Seller Frequently Asked Questions

Especially Helpful if you haven't sold a house in a while

How do I know what my house is worth?

A real estate agent can do a market analysis by visiting your house and comparing it to similar houses by size, type and location. The agent will compare it to the actual selling price of those houses to get a fair market value for your house.

How much higher do I set my asking price over fair market value?

Because a buyer will probably bid below asking price, you do want to allow for that. However, not by more than 5-10%. Some sellers (or agents) will want to list pretty high, hoping they’ll get someone who likes their house enough to pay that. Unfortunately, this very rarely works because buyers in today’s market are educated consumers and know the values pretty well. Also, many are working with buyer’s agents who are responsible to the buyer and not the seller, and will advise them accordingly. Overpricing risks having your house sit on the market a long time until it gets "stale" and potential buyers start to wonder why no one wants it.

You represent me and my best interests, right? What about if the buyer has a different agent?

Yes, as your listing agent I am looking out for your best interest. Your buyer will also have an agent they are working with. Their agent is never working for you (technically called a subagent) unless you agree to compensate subagents (not recommended). Their agent is either acting on their behalf and in their interest (called a buyer's agent) or on no one's behalf and in no one's interest (called a facilitator). For obvious reasons of conflict, if I also represent the buyer of your house, I would not be able to act as a buyer’s agent for them - I work for you, the seller.

If I have a real estate agent do I still need a lawyer?

Your agent will walk you through the steps and forms, but it is recommended that you have a lawyer look over the Purchase and Sales Agreement before signing, since it is a binding document and covers all details of the sale. If you have an unusual or unique situation you may want a lawyer involved through the whole process.

What about the home inspection – how responsible am I for everything?

The home inspection is an option your potential buyer has once you and they have agreed on an accepted bid price, and is paid for by the buyer. The purpose is to expose major problems. Usually there are many minor items noted and this is common for any older, lived in house. If major issues arise, such as heating system or roof problems, the two parties can negotiate how to resolve them. Sometimes the current owner addresses repairs, sometimes the price is deducted from the bid, or buyer and seller may split the cost and the buyer will get the work done after they move in. Your agent can help you with this process. Some people make major repairs before selling, and some owners have an inspection done on their own home before listing so that there are no surprises.

The buyers met my price, but I can’t move out when they want me to – do I HAVE to sell to them?

No – while price is the primary concern of sellers, it may not be the only concern in your case. The timing of the sale may be a factor, and if the buyer cannot accommodate your needs, you have the right to not accept their offer on those grounds.

Why shouldn’t I just sell my house myself?

Even if you pay a fee to have your house listed in the MLS, there are many aspects of selling a house that are daunting or impractical for a homeowner. You need to be prepared to market and show your house – this means calls at all hours and sacrificing your free time for showings. An agent pre-qualifies your buyers financially. Most people are not comfortable asking strangers what they make, how their credit is, and for documentation from a mortgage company. There’s also the issue of safety. Without screening, do you really know if the stranger you admitted is casing your house, or a legitimate buyer? Also, by setting up appointments on your own, when you have to say you’re not available at such and such a time you’re letting strangers know when your house is empty. Agents are not only familiar with all the forms and steps of a home purchase, but have the negotiation skills and experience to smooth over bumps in the bidding or inspection process. And last but not least, not every sale involves a match made in heaven re: buyer and seller, and sometimes a little buffer can be a good thing!

What should I do to prepare my house to be shown?

To state the obvious, people do tend to make an immediate judgment based on cleanliness. Buyers often equate a clean house with being well maintained in general. If you have a lot of furniture, or knick knacks on display all over, consider putting some of the extra pieces in the basement or packing some boxes now (you’ll need to pack them at some point anyway). Less clutter makes your rooms look bigger, and in general creates a better impression. Don’t invest a lot of money on major renovations before moving but a new coat of paint or replacing that broken window will definitely help.

Why should I use you, Mike Hunter, to sell my house?

I will take an active role in getting your house sold. Every aspect of listing your house, from pricing to marketing to negotiations will get my highest level of attention. In my field, reputation is everything - I want a happy client who would recommend me to their friends and the only way I know how to do that is to provide top service. Communication, effort, and attention to detail are what you’ll get when you list with me.