FREQUENTLY ASKED QUESTIONS

Should I sell or buy first?
When is the best time to sell?
Should I sell by owner?
What is typically included in a Listing Agreement?
What is Agency Disclosure?
What is the MLS?
What must I disclose about the condition of my property?
What are the costs associated with selling my home?

 

 

Q: Should I sell or buy first?
A: This depends on your particular situation. Do you need the equity from your present home to complete the purchase of a new home? If so, you’ll need to sell first, get a bridge loan, and/or ask for a home sale contingency. If not, it’s a matter of personal preference. For each option, there are several variables we can discuss to assure a smooth transition.

Q: When is the best time to sell?
A: In Northeast Ohio, early spring and early fall are prime listing seasons. Most likely as a result of weather conditions and the fact that most homes show better during these times of year. Keep in mind there are more homes on the market during these seasons. More homes are more competition. Feel free to call me to discuss, timing is everything and each selling situation is unique.

Q. Should I sell by owner?
A. As one of the most important financial decisions in your lifetime, it’s a serious question. My best advice to you is to be open-minded, consider the value of your time, realize the actual costs, explore every option and weigh the pros and cons. As a real estate professional, I’m always going to recommend you work with a Realtor; however, I respect your right to sell your own home. If you go it alone and later decide it’s not what you anticipated, I would appreciate the opportunity to meet with you.

Q: What is typically included in a listing agreement?
A: Typically, the listing agreement will include you and the real estate company. It must include a beginning and ending date. It includes the conditions. And, it includes the price you’ll pay for services rendered in the sale of your home (usually a percentage of the sale price). Think of it as your legal instructions to the individuals representing you and marketing your home.

Q: What is Agency Disclosure?
A: Agency Disclosure is required by state law. It tells you whom the agent(s) represent. It does not obligate you to work with any particular agent or broker. For example: If you and I were to enter into a listing agreement, I would be acting solely on your behalf as a Seller’s Agent. If you and I were working together in the purchase of your new home, I would be acting solely on your behalf as a Buyer’s Agent. In either case, I would be seeking the best price and terms for you, and would owe you the duties of loyalty, obedience, confidentiality, accounting and reasonable skill and care. It’s important to know that not all brokers and real estate agents practice alike. There are various forms of services that can be offered under Ohio law.

Q: What is the MLS?
A: The Multiple Listing Service (MLS) is a computer-based system which enables real estate brokers representing sellers to share information about their properties with other real estate brokers who may have potential buyers for the property. Participating brokers agree to share commission on the sale of homes listed by one another. For example: If I had your home listed with RE/MAX and another agent from ABC Realty finds the buyer who purchases it, RE/MAX and ABC Realty split the commission. It benefits you twofold: (1) more agents have an incentive to sell your home (the commission split); and (2) your home is exposed to more buyers through their real estate agents.

Q. What must I disclose about the condition of my property?
A: When it comes to disclosing the condition of your property, truth is the best policy. You must communicate all known material defects of the property. A material defect is one that would affect the buyers' decision to buy or the price they'd be willing to pay. If an item is not covered in the Residential Disclosure Form, you must still include the known material defect.

Q. What are the costs associated with selling my home?
A: In Northeast Ohio, typical closing costs to a seller include:

  • Loan payoff fees
  • Escrow fees (split 50/50 with buyer)
  • Real estate commission
  • Transfer tax
  • Title insurance (split 50/50 with buyer)
  • Property tax (pro-rated to the date the title is transferred)
  • Deed and recording fees

Other costs may include: home warranty premium, agreed upon buyer closing costs or credits, attorney fees (if applicable), certifications required by city or inspector, point-of-sale (where applicable), repair costs, if any, and termite inspection. If you would like to obtain an estimate for closing costs please contact me