House selling tips Archives

How Much Does It Cost to Sell A House?

September 14, 2021 By Jeremy

It costs roughly 15 percent of the selling price to sell a house. But keep in mind the actual cost of selling a house depends on many factors including the appraisal price, market demand, the repairs or upgrades you make, and real estate agent fees if you use an agent (which we recommend you do).

The total cost to sell your house will also vary based on where you live and the condition of your house at the time of sale. For instance, a seller listing a house in a “sellers market” will likely be able to charge more money making the 15% cost to sell a house shrink. And vice versa. If you list in a “buyers market” you could see the 15% cost to sell a house increase because you have to compete with the other houses in your stratified market.

Another example of how these costs can change is if your house fails parts of the inspection. Failing inspection can lower the total value of the home so you make less, or the buyer could require you to fix them adding an additional cost.

If you’re worried about having to take all the costs and reducing how much you can make on your home, don’t be. Depending on your deal and means of selling (using an agent versus selling on your own), many of the costs can become the buyer’s responsibility. So lets jump in and look at which costs can be yours, both parties or the buyers responsibility.

Costs Sellers Cover:

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What Does it Mean When the House You Want is “Contingent”?

August 24, 2021 By Jeremy

Your dream home is now listed as contingent. While that sounds like a bad thing, it doesn’t necessarily mean you won’t end up being able to buy this property.

The term contingent doesn’t exactly come across as inviting, but it’s nothing to keep you up at night. Contingent is just a real estate term and below you’ll learn what contingent means in real estate, how it applies to a home sale, and what it means to you as a home buyer.

What does contingent mean in real estate?

Contingent in real estate means that the seller has accepted the buyer’s offer, and now either party is sorting through their responsibilities as laid out in the contract they signed before closing.

The term contingent is derived from the contingencies that are put in place by the contract. Those contingencies are in place to provide a legal out for either party if something goes wrong or if either violates their end of the contract.

For example, if the home inspection reveals an issue that the seller failed to disclose, or the buyer fails to come up with the cash to purchase the home, the contract can be void allowing either party to back out unless a solution is met. [Read more…]

Your Guide to Real Estate Home Inspections | Checklist

August 3, 2021 By Jeremy

A home inspection can be a pivotal part of your home buying or selling experience. It’s this very moment when the home’s health is confirmed, issues are revealed, and when renegotiations are common. No matter what side of the closing table you’re sitting on, it can be both an exciting and nerve-wracking part of the process.

It’s essential to familiarize yourself with the process in any case. That way, you know what a home inspector is looking at, what issues they may find, and what steps they determine must be taken. That’s what this guide is for. We’re going to take a look at home inspections so that you know exactly what to expect and can be ready for a quick and hassle-free closing.

What should a home inspection cost?

The average price of a home inspection is around $400. However, that number is based on homes that are 1,500 square feet or less.

Inspectors will generally start there and increase the price along with the size of the home. That might be $50 for every additional 500 square feet above 1,500, but it ultimately comes down to the inspector you hire.

Keep in mind that pricing is typically a lot more complicated. Features of the home, its age, and so on can all factor into what an inspector charges. [Read more…]

9 Signs It’s Time to Sell Your House

July 20, 2021 By Jeremy

If you’re on the fence about selling your home but aren’t sure if it is the right time, this post is for you. Below you’ll find questions to ask yourself with the answers to help you determine if the market is in demand for properties like yours, or if it is for other styles and you should wait to sell.

To start, you must stratify your property. Doing so is easy. All you need to do is look at local listings and break the properties into groups based on their size and features. Consider the room count, garage, square footage, age, amenities, and condition. When you do this, you’ll find that different properties list in specific price ranges and see what the original prices were, asking prices are and how long each has been on the market. By doing this you’ll be able to see if similar houses to yours are in fact in a sellers market or not.

What is a seller’s market?

A seller’s market is when there are more buyers than sellers. Demand exceeding supply gives sellers the advantage as buyers will compete with one another to secure their desired property.

Bidding wars are much more common in a seller’s market, and the result is often homes selling for more than the asking price within exceedingly short periods—many home sales can occur in 45 days or less when they would normally have taken 90 days. [Read more…]

What a Seller’s Disclosure Form Is & What to Know About Them

July 15, 2021 By Jeremy

Whether you’re buying a house or selling, you’ll need to be aware of any potential issues with the property. Familiarizing yourself with the seller’s disclosure form will benefit all parties—buyer and seller alike.

What is a Seller’s Disclosure Form?

A seller’s disclosure form, also known as a property disclosure statement, is a document provided by the seller about their knowledge of the property—any historical and potential issues. The seller’s disclosure statement is essential to both the buyer and the seller.

As a buyer, you’ll want to be aware of anything that could potentially go wrong with the property. As a seller, you’ll want to be completely honest with your buyer, not only for the sake of honesty but also to cover yourself if an issue arises. Legal action can be taken if you lie on a seller’s disclosure (more on this later).

What Should a Seller’s Disclosure Include?

A seller’s property disclosure should include a full list of issues. The exact issues that need to be listed vary from state to state, so make sure to find out your state’s requirements. Some general problems with seller’s disclosures issues across the country include:

HVAC
Mold
Pest infestations
Water damage
Leaks
Foundational integrity issues
Lead paint
Asbestos
Additions and improvement projects (without a permit)
Any major repairs made by the seller or previous owners
Insurance claims made

If there’s been a notable issue, it should be noted.

In the past, there have been underhanded attempts to pass off homes with issues to uninformed buyers. So be wary of shady sellers.

What if the Seller Lies?

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How to Market a Pocket Listing

June 1, 2021 By Jeremy

You’ve scored your first pocket listing, congratulations! These are highly profitable and can help you stake your claim in your market. The only problem is that most of your go-to real estate marketing strategies aren’t going to help you here. For one, you have to protect your client’s privacy and keep the general public out. Two, the home is probably out of the price range of the average buyer.

Those two factors mean that you need to get creative with your marketing of the home, and we’re ready to help. Below you’ll find seven ways to market a pocket listing so that you can bring in qualified buyers and help to keep your client’s identity and home as private as possible.

Network with Financial Advisors

Gaining the respect and trust of financial advisors can take some time. That, combined with the idea that you are likely reading into marketing pocket listings before you obtain your first, is why we’re starting our list here.

Meeting financial advisors can happen in any number of ways, and you may want to wait for the relationship to start organically rather than approaching them on the spot about a business opportunity. Over time, you can gain their trust by offering your services when they mention clients that need to downsize their assets or have the opportunity to move into a bigger home.

After their trust is gained and a healthy relationship is established, you can approach them about a pocket listing to see if they know of anyone who may be interested. They may even provide you with a list of people who have the kind of income that would justify you approaching them with the opportunity.
Exclusive Advertising

With a pocket listing, advertising to the general public is off the table. Even exclusive advertisements in pristine publications might be an issue if the client doesn’t want to make the information to select groups, which is why you should always consult with your client about the idea first. [Read more…]

What a Listing Agent is and Who They Work For

January 20, 2021 By Jeremy

Whether you are getting ready to buy or sell a home, you’re going to come across the terms “listing agents” and “buyer’s agents.” And though many may believe that real estate agents all have the same job, there is a stark difference between the two.

We’re here to talk about what precisely a listing agent is. Below you will learn all about the role both people play, what their duties are, and why they are essential to the process of selling a property.

What is a Listing Agent?

By definition, a listing agent is a person that represents the seller in a real estate transaction. Their job is to list the home and help the seller find a buyer in basic terms. A listing agent works to get the seller as much money as possible for their property as quickly as they can.

A listing agent’s work sounds simple, but there’s a lot more to it than taking a few pictures and making an ad for your property. Their involvement with the selling process is far more intimate. They handle the majority of the process for you.

The Roles and Responsibilities of Listing Agents

One of the first things a listing agent does is sets the asking price of your home. Not having any emotional attachment to the house helps them take an unbiased stance to make a fair asking price. But, they aren’t there to let someone rip you off either. Remember, a listing agent wants to help you make as much money as possible, partly because it helps increase their commission. [Read more…]