Most Asked Questions
- What is the best way to prepare my house to sell it?
Curb appeal is number one. People must like what they first see when they drive up. Make sure the house and the yard are presentable. Make sure the appliances and utilities are in working order. A fresh coat of paint might be needed on the interior or exterior. Make sure everything is organized. Put away items in the home that are not needed for your day to day living.
- Should I Order a Home Inspection if I am selling?
The home inspection is left up to the buyer however, if you have not done a good job on the maintenance of your home or if you are concerned about certain problem areas in your home then maybe a home inspection would be a good idea. This could depend on how well you know your home.
- How long could it take to sell a home?
How long it takes to sell a home depends on three things. How the market is doing, the location of the property and the condition of the home. If we are experiencing a slower market trend and the home needing lots of repairs, then usually it takes longer to sell.
- How do we decide on the listing price of your home?
Once again, it is the market, condition of the home and location of the property. There are other factors that can set the price, such as square footage, bedrooms, bathrooms, acreage, or lot size. Are there any upgrades such as high-end appliances or other features of the home? This all determines the price of the property.
- Is my property tax assessed value the same as market value?
The property tax and the market value are not the same. The home’s market value is usually more. How this works is the tax assessor has the home value set at being a certain price. That determines the amount you pay for property taxes each year. In the state of Oregon, the assessed value can go up no more than 3% per year. The market value is what the Seller and Buyer agree upon. There are many things that can determine market value price.
- How much is the cost, to hire a Broker to sell my property?
The seller and listing broker may agree upon a commission for both the selling and buying Agent. Let us say the homeowner agrees to pay between 5- 7% of the list price of the home. Out of that money pay’s both the listing and buying agent’s commission. Person selling their home might be able to find an agent to work for less money. But often the service will not be as good.
- Can you negotiate real estate prices?
In real estate everything is negotiable. Just because you list your home for a certain price does not always mean that is what it will sell for. The home might sell for more, and it might sell for less. The market is a big determination of that. For example, if there are a lot of buyers but fewer homes on the market. That typically will drive the price up. But if there are a lot of homes for sale and fewer buyers that makes it harder to sell and in turn depending on how motivated the seller is, they might decide to lower the price to get it to sell faster.
- What is the first thing to do when looking for a home?
The first thing to do when buying a home is to get pre-approved. That will help the Broker find the right home for the right price. Also, without a pre-approval letter it makes it extremely hard for the Broker to write the offer. I will explain why. The Seller may not want to accept the offer not knowing if the buyer can even get qualified, or for how much. By taking that chance the Seller could have passed up a buyer that is qualified. Not to mention sometimes it may take a while to get pre-approved.
- Should you sell your home before buying another one?
By selling first you may have more money to complete your next home transaction, however you are also having to moving twice. Trying to find temporary housing can sometimes be hard to do. If you do not sell your home first, there are things you might be able to do for your down payment. You might investigate getting a certain type of loan such as a bridge loan, construction loan, or refinance your present loan. Another option could be to have your broker write a contingent offer. That means that you are selling your home after you made the offer. The problem with a contingent offer is some sellers do not want to tie up their home sale while waiting for you to sell your property. This process usually takes longer to close.
- Do I need to pay for a home inspection when buying a home?
If you are buying a home, I most definitely agree you need to pay for an inspection. It is the buyer’s responsibility to pay for the home inspection not the sellers. The home inspector is trained to look for things about which you may not even know. There are certain construction codes that may have changed in electrical or plumbing, for example. It is the inspector’s job to know what to look for. You want to make sure what you are paying for is what you are getting.
- Do I need to do a final walk-through?
A final walk-through is recommended, but not needed. When the home inspection is completed, and the inspector points out repairs needed. I would recommend doing a walk through with the inspector again, to make sure the work was done properly, the Inspector can help with that process. It will cost a little more money but worth knowing that things were done right and done to your satisfaction.
- What is earnest money?
Earnest money is like making a small deposit to open escrow. The buyer puts down money for the seller when the offer gets accepted. This shows the seller, that you are making an offer in good faith. Earnest money is usually 1 to 2% of the offer price. Normally the earnest money is in the form of a check. The seller then takes the property off the market and the closing process begins. This gives the buyer time to do a home inspection and an appraisal to help them do their due diligence.