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![]() Associate Broker: DC MD VA |
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* Winner: Long &
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Selling Guide
Experience has taught me that every home sale is unique. Yet every sale shares a common process. For specific answers to your specific situation, I am happy to assist you. You want the best selling price - with the least hassle - in the shortest period of time. Listing Your HomeThe first step toward putting your house up for sale is to meet with me at your home. What we call the "listing appointment." But beforehand, it's important to understand "who's who" and how brokers may cooperate to sell your house. Listing Broker and Listing Agent
Selling Broker or Selling Agent
At the listing appointment, the listing broker will want to inspect the house and yard to become familiar with its special features. You have probably enjoyed living in your home and have been pleased with its many unique features. Your listing broker will want to tell prospective buyers about the special features of your home and neighborhood. Remember, prospective buyers will be "comparison
shopping" and keenly aware of subtle differences in houses for sale
in the area. Be sure to tell your listing broker why yours is special
--from any home remodeling to afternoon winter sunshine. Demand Sets PriceAfter conferring with the listing broker on market conditions, comparable nearby sales and listings, and available financing, the home seller will set the listing or "asking" price for the house. A common definition of market value is: "What a ready, willing and able buyer will pay, at a price a seller will accept." Metropolitan area buyers are sophisticated. They've already been shopping, and when they see your home they'll be comparing features and financing. There's a rule of thumb that says: "A house priced more than 5% over market value discourages offers." Buyers who can afford the price can get "more house" for their money elsewhere. Buyers who cannot afford the price simply won't look. This is why we say, "A house priced right is half sold." A fair market value will be determined
by comparing the property with similar properties which have recently
sold and (in some cases) with similar properties currently on the market.
Experience in the industry has proven this "market analysis" approach
is more accurate than the "replacement cost" or "potential rental income"
methods. Sample NET SHEETBased on the list price, the listing broker
will go through a worksheet that estimates the "net cash" from the sale.
Simply, this exercise subtracts anticipated charges paid by the seller
from the sales price. A copy of the "net sheet" is left with the home
seller. Financing StrategyMost sales can
not be completed without financing from a bank or lending institution.
That is why it is generally to the home seller's advantage to appeal
to the greatest number of home buyers by accepting the greatest range
of financing plans. The listing broker will explain the ramifications
of different types of offers and contingencies that will impact your
sale. What is a Point?A point is one percent of the amount of
the buyer's mortgage loan. For example, if a loan is $500,000, one point
is $5,000. Lenders charge points to increase the yield on their loans.Home
buyers and home sellers may share the charges by mutual agreement. What Conveys?The broker will assist the the
home seller with a specific list of the personal property that is included
in the property for sale. Examples of items to "convey" may include:
draperies, drapery rods, washer, dryer, refrigerator, stove, microwave,
disposal, swimming pool chemicals, awnings, storm doors and windows,
screens, venetian blinds, shutters, window air conditioners, etc. The
seller will inform the broker about items which will not convey. Listing AgreementWhen the home seller is ready to put the
house on the market, the listing agreement is filled out indicating
a specific period of time the agreement is in effect ("listing period"),
and signed by the seller You've now hired a listing broker and listing
agent. Questions and AnswersWhat is a "Lockbox"? Do certain geographical areas have unique
home selling requirements? Contact Information: Howard Lerner, Associate
Broker, REALTOR® DC MD VA 240.497.1700 Main Office |
More Information
Proud to Be an Equal Housing Opportunity Realtor |