1. Once we establish the Listing Price, can the Price be changed?
2. Should I be available at the Home when potential Buyers visit ?
3. How effective is it to have an Open House?
4. If I don’t have an acceptable Offer within the first 30 days, What does that imply?
5. What expenses am I responsible for when I sell my home?
6. Do I have any security concerns about letting potential buyers into my home when I am not there?
7. When I receive an Inspection Report from the buyer with a list of items to be corrected, am I obligated to fix all of the requested items?
8. If the appraisal prepared for the buyer’s financial institution does not support the agreed upon sale price, what happens?
9. What does it mean to have a “Cloud” on the title?
10. I have read newspaper articles that refer to the Median Price of homes vs. the Average Price of home, what is the difference?
11. What is the difference between the Square Feet of my home and the Finished Square Feet of my homes, what is the difference?
12. What is the Seller’s Property Disclosure form?
13. Am I affected by the Lead-based Paint Disclosure?
14. How do I determine the Taxable Gain on the sale of my home?
15. What is the difference between a Listing Broker and a Selling Broker?
YES – The initial listing price is only the start. If you find your are getting “overwhelmed” with showings, we may decide to raise the Price before an offer comes. Conversely, if few showings and no offers are coming in, we may decide to lower the Price. Market conditions constantly change, you have the flexibility to meet these changes.
NO – When potential buyers tour your home, they are there to determine if your home meets their needs. As a general rule, they are there with their agent and wish to be totally unencumbered when speaking objectively about the home with their agent. Your presence can prevent buyers from speaking openly about their impressions or to ask questions.
MAYBE – Many factors are at work here. Generally, it is always good to have a few Open Houses. This allows neighbors to view your home and you can let your interested friends know. Many times someone knows someone who would like to live in the area.
It depends! How many showings are you getting? How many other homes in your neighborhood are selling, Have interest rates or other economic conditions changed in your area? What is the time of the year? Has your home been entered into the MLS and been given national exposure through the internet? If you are not getting activity after 30 days , you need to seriously review the initial marketing considerations and efforts.
Title insurance policy, payoff of your existing mortgage(s) including pre-payment penalties, if any, Brokers commissions, unpaid property taxes for the current year and any previous years, repairs that you have agreed to do and other miscellaneous items you have agreed to pay.
It is strongly recommended that you do NOT leave jewelry or other valuable items visible for buyers visiting your home. While each broker arranging to show your home with a buyer will be identified and registered, it is always best to avoid the problem of tempting anyone visiting your home.
All inspection items fall into one of two categories: 1) Health and Safety issues and 2) Cosmetic issues. Generally, health and safety issues should be repaired. Cosmetic items may or may not need to be addressed.
If you do not address the health and safety issues with this buyer, you will, most likely, need to deal with them again with the next buyer. Also, these issues could cause issues with the buyer’s lender as well.
In Colorado, we cannot, but law, have contact with the appraiser. We can, however, speak with the buyer’s lender and we can file an appeal. If we cannot resolve the issue of price through documentation, then, the buyer can add the additional funds, you, as the seller, can lower the price, both parties can split the difference or the contract can be voided.
During the closing process on the sale of your home, you are required to provide a Title Opinion stating that you, in fact, do have the right and ability to convey title to the property being sold free and clear of all encumbrances. If during the examination of the title, it is discovered that an encroachment, lien or easement on the property has been placed on the record, it is said to place a Cloud on the Title. These items must be resolved prior to completing the sale of the property.
These statistics are often referred to as a means of indicating the trend of the housing market pricing. The median price is the midpoint of all homes sold in a given period. Midpoint means half the homes sold for higher prices and half the homes sold for lower prices. The average price of a home is calculated by adding the price of all homes sold and dividing by the number of homes sold in the same time period. In a given period, the average home price may increase if fewer but more expensive homes sold, while the median price of homes may not be appreciating. It is helpful to understand the difference when establishing a price for your home.
Square footage as generally defined in the Metro Denver area of Colorado includes all of the “above ground” footage. Basements are not included in the stated square feet for a home. If all or a portion of the basement is finished, this amount is added to the above ground square footage of the home and will show as Finished Square Feet.
It is a smart idea for a seller to fill out this form. This allows the buyer to see what is included, what is working, past problems and current problems. As a seller, you and your broker are required to disclose any Material Defect known about the property.
If your construction on your home began prior to January, 1978, you are required by HUD to complete a Lead-based Paint Disclosure form prior to entering into a Contract to Buy and Sell Real Estate. The penalties for not doing so may be severe and are established by federal statue.
This is a matter for you to discuss with your tax advisor! As the rules can change often, your advisor is the only one to guide you.
The Listing Broker is the individual and his/her real estate company you select to represent your interests in exclusively in the sale of your home. The Selling Broker is the individual who brings a bona-fide buyer with an offer to buy your home.
In Colorado, all parties have the right to separate representation. Occasionally, the Listing Broker can help both sides, in which case, she/he becomes a Transaction Broker who brings the deal together.
NOTE: The questions and answers above are provided for your general information only. We do not provide Legal or Tax advice. You are strongly recommended to seek Independent Legal or Tax advice for any matters pertaining to your specific circumstances and conditions.
Specializing in Buyer Representation & Relocation Real Estate Transactions.