Guide to Selling a Home
Real Estate 101
This may be the first time you've ever sold a real estate
property. Or, it may have been
some time since you've been involved in a real estate
transaction. Here's a quick refresher
on some of the real estate specific terms you'll want to review.
Real Estate Brokers and Real Estate Agents
Listing agreements are made between Real Estate Brokers
and Sellers. A Real Estate Agent
or Sales Person works for the licensed real estate broker. The
commission for the sale of your
home will be paid to the real estate broker. The real estate
broker will pay a split of that
commission to me, the real estate agent.
The Fair Housing Act
The Fair Housing Act, originally passed in 1968 and amended in
1988 is a federal law in the
United States that prohibits discrimination in housing.
Seven "classes" are protected under the Fair Housing Act. They
• National Origin
• Familial Status
As we market and sell your property, it is illegal for us to
use any words or phrases that would
be deemed discriminatory to these groups. You can learn more
about The Fair Housing Act
The Multiple Listing Service (MLS)
The Multiple Listing Service is a proprietary database of all
properties currently under an active listing contract in a given
All active agents and brokers who belong to this MLS will have
access to information about your property listing. Buyer's
agents searching for a new home for their clients will learn
about your property listing through this online database.
Before you sign your listing contract with an agent, you should
be offered a competitive market analysis of your home's value.
You should set the final asking price on your property based on
this market value estimate.
When you receive an offer on your home, the buyer's lender will
require an official appraisal of the property from a licensed
appraiser. This valuation helps assure the lender that they
would own a marketable property if the buyer (or the borrower in
the lender's eyes) should default on their mortgage. The buyer
will pay for the house appraisal, but you should know that it
may be different
than the market analysis that your agent provided you.
In addition to an official appraisal, most interested buyers
will request a home inspection before final sale. The goal of a
home inspection is to give the buyer an objective, independent
and comprehensive analysis of the physical condition of your
property and check for any safety issues that might otherwise be
unknowable. A professional inspector will check on the
structure, construction and mechanical systems of the house.
Showing Appointments / Open Houses
Buyers in the market for a new home will arrange
showing appointments to see your property through their buyer's
agent or through your agent. When an interested buyer is
scheduled to see your property, it's best if you, your family
and any pets you may own are not at home.
Buying a new home is a very emotional process, and it's
sometimes hard for prospective home owners to imagine themselves
living in a particular place when the current resident is still
inside. Your agent will work with you and the other real estate
professionals who will be showing your home to schedule and
supervise the many listing appointments that will be made when
your house goes on the market.
Additionally, your agent may ask that they have an Open House at
your property. Open Houses are usually most effective on the
weekends during several hours in the afternoon.
These home showings will most likely be an inconvenience for you
and your family during the home selling process. An aggressive
showing schedule will help us sell your property quickly, which
is your ultimate goal.
According to the Real Estate Staging Association, a properly
staged home can:
• Increase a property's perceived value
• Help a listing's competitiveness in a down real estate market
• Drastically reduce the Days on Market (DOM) of a property
In fact, their 2010 study on both vacant and occupied homes
showed that staged properties spent 67% less time on the market
than non-staged properties.
Home staging is designed to market and sell your home in a way
that's appealing to the largest buyer audience possible. Staging
uses simple design principles, and may radically alter the way
that your home is arranged and decorated.
It is possible to stage both a vacant and owner-occupied
property. Before activating your listing, we should discuss the
benefits and requirements of professionally staging your home
Questions or Concerns?
us today for a free, professional consultation.