Selling Your House How Much Is Your Home Worth?
Stan Direct: 604-202-1412
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Stelli Direct: 604-202-4141
E-mail: [email protected]
Selling Your House How Much Is Your Home Worth? It will be one of the biggest financial transactions of your life. You should know several things before the “For Sale” sign goes up on your lawn.
Before selling your house how much is your home worth and what should it sell for in today’s market? One way to find out is to get a professional appraisal. This will give you a value for your home based on what comparable homes in your area have sold for and on what it would cost to replace your home. While the charge will vary with each appraiser, you can expect to pay somewhere between $200 and $500 for an appraisal.
Another way to learn the value of your home is to contact several reputable real estate agents who do business in your area. They will look at your house and, for no charge, tell you what price they would list the house for and what they’d expect it to sell for.
Do you need a Realtor when Selling Your House How Much Is Your Home Worth? You may decide to try selling your house yourself but, especially in a difficult market, most people prefer to have a professional do the job. If you decide to use a Realtor, pick someone you trust and are comfortable with.
Should you have a lawyer? Selling and buying a house is complicated. The potential for disaster is great – one mistake could cost a lot. As well, there are risks in real estate, and when selling or buying, you should be careful. There are many possible types of real estate fraud. To protect yourself, you should use a lawyer and a Realtor, instead of trying to do it yourself.
What is a listing agreement? It is the contract between you and your real estate agent’s company with the terms for selling your house. Today, most listing agreements for residential sales are from the local real estate board and are multiple listing agreements. A multiple listing agreement means your agent can advertise and show your home to Realtors in their own agency plus Realtors with any other real estate agencies by sharing the commission with them. This allows many potential buyers to learn about your home. Most agents prefer that the agreement continue for a minimum of 3-month term, but in a slow market they might ask for a 6 to 9 months term. If your house doesn’t sell within that time, you can always extend the term of the listing agreement or change agents.
What do you pay the agent? The listing agreement sets the amount of the agent’s pay, or commission. In BC, agents typically charge 7% on the first $100,000 of the sale price, plus 2.5% on the rest. For example, if your home sells for $400,000, the commission would be $14,500. You pay this commission to your agent, who shares it with the buyer’s agent.
Do you have to pay the commission even if the agent doesn’t sell your house? Your agent is entitled to a commission when a buyer – who is ready, willing, and able to buy your house – signs an offer to purchase, you accept it and the transaction closes on completion date. The agents get their commission after you get your money from the sales proceeds of your property.
Do you have a mortgage on your house? If you have a mortgage on your home, you will have to contact the bank or credit union that holds the mortgage to find out certain information, such as:
• How much do you owe on your mortgage?
• Can the buyer assume (or take over) the mortgage? If so, will the buyer need to have a certain income to qualify?
• Can you pay off the mortgage? If so, is there a prepayment penalty? Sometimes a lending institution will waive the penalty if the buyer takes out a new mortgage with the same company, or if you take out a new mortgage with them.
Get the answers to these questions in writing so you don’t have any unpleasant surprises later on.
What happens after you sign the listing agreement? If someone offers to buy hour home, your agent will bring you an offer to buy. It will likely be written on a standard form provided by the local real estate board. If you’re concerned about it, have your lawyer check it before you sign. Once you and the buyer have signed it, it becomes a binding contract of purchase and sale. Don’t be afraid to discuss with your Realtor anything in the offer that you don’t like and write in your own terms instead. It then goes back to the potential buyer as your counteroffer and becomes the contract of purchase and sale if the buyer accepts your counteroffer.
What things in the house are included in the sale? When someone buys your house, all the things that are “fixtures” go along with it, unless you and the buyer agree otherwise. The definition of a fixture can be tricky. But generally, a fixture is anything that’s attached to the house so that its removal would damage the house or require some repair. The bathroom sink is an obvious example. So is the crystal chandelier in the dining room, so if you want to take it with you, make sure the contract you sign with the buyer makes that clear. Better yet, before you put the house up for sale, replace the chandelier with a simple, inexpensive fixture. The washer, dryer, fridge, and stove aren’t fixtures, but most of the time they are included in the asking price.
What are “subject to” clauses? They are conditions that have to be met before the deal to buy your house proceeds. Common ones include the buyer getting financing and the house passing an inspection. If you get an offer that is subject to the buyer getting financing or any other condition, make sure the buyer only has a reasonable time frame to remove the condition. Your home will be off the market for the time it takes the buyer to remove the condition, so you want to keep it reasonably short.
To Find out more about Our Sellers Guaranteed Programs and Selling Your House How Much Is Your Home Worth, fill and submit the form on this page. In the “Notes” box include a code “guaranteed programs”
1. If we can’t bring you an offer for our guaranteed price in 90 days, we’ll SELL your property for FREE. You will only pay the buyer’s agent portion of the commission* (Conditions apply)
2. If another Realtor® or Brokerage offers you a more comprehensive marketing program, we’ll SELL your property for FREE. You will only pay the buyer’s agent portion of the commission.*(Conditions apply)
3. ANY BUYERS in your area will know that your property is for sale. Thanks to our Referral Fee incentive program, the rest of the public, will be encouraged to recommend your property to friends, relatives or colleagues.
4. At ANY TIME during the listing agreement, on your request, we will CANCEL it. No questions asked.
To Find out more about Our Unique 237 step-by-step Comprehensive Marketing Plan go to Our Marketing Plan
VIP Buyers Guaranteed Programs
1. If within one year, you are not happy with the purchased property, we’ll SELL IT FOR FREE. You pay only the buyer’s agent portion of the commission* (Conditions apply)
2. If we don’t SAVE you at least 1% on your home purchase price, on completion date we’ll pay you back 10% of our net commission* (Conditions apply)
3. Our services are COST FREE for you. Our commissions are paid by the sellers.
To find out how you benefit from our Buyers FREE Real Estate services, go to FREE Buyers Services
Your referrals are greatly appreciated and very well rewarded. For information on how to earn $500.00* or more visit our “Referral Program” page.
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