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Selling real estate? Knowing the market, setting the correct price, finding qualified buyers are key steps in reaching a timely and successful sale. Here are some tips to consider when you decide your real estate is going up for sale. Please call me directly if you have any questions that are not covered below.
Setting the Offering Price. The true value of a home is set by recent selling prices of similar homes in the neighborhood. Recent selling prices are available free of charge at the County Courthouse and on the internet, but a $250 - $350 fee for a licensed appraiser might be a good investment, especially if the appraiser is one used by mortgage brokers in your neighborhood
You might believe your home is worth $200,000, but together the appraiser and real estate agent perform a powerful reality check. The appraiser may report that the current value of your home is $190,000. Your experienced real estate agent may tell you that banks will not finance the purchase of homes over $195,000 in your neighborhood.
Equally important, the real estate agent can tell you if Johnny Doe, your eager potential buyer, is "qualified" get a large enough mortgage loan to buy your property. Never sign a sales contract with a buyer who your real estate agent has not pre-qualified .
Falling home prices have brought droves of bargain hunting home buyers into the market so don’t be surprised or offended by offers far below your asking price. If Tim Lowe makes a low-ball offer it means that Tim wants to own your home.
The Home Inspection Process. For sellers, understanding the inspection process and preparing your home for the inevitable evaluation not only helps to ensure that the transaction goes through, but can often translate into getting a top-dollar selling price as well.
Nearly all purchase contracts for homes sold today include an inspection contingency clause, a provision to allow the buyers to hire a home inspector of their choosing to thoroughly evaluate the home for any major problems.
Once the contract has been signed, inspections usually happen quickly. After an appointment is made with the seller, the home inspector arrives with buyer in tow, and goes through the entire house. Typically, a home inspection will take two to three hours and include a check of the home’s structural and mechanical condition. But besides the structural and mechanical inspection, inspectors may also do tests for radon gas, check for wood destroying insects, or perform other services requested by the buyer.
Since 1976, home inspections have been standardized by the nation’s leading inspector association, the American Society of Home Inspectors (see ashi.org). Also known as ASHI, the Society’s “Standards of Practice” dictate what must be inspected and how far inspectors need to go to report those findings.
According to ASHI, a basic home inspection includes an evaluation of 10 different areas of the home: structure, exterior, roofing system, plumbing system, electrical system, heating system, air conditioning system, interior, insulation and ventilation, and fireplaces. [read more here]
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