The Collaborative Knowledge Article and Video Project about Buying and Selling a Home. With your writings, edits and uploads we can help people successfully complete what is probably the largest transaction in their lives, and avoid making costly mistakes. Both agents and consumers, we need your help to build this free resource.
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Seller'S Guide
If you’ve ever gone to an open house where things were falling apart- paint was chipped, porch railing was wobbly, doors stuck, etc.- then you know how important it is to make minor repairs before you sell your home, along with top to bottom cleaning.
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It may sound menacing to be “held in escrow,” as if someone is locked in a dark room. In reality, being held in escrow is similar to being kept in protective custody.
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After going through all the work needed to buy or sell property, there is one final step: closing. Closing can be an arduous process, so it’s best to be prepared going in. Unfortunately, no amount of preparation can guarantee you an easy closing experience. It is important that you be ready for unexpected events to occur. Experts recommend the following steps to ensure your closing goes as well as possible.
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Entertaining Purchase Offers
Sooner or later, a possible buyer (or a buyer's agent) will call you or your agent up and say they want to give you an offer for your home.
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The period of closing begins after you have agreed to sell your home to the buyer. At this point the real estate agent and attorney have been agreed upon and all documents will eventually move from the escrow company to the county courthouse, in about four to six weeks. A third party attorney will handle all of the paperwork for you from this point on. The attorney will make sure that buyer gets all of their documents in order and the real estate agent will organize any financial and inspection contingencies that you and the buyer have agreed upon.
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If the buying a home is all about location, then selling a home is all about cleaning it and making it look its best. Nothing will discourage a buyer more than a dirty home, so that layer of dust on your baseboards needs to be removed immediately.
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In California, responsibility for escrow costs varies by county. You always have the option to negotiate escrow cost payment when buying or selling property, but here is a list by county of who normally pays escrow costs:
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• MLS the most valuable resource
• Internet ads
• Newspaper
• Discuss with agent
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Selling your home is probably one of the biggest transactions you will ever make. The listing agent you choose when selling your home will be extremely important in the selling process, so choosing a good agent is an essential. This article will give some good ideas for questions to ask of agents when trying to decide between them.
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• Tell everyone
• Use neighbors
• Be open about price
• Put up For Sale signs
• Make a website
• Tell people at work
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Here are some important things to think about when negotiating with a listing agent:
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• Serious buyers usually have other sources of information
• Help agents to meet other potential sellers
• Potential liability to homeowner
• Broker’s opens = social networking
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• Anyone with an interest in the property should have title insurance
• You should have the same title insurance a lender has for a property
• Protects you from liens prior to ownership
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Closing costs, also known as settlement costs, are not included in the price of the property you buy. They are paid separately when the transaction closes and go to cover a number of services involved in selling the property. It is sometimes possible to reduce closing costs by purchasing special package deals from title companies where you buy multiple services.
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• Ask specific questions
• Look around your area – the agents who seem to be selling the most homes probably are
• But be careful – make sure you aren’t going to get delegated to someone else
• Go to open houses to meet agents
• Check websites of local real estate companies
• Get recommendations from other people
• Interview at least 3 agents before choosing one
• Be wary of an agent who tells you a price out of line with other estimates
• Be wary of agents listing your home below market price to increase their own sales
• Choose an agent you feel completely comfortable with
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• An appraisal is an unbiased estimate of a property’s true value
• This estimate is based on the property’s location and amenities, relating them to what other homes in the same area have sold for recently
• Help sellers determine fair market price
• Help buyers figure out if a home price is a good deal
• Lenders usually require an appraisal before issuing a loan
• Some lenders will accept a “drive-by” appraisal if the property was recently appraised
• An appraiser inspects a home and notes any problems
• An appraiser does not investigate a building’s structure or mechanical systems
• Turn around time for an appraisal is usually 3-7 days
• An appraisal costs $350 to $600 on average
• The buyer pays a portion of this fee with closing costs
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