Am I required to use an attorney when selling my home?
The level of involvement of the attorney in the sell of your home differs in each state. In some states, attorneys are very involved in the real estate transaction, including negotiating the contract, preparing documents and attending the closings. In other states, attorneys may get involved only after the contract is negotiated but do not attend the closing. In many states, attorneys are rarely involved in residential sales and purchases until problems arise.
Should you buy another home before you sell you existing home?
If you can afford to buy another home first, you should consider doing so. Your existing home may show better when it is empty. However, most people need the funds from the sell of their existing home to purchase a new home.
Do I need a contingency provision if I have to sell my existing home before I purchase a new home?
Yes. If you need the funds from the sale of your existing home, you should be sure that you provide for such contingency in your contract to purchase the new home. By doing so, you will not be obligated to purchase your new home until your existing home sells.
Should I buy my new home and sell my new home in the same day?
You can do a simultaneous transaction when you close the sale of your existing home earlier in the day and purchase your new home several hours later. However, you may want to schedule the sale of your existing house a week or several days before the purchase of your new home to allow for the possibility that the buyers of your existing home ask for a short extension. This short delay ensures you can close on the sale of your home before you go to close on the purchase of your new home.
What costs are associated with the sale of a home?
Some of the costs incurred in the sale of a home include, repair expenses to get your home ready to sell, sales commissions to Realtors, closing costs from the title company, closing costs that you offer to pay on behalf of your buyer and your moving expenses.
What do I need to do to get my home ready to sell?
When you decide to sell your home, you need to determine what repairs need to be done that the buyer may request after an inspection or the village where you live may require before they authorize the sell. Many municipalities perform an inspection of your home and provide a report identifying the repairs (if any) which need to be completed before the municipality will allow the house to be sold. The municipality will typically charge a fee to the owner for an inspection and a tax for the actual sale of the home. Without paying the municipality fee, you may not be able to sell the home.
Should I use a real estate sales agent in selling my home?
You may use a real estate sales agent, but you are not required to do so. A real estate sales agent may give your home more exposure which may lead to a quick sale. Be prepared to pay the real estate agent’s commission, which ranges from 4% to 7% and is customarily paid from the proceeds of the sale at the time of closing. Negotiate the commission amount before signing any contract with the real estate sales agent related to the sell of your home. Most states require a written listing agreement between the owner and the real estate agent in order to create an enforceable contract. If your agent is acting as a dual agent (on behalf of the buyer), be aware that the agent in that case does not have an undivided duty of loyalty to you.
How do I find a real estate agent?
A good way to find a real estate agent is to ask for referrals from family and friends, or look in the newspaper for advertisements.
What agreement do I sign with the real estate agent when selling my home?
Typically, the real estate agent will have you sign a listing agreement. The listing agreement is a contract between you and the real estate agency that sets for the commission you agree to pay the real estate agency and the terms of the contract with the real estate agent. You may authorize the real estate agency to exclusively sell you home during the period of the listing agreement.
When should you consider selling your home yourself?
A For Sale By Owner (FSBO) transaction will require that you market your home yourself and negotiate your own contract. Setting the price of your home can be tricky. The price will depend on the current market, what your home has to offer and how quickly you want to sell. In the event you become a FSBO seller, you should use an attorney to assist in preparing the sale agreement, deed and other documents necessary to complete the sale.
Article Source: http://www.abanet.org/rppt/public/realestate/sellinghome.html
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