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Seller Frequently Asked Questions |
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Frequently Asked Questions |
Q. What typically goes into a listing agreement?
A. The listing agreement is typically between you and
the real estate company you employ. Think of it as your
legal instructions to the people who will market your
home and represent you in the sale. Such an agreement
must include beginning and ending dates for the term of
the listing; the conditions to which you, the listing
agent and the real estate company agree; and a price
(usually a percentage of the eventual sale price) you'll
pay for services rendered in the sale of your home.
Q. How important is the condition of my property to its
sale?
A. It's probably very important, depending on your
priorities. Are you hoping to extract the maximum sale
price for your home? If so, condition and appearance are
crucial. If, however, you've let deferred maintenance
catch up with you, your priorities may be different: you
may wish to sell your home in "as is" condition,
allowing the buyer to repair/replace items as s/he sees
fit. In this case, your ultimate sale price will be less
than what the same buyer would be willing to pay for a
home that's in mint-condition.
Q. Should we leave home during showings (tours) or open
houses?
A. Generally speaking, yes. If it causes you no undue
hardship, it's easier for a real estate agent to show
your home without you being present. The agent is better
able to demonstrate your home's features and benefits,
painting a realistic picture for the buyers to envision
themselves living there. Your absence will also allow
your prospective buyers to focus on the house and its
attributes – rather than on being polite to you.
Q. What is an Agency Disclosure?
A. An Agency Disclosure is required by state law. It is
a document that tells you whom the agent(s) represents.
A state's Agency Disclosure document is simply a
notification of your state's real estate agency laws; it
does not obligate you to work with any particular agent
or broker.
Q. What is the MLS and how does it benefit me?
A. A Multiple Listing Service or MLS is a database that
makes it easier to reach a large number of buyers and
increase your property's exposure. It's a system in
which participating brokers at the real estate board
agree to share commission on the sale of houses listed
by any one of them. For example, if your house is listed
with one broker and another finds the buyer who
purchases it, they split the commission. Your benefit is
twofold – (1) because more agents will be interested in
selling your house and (2) because your home is exposed
to more buyers since Realtors have access to the MLS.
Q. What must I disclose about the condition of my
property?
A. The best policy is truth when it comes to disclosing
the condition of your property; but you absolutely must
communicate all known material defects of the property.
Normally, these are noted on a Seller Disclosure Form.
Your agent will work with you to complete this.Q.
When is the best time to put my home on the market?
A. Believe it or not, peak selling seasons change from
year-to-year and market to market. Often, though,
weather has a lot to do with it. Early spring and early
fall are prime listing seasons nearly every year because
houses typically show better in those months than they
do in the heat of summer or the cold of winter. Keep in
mind there are more houses on the market during the
prime seasons, so you will have more competition. Don't
base your decision to sell on the season; each selling
situation is unique. Talk to your Realtor before
deciding on the timing of the sale of your home.
Let me be your next agent for your property. Please call
Diane Hunter at (312) 446-8300 or
contact me online! |
