happens. In fact, buyers appreciate knowing about property defects before they buy. Problems can develop when buyers discover hidden defects after closing that they know the sellers were aware of, but chose not to disclose.
A California home seller answered no when he was asked if he had any drainage or flooding problems. He had remodeled his home to create a family room in the lower level that had previously been a basement. During the first heavy rain after the buyers moved in, the family room was flooded with water. The buyers sued the sellers in court and won.
It's natural to feel proud of your home. But, avoid over-selling your home to prospective buyers. Be particularly careful about rooms that were added without required building permits.
Let's say your home has four bedrooms, plus a room that was added without permits that could also be used as a bedroom. From a marketing and legal standpoint, you'd be better off marketing your home as a four bedroom, not a five bedroom, home. Interested buyers will discover when they look at your home that it has an extra room that could be used for a bedroom. They'll be pleasantly surprised to find more than they anticipated. If you market the home as having five bedrooms, buyers will be disappointed to find that the fifth bedroom isn't a legal bedroom. If this information isn't discovered until after closing, you could have a legal problem.
Many after-closing claims involve misrepresentation of square footage. When a property is passed from one owner to the next, the square footage is often rounded up to a higher number. For instance, a 2900 square foot home might be represented as approximately 3000 square feet. The next owner might say the house has about 3000 square feet, perhaps a little more. Never guess about square footage. Square footage claims can involve substantial monetary damages.
THE CLOSING: Ask your agent or real estate attorney if you have any questions about your disclosure obligations.
First and foremost, you need to look up the appropriate real estate laws for your area. Watch out! Depending on which state you live in, may determine what kinds of properties, or the number of properties in which you can sell even if you are the sole owner. To find out about your state's laws, do a Google search on "real estate" for sale owner, and the name of your state. i.e. "real estate" for sale owner florida. Other places you may be able to find accurate information would be at your local state real estate board regulatory or county land office.
You've done your research, now what? You have to determine if there are any specific regulations that may affect a sale such lead paint, the presence or absence of smoke detectors, asbestos, hand rails, stairs, appliances, lead pipes, and so on. In some areas electrical service must meet certain codes in order for the house to be sold. Other determinations may be whether the house has well, septic, or city water and sewer may affect the sale. Even something as simple as the grade of the yard may impede a sale. The key is to inform yourself so that there aren't any surprises. You must also check zoning to see if there are any proposed or pending changes to the zoning of the property you intend to sell. To locate these laws, contact your county zoning board, the municipal housing center, or city or county building inspectors.
Now that you have done even more research, you know the regulation and the codes, you have to check with the county and city tax offices to make sure the property's taxes are up to date and there are no unexpected special assessments. If the taxes are clear, it's back to the county recorder's office to ensure there are no existing liens that you were not expecting. Make sure that if you have any previously cleared liens, they were actually recorded properly and the county has cleared them. Sometimes these details fall by the wayside and prove to be a rude surprise at the closing table.
The codes are clear and you've made sure there are no liens. So how do you list your property? By this point, you've done a lot of legwork. If your home is located in any of the Northeast real estate areas, you may have found it easier to contact a licensed real estate agent. Unfortunately, there is still much more to consider when selling your home. If you haven't considered consulting with a real estate agent, now may be the time. Working with an agent can save you a great deal of money and certainly a lot of stress. If you still want to list your home on your own, check out television shows such as "Designed to Sell". They are geared to realtor sales, but can provide you with ideas on how to stage your house and sell your home.
Some great ways to advertise and sell your home is to use newspapers, Craigslist, web ads, flyers, or even for sale by owner (FSBO) ads on MLS service. In order to utilize FSBO contact the local MLS administrator. To find out who this is, contact a local real estate board.
If you are confused, you are certainly not alone. The process is a meticulous and tedious one. Working with professional agent may be your best bet to get you through this process. You can defiantly save a great deal of time, money, and stress. REALTORS have the tools and resources readily available in order to sell your home. Consider giving one a call, and go get a latte!
Both Richard Brazil & Carey Frankel are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Richard Brazil has sinced written about articles on various topics from Online Business, Real Estate and Legal Matters. Richard H. Brazil, Jr. wears many hats; Broker, Agent, Businessman, Mentor... Inventor. Being a part of the Real Estate Industry for 20 years, Brazil has seen technology evolve and grow exponentially over the years. In April 2007 he filed a patent, and f. Richard Brazil's top article generates over 14800 views. to your Favourites.
Carey Frankel has sinced written about articles on various topics from Real Estate, Kitchen Home Improvement and Real Estate. The Phyllis Frankel Realty Group works with buyers, sellers and investors in the and. Carey Frankel's top article generates over 12100 views. to your Favourites.