Landlord Q&A
Q. How long does the whole process take?
A.
A normal closing date is 30 to 45 days
from the original offer date. Remember it can be very
costly to close at the beginning of a month! Closing
dates are a negotiable item. Marketing time all depends
on the condition, terms and area of your property. Also
marketing time has a lot to do with how the market is in
your neighborhood.
Q. What are normal "closing costs"?
A. When
you hear the phrase "closing cost" people tend to think
this is one price, however closing costs consist of
several items. Some are as small as recording fees,
others as large as discount points. The basic rule of
thumb is that your closing costs will be close to 3% of
sales price. Remember closing costs are also negotiable,
however, this depends on the type of financing you and
the buyer have worked out. It is always best to know
what your costs could be before putting your property on
the market.
Q. What can I do to make my home more desirable?
A.
If it's possible take time to look at
new builder models. These companies have spent several
thousands of dollars trying to see what pushes buyers'
buttons. Have a neighbor or a friend critique your home
from the curb to the back yard. You tend to overlook
items when you have lived in the home for any period of
time. A home looks bigger when it is brighter, shows
better when there is less clutter and sells faster when
it smells better.
Q. Should I wait until I finds another home?
A.
That depends on how the market is in
your area? What is the time on market? What financing
terms are you giving? In a good market, sellers will not
look at an offer till the buyer's home is sold. However,
in a bad market it might be several months before you
sell your property. Notice the homes in your area: are
they selling quickly or have they been on the market a
while? Remember - if your property is sold or in escrow
you have a lot more bargaining power.
Here are just a few differences between selling your property yourself and using a real estate company.
Real Estate Company
- Qualified buyers.
- It costs nothing to use a real estate agent to purchase a home and most people don't understand all the legalities of the buying process, so they use licensed real estate agents.
- Out of state buyers don't have time to shop, they use a real estate agent.
- Real estate companies have hundreds of houses to show.
- Know the people they are contracted with.
- Know every aspect about the legal part of real estate.
Selling By Yourself
- Unqualified buyers.
- Bargain hunters; people know you are trying to save the commission so they take it off the top of your asking price.
- Buying or selling a home is an emotional process. Most people prefer to have a third party involved.
- You only have ONE home to show them.
- Big security risk. BE CAREFUL!!!!