Thursday, November 21, 2019 / by Heather Schelling
Wondering what to expect when selling your home?
One thing’s for sure, selling a home will incur some expense. Sellers should be prepared to pay for excise tax, escrow fees, recording fees, outstanding liens, buyer’s title insurance, and Realtor commissions if listing in the MLS. Most of the time, those fees are deducted from the sale price of the property. What’s left over is the seller’s net proceeds. If you’ve hired a Realtor, they can work up a Net Seller Sheet that will itemize the various fees to sell based on your specific location. In general, it costs the seller about 9% of the sales price.
Besides the financial impact, sellers should expect to make repairs if they’d like to attract the largest audience. A fair number of buyers have been approved for an FHA, VA or a USDA loan. Those are government backed loans that have stricter guidelines for property conditions. Having your home in tip-top shape will maximize your profits and pay off in the end.
If marketed properly, you’ll have a lot of curious buyers. Be sure to discuss how you’d like to show your home. Will it be vacant? Do you need to continue to live there while it’s on the market? If so, how much notice do you need?
Priced to sell? Expect to get an offer within the first week of being listed. Buyers are anxious to get settled into a home before the holidays. If you home is at or below the median home value, you shouldn’t have to wait long to get it sold…as long as it’s priced right!
Now that you’re under contract, past inspection, and waiting for the transaction to close, expect a lot of moving pieces behind the scenes. While it might feel like nothing is happening during the pending phase, the lender is finalizing the loan docs and the escrow office is pulling together all the details. When you receive the call to sign the papers, be ready to move quickly! If you delay, there’s no guarantee the buyers will extend the contract.
Being prepared will help ease the stress of selling a home. Most of the time, transactions close smoothly with little hiccups. Occasionally, issues arise. Communication and information are key to a smooth transaction!