Frequently Asked Questions
There are several things you need to know before putting your home up for sale and one question typically asked from sellers is what steps should be taken before listing their home. Not properly preparing a home for sale can put a homeowner at a huge disadvantage.
The expression “You never get a second chance to make a first impression” is true when it comes to selling a home. When selling a home be sure to present it in the best possible light. Minimize clutter, freshly painting rooms, installing new carpeting, or ensuring odors are non-existent are just a handful of things that can be done before listing your home for sale.
It’s important to disclose anything you are aware of in your home. Nobody likes “getting the raw end of a deal” when it comes to buying a home or anything for that matter. If you’re aware of defects with a roof, appliance, or home in general, you’re better off being honest and upfront. If you’re aware of defects, whenever possible, fixing them before going on the market is best. This can avoid potential issues and/or lawsuits once your home is under contract, after inspections, and even years after you have sold your home. In California a home buyer has up to three years to bring a lawsuit against a seller for withholding pertinent facts, so the best policy is to disclose what you know to the best of your knowledge.
Most homeowners want to know how much their home is worth. This frequently asked question is another one that cannot be answered with a generalized answer. One of the best perks to owning a home is the ability to make it your own and improve it to your liking. Finding out how much your home is worth is not something that should be done without asking a local Realtor for a market analysis.
This often leads to a common pricing mistake some sellers believe. Assuming that pricing your home $5,000 higher than what a Realtor suggests leaving room for negotiations and low-ball offers. A well-priced home will sell quickly and will sell for close to the listing price. There is no need to leave room for negotiations, as today’s home buyers are very well educated. A seller who prices their home high to leave room for negotiations can be costing themselves more money than if they price it to reflect the suggested market value.
In addition to ensuring there are no safety hazards at a home, the bank appraiser is also making sure that the home value is at least what a buyer and seller agree too. This isn’t always possible though. If an appraiser determines the value of the subject property is lower than the agreed purchase amount, there are a couple different scenarios.
This is the most common result when an appraisal comes in too low. The seller must agree to sell the home for what the appraiser determines as the acceptable value.
The buyer must bridge the difference between the purchase price and the appraised value. This scenario is uncommon as many buyer’s find it hard to pay more for a home than their bank appraisal indicates it’s worth