SELLING YOUR HOUSE: FAQs
Common concerns when selling one's house include:
Question: Do sellers have to disclose the terms of other offers?
Answer: Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
Question: What are the two most important factors when selling a home?
Answer: Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer.
In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the local multiple listing service or online listings provider.
If this isn't happening, take it up with your agent or agent's broker. If you are still not satisfied you are getting the service you need, you may have to switch agents.
Question: How is a home's value determined?
Answer: You have several ways to determine the value of a home.
1. An appraisal is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.
2. A comparative market analysis (CMA) is an informal estimate of market value performed by a real estate agent based on similar sales and property attributes. I offer a free analyses in the hopes of winning your business.
You also can get a comparable sales report for a fee from private companies that specialize in real estate data or find comparable sales information available on various real estate Internet sites.