Listing your home can be a bit scary. I know there are lots of savvy sellers out there that the process is not a problem at all, but for most of us, listing our homes is a big deal. There are multiple reasons you need to list your home; You family is too large for your current space, your kids have now flown the nest and your home is too large, you have taken a new job and are leaving the area, or you home is just too expensive for you to keep up anymore. Your tired of living in a large suburb and want to live the life of wide open spaces. Whatever the reason it is a big step to sell your home.
One time I had a seller that had already found their new home and needed to sell their current home fast. Not a problem, the house was in great shape and had been beautifully updated. But they came from another state. A company came in and just bought their home no questions asked, no fixes, NO NEGOTIATING. That worked great for them and for that buyer since they had to move quickly, but they did not get the best price for their house. So when it came time to sell their home in my community they were in a bit of a panic because they didn’t know what to do. What do we fix, what will we have to fix and how much are we going to have to give in concessions?
When listing your home with a realter they should walk through the home with you and ask you lots of questions. You as the seller should also ask questions. Often I get sellers who ask if they need to gut a bathroom or finish a basement. These all depend on the location and price of the house. If you think your house is the Taj Ma Hall but your realtor points out problems or gently says something needs to be fixed, listen to your realtor. Listen when they tell you the listing price should be in a certain range. List too high and your house could linger. In a rural community this is so important. When you choose to go with a realter you are buying their experience and knowledge of the market. WE all know what bugs us about our home and if those things are easy fixes, fix them. If you've been meaning to fix the leak in the bathroom, nows a good time to fix it. You might even consider hiring an inspector to go through your home and help you see what the seller and their inspector will find. This is great to make sure you do not get any surprises.
Pre listing inspections are a great way to make sure your house sells. Its an insurance policy that can save you thousands. Buyers ask for things to be fixed… some loans require the seller to fix things, so getting an inspection ahead of time and fixing those things first is a great idea and helps you get the best price you can for your house.
When You sit down to list your home in the realters office make sure the realtor goes over the contract with you. Every state has a different way to do things. In Wyoming our contract is really very simple. We state who the seller is, how long the listing is for, what the legal description is, what stays with the home and what is excluded. We can also say if the seller is willing to pay closing costs or to finance the buyer. Most of the time these things are added in a buyers contract. But its always good to talk these issues through with your realtor. Like every realtor across the country we do have to give a good faith estimate so the seller has an idea of what their proceeds will be or won’t be. The good faith estimates what you pay at the title company for their closing costs and the title insurance (in Wyoming the Seller pays the title insurance). It will also list what you as the seller are paying for in concessions. If your not in Wyoming your realtor might have a different looking Good Faith Estimate but bottom line when you list your house your realtor should give you an estimate of your potential proceeds and then give you one for each offer, counter and then a final. In the End the Title Company will provide a settlement sheet that also lays out the proceeds. Look the listing Good Faith Estimate over with your realtor. Next make sure you know what your realtor can and can not do for you. Some realters are willing to find contractors to do the work at your home and make all the arrangements, others will not. I don’t but I will give you a list of possible contractors for you to talk with and choose. I think its important that you know who is in your house and if they are good at what they do. Remember when you hire a realtor to sell your house, that realter is also signing a contract with you to be loyal to you. They represent you. This also means you should listen to the realter when they tell you the price you want is too high.... YIKES! We know the market.
In some states, like Wyoming we can represent the seller and also help a buyer as a customer. How does that work? IT can be tricky but a good realter will tell their buyers up front “I have the listing on this house. I represent the sellers but I can help you through the transaction.” A good realtor will also tell the seller they are showing the property to a potential buyer.
Its always best to be honest. I have had a few situations where I have the seller and a buyer but the buyer doesn’t like that I am helping them as a customer. NO Problem at all. I always let them know they can find another realter to help them through the transaction process and I make sure they know that I want them to feel comfortable with the decision they make. That could mean I loose a buyer but in the end it was the right thing to do for the buyer. But that might be another post…..
Bottom line, if you are selling your house get to know your realter. This is good advise if your are in a small or large market. Ask people in that community about that realter, are they part of the community? Does this realter sound like the kind of person you want to have represent you? Remember this person doesn’t have to be your best friend. The realter you choose should share your values of honesty and trust and you feel confident in their ability to get you the best price for your home.
