HOME SELLER FREQUENTLY ASKED QUESTIONS
Q: What are your tips for home seller's in today’s market?
A: It is imperative that your home is in top selling condition from curb appeal (lawn, exterior) to fresh paint and clutter free interior.
The competition now is fierce as those who are selling have homes in move-in condition with minimal or no repairs needed.
Curb Appeal (How your property looks upon arrival) is crucial
as many buyer's make the decision as to whether they want to view the inside
based on the appearance of the outside.
Q: How do I handle multiple offers on my home?
A: Have your realtor present the offers to you and explain the price, terms, and contract contingencies so you can decide which offer is the best for your situation.
An all cash offer with contingencies may not necessarily be a better offer than one with a 10% down payment and the same offer price.
An effective realtor will help you navigate the offers. If you are selling for-sale-by-owner and multiple offers are received you may want to consult with your real estate attorney.
It is the duty of your realtor to assist you in countering out any items that you do not agree with and add any items that you want to address in the contract.
Factors to consider include: is the buyer paying cash or obtaining financing? What is the amount of earnest money/down payment, contract contingencies, closing date, and particularly the buyer’s motivation—to rent, assign, quick buy and sell, home for family and kids etc.
Once you have considered all of the factors that you and your agent feel are highly relevant you should be in position to make an informed decision.
You can accept what you feel is the best offer, counter all offers at once and inform each buyer that they are in a multiple offer situation, only respond to offers you like, respond to one offer at a time, or do not respond to any of the offers.
Although multiple offers do not happen frequently they are not uncommon in a sellers market. It may signify that you have priced your property right and/or you are in a highly desirable area.
As a result of receiving multiple offers you may receive a higher price
for your property. It is not uncommon for the price to be higher than the
initial asking price.
Be aware that most buyers do not like to get into bidding wars so don’t be too greedy.
With most markets saturated with homes for sale it is easy for a potential buyer to walk away because we are now in a buyer’s market.
In addition potential home buyers have access to all types of market data and they normally will not overpay because they know there are other homes available that also meet their criteria in the same area.
Also keep in mind that you cannot expect to receive a price substantially over your asking price (market value) if your buyer is obtaining financing because the house will not appraise, and the buyer will not be able to get a loan to purchase your home.
Try to make it a win/win situation by accepting the offer that is closest to your asking price and the home’s market value and have the best terms in you and your agents opinion.
Q: As a Seller should I provide a Home Warranty for the potential Home Buyer?
A: On many resale homes I have seen home warranties in combination with other marketing strategies help homes sell faster.
However, a well maintained home in a highly desirable area may not need a home warranty. The price range of your home along with the financial status of the potential purchaser may affect your decision.
In general, however—it is a good choice to provide a Home Warranty (or have your realtor provide one) to help enhance the sale of your home. It will also give the potential purchaser "peace of mind" during their first year of ownership.
Q: I bought a time share several years ago and I now want to sell it. Are there any good companies out there that can sell it for me?
A: Although I rarely deal with timeshares this is what I have seen in this industry for the most part.
Most companies that I have seen as of late are charging a listing fee and in most cases they don’t sell the time share. In cases when they do it is usually at a steep discount.
I have not come across a really good company out there to sell your time share through. That is not to say there is not one out there, but I have not come across one in recent years.
It is my opinion you never should have bought a time share as it was initially a bad purchase unless you totally loved the area and planned on using it religiously.
You should have purchased the time share at the beginning with the end in mind. At that point you would have realized that trying to sell a time share without incurring a loss was highly improbable.
However, savvy time share sales agents only tell you about the pleasant side of owning a timeshare for the most part. Time shares that were purchased for 15 thousand dollars or more are now selling for less than 2 thousand dollars in many parts of the country.
It may be best to try to sell to someone who is at the timeshare during the week you have bought out for the time share instead of using a potential rip-off company.
You can also utilize the various media (print, web, word of mouth, flyers etc.) to get the word out that you have a time share for sale. Just be aware that they are practically worthless in most cases and expect a low offer if you get any offers at all.
Q: After the selling of my home will preparing my taxes myself be difficult?
A: If you have prepared your own taxes in the past you may feel comfortable continuing to do your own taxes.
However, there are some nuances that are unique to home ownership that you must be aware of. However, if you get up to speed on the current home ownership issues in the current tax code, you may put yourself in position to continue preparing your own taxes.
For income tax preparation you can utilize the tax professional of your choice or if your tax situation is not very complicated after your home sale—you can choose among the following: