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3. If it is
priced too high you will scare off potential buyers who may not look again.
4. People look at
houses in price ranges. People will look at your house that and
compare it to other houses in that price range which are priced correctly.
Your house will not compare favorably to those houses.
5. The right buyers won't
see it.
6. You will be
helping others to sell their house. If you list high and a
neighbor lists correctly you make his house look like a good deal.
 | 2. When an agent tells you that your house is worth X dollars that does not mean that it is going to sell for that.
I have heard of cases where two people want the house so much that one of them offers more than the listing price (don’t count on that happening). What it means is that in an average market with
average people looking in that neighborhood, someone is going to want to buy your house at this price. If your house has a “moat” around it and there is a “moat” lover looking at that time the
house will sell quickly, if not it may take awhile. Here is our question in discussing price. What is your motivation for selling – how quickly do
we need to get it sold? The more quickly you want to sell it the lower your asking price. Of course as a seller it is better to be in no hurry and try
to sell it at a higher price. The downside here is – You will get very tired of showing your house, and if you are like my wife and I, not happy that you have to keep it uncluttered for long periods
of time.
Make sure your agent does a CMA
on all the houses in your area. Some agents only show
you the high priced houses in your area so you think you will get
more money from your home. This is done to get you to
list with him/her. A month later you will be asked to lower
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3. What do you have to have and what will your approximate net be? If you have to have $200,000 and your property
is worth $55,000, you have a problem. During this step we will use the Bluegrass Realtor Associations Sellers Proceeds Form to determine what your approximate net will be.
Costs to the seller can include: Prepayment Penalties, Interest to closing, realtor commission, deed preparation, transfer tax, pest control inspection fee, Pest Control Repairs, Repairs for
fixing-up Costs, Prorated Taxes, etc. (Etc. means anything someone can come up with to get more money).
Of course many of these items will be guesses (example: how much to repair something), but we will try to make a reasonable one.
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4 Signing of the contract - The contract we will sign is the “EXCLUSIVE RIGHT TO SELL CONTRACT” from the Lexington Bluegrass Association
of Realtors. The parts of the contract are:
(A) Terms of Agency – Giving the listing broker ( the exclusive right to sell the property for a designated period of time.
(B).
Commission is set by the selling broker and is
divided between the seller broker, sellers agent, buyers broker and buyers
agent.
(C). Limited Dual Agency - This section tells who represents who and who has responsibilities to who. We
also have another form which addresses agency, so you will know exactly what to expect. (
D). Title – Guarantees that you will pass along a good title. 
(E) When you will give possession to the new buyer.
(F). Earnest Money – if a buyer defaults what happens to the earnest money.
(G). Advertising – giving me the right to advertise and put signs up.
(H). Fair housing information as per the law.
(I). Accuracy and disclosure – to guarantee the accuracy of information we will be presenting.
(J) Lock box – discusses the use of the lock box we will put on your house so that agents can show your property.
(K) Inspections – discussing what kind and times of inspections.
(L) Signatures.
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5. What needs to be done to your house? First will be the seller disclosure form. This is required by the state of Kentucky. I am
not allowed to fill it out for you or even help you fill it out.
I can provide you with a copy of the disclosure form.
After that we will look at your house together to determine what you will
be willing to do to improve your chances of selling.
I am a certified home inspector and will be able to help determine what another home inspector may be pointing out.
Home inspectors are paid to find things wrong and they will, but we can hopefully get some of the major problems out of the way.
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6. We will need to work together making out the Multiple Listing form so that we can properly advertise in the Lexington Bluegrass Realtors Association Multiple listing service.
We will go through your house checking the boxes on the form and making measurements. It doesn’t matter that your cousin Billy Bob measured the house, the listing agent has to do it again.
The buyer may want a survey of the property also, I would if I were buying.
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7. We will discuss advertising: when, where, how it will be worded. When you will have open
houses, when your house will be open for showing and conditions for showing the property. |
8.
It is important that our communication is regular so that there are no unexpected surprises. This
is especially crucial after we start getting offers. There will be contingencies that we need to discuss and in fact may need to check with the Kentucky Real Estate Commission as to their legality.
If we can live with the contingencies we will go for it, if not we’ll make counter offers. Most probably one contingency will be that the house receives a satisfactory inspection.
From this inspection we will decide which concerns are legitimate and which aren’t. We will address those on the inspection forms proved by our Realtors association. We will get the
best deal possible for you.
9. Closing Information - There is more information on closings
in both the get a loan page and in the
finance page
. It is important that I keep in touch with all the inspectors, appraisers, finance people, and everyone else involved in getting to the closing so that on closing day everything will be ready to
go.
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10.
Now let’s find you a new place to live.
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