Seller FAQs
Selling your home is a major step, and you likely have lots of questions! See here for the most common questions we hear from sellers, and their answers.
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If you have a question we haven't addressed here, feel free to reach ut to us with them, we would be happy to help!
1
Where do I even start?
If you're considering selling your home, the first thing you should do is reach out to several agents or Realtors and ask them for a Comparative Market Analysis?
2
How do I choose a real estate agent?
There are LOTS of Realtors out there, and some are better than others. You'll also be spending quite a bit of time with them, so you want your agent to be highly skilled AND a good fit for you. Meet with several agents, and go with the one you feel most comfortable with.
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For our guide on choosing a real estate agent, click HERE
3
How long will it take to sell my home?
Based on current market conditions, your property will likely be on the market for 7-45 days before you get an offer you like and accept. Once a contract is in place, it generally takes 30-45 days to close the deal. Plan on a 3 month period from the time your agent posts the listing until you are receiving your payment.
4
How do I figure out what my property is worth?
Generally, the value of your property is going to be determined by the comparable sales that have happened in the past 3-6 months. You'll start with a base value of your home based on the sales price of those homes, then make adjustments up or down for the differences between those properties and your own. A real estate agent can help with this analysis, or you can do one quickly yourself by looking at listing sites like Zillor or Realtor.com
5
What are the costs and fees associated with selling a home?
The primary expenses you'll pay when selling your property are:
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Agent Commission (generally 5% of the sales price)
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Property repairs and maintenance
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Staging and holding costs - staging a vacant house will generally cost $2,000-$5,000 upfront depending on how big it is, and then $500 per month to continue renting them until the home is sold.
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Other closing costs - various title fees and smaller items like that associated with closing the deal
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6
What are the tax implications of selling my home?
Speak with an accountant or tax expert to make sure you are addressing your specific situation, but generally if you sell your house for more than you bought it for, you will need to pay taxes on the amount of the increase. If you live out of the state or country, the state may withhold some portion of your sales proceeds to cover any tax liability. Generally if you live in state though, you will be paid the full amount and it will be your responsibility to address those gains on your tax return. The rate at which your gains are taxed at will depend on how long you lived in the property - if longer than 1 year, it will be taxed at the lower capital gains rate, and if shorter it will be taxed at your income rate. There are other mechanisms you can use like a 1031 Exchange that will mitigate your tax liability, but make sure you speak with an expert before doing that as requirements to qualify are highly specific, and tax liability is a risky business.
7
Do I need to get my property inspected before sale?
No you don't. You are required to disclose any issues you know of with the property, but you are not required to seek them out. The buyer will conduct their own inspection after their offer is accepted and before they close.
8
What happens to my mortgage if I sell my property?
Most people sell their property while there is still a mortgage on it. In that case, the outstanding debt on the current mortgage is paid to the lender out of the proceeds from the sale first, and then the remainder is sent to you.
9
Can the buyer get out of their contract after I've accepted their offer?
Most contracts to buy real estate will have several "outs" for the buyer based on a few key events between the offer and closing:
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The inspection finds damage or conditions the buyer was unaware of
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The buyer is unable to secure financing from a lender
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The appraised value of the property comes in lower than the sales price
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An issue is found with your title to the property (extremely rare)
A buyer can cancel the deal at any time up until closing, but if it's for reasons other than the 4 above, generally they will have to forfeit the earnest money the provided with the offer.
10
How should I prepare my home for sale?
Start with decluttering and deep cleaning your home. Make necessary repairs, update outdated fixtures, and consider professional staging to enhance your home’s appeal. Improving curb appeal with landscaping and exterior touch-ups is also crucial.
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Additional repairs and cosmetic updates can make your home more attractive to buyers and potentially increase its value as well.
Selling as-is can be an option if you're looking for a quicker sale or want to avoid upfront costs. Your agent can advise on which repairs are worth investing in.
