SELLING A HOME
Kara's Commitment to Her Sellers   |   Why Use a Realtor to Sell your Home
Avoidable Turnoffs for Potential Buyers   |   FAQ's for Sellers

FREQUENTLY ASKED QUESTIONS ABOUT SELLING A HOUSE

1. Can I sell my own home?
2. Will I owe taxes after selling my home?
3. What is a listing agreement?
0. How can I help to make my home sell smoothly and fast?

1. CAN I SELL MY OWN HOME?
Except for a few states where you are required to hire a real estate attorney to do your closing, you do not have to hire an agent or attorney to help you. Be prepared, doing it yourself is a lot of work. You might consider hiring an agent if you are not experienced in real estate.

Selling a house without an agent is called a FSBO "For Sale By Owner". Approximately 10 percent of American homeowners handle their own home sales. Even though you may be able to save on commission fees, Most who try it develop some appreciation for Real estate agents. They realize why an agents services are needed. Statistically, sale by owner homes stay on the market longer and sell for less than a house represented by a realtor.  Usually marketing costs and your time alone can quickly exceed the fees that a real estate agent would have cost. 

If you want to go it alone, be sure you have the knowledge, time, energy, budget and ability to be succesful.  You must be able to handle all the details to do it successfully. You must be able to set a realistic price, have the marketing costs available, prepare necessary contracts, have time to show your home,  be able to negotiate offers and closing the deal.  You will also most definitely hear many opinions about your house that you will not like.

You must be aware of the legal rules that govern real estate transfers in your state, such as who must sign the papers, who can conduct the actual transaction, and what to do if and when "encumbrances" arise that slow down the transfer of ownership. You also need to be aware of any state-mandated disclosures as to the physical condition of your house.

If you choose and agent they can help with any problems that may arise during the sale of your house.  They already have the necessary forms and paperwork available for you.  They take care of all negotiating and calls with potential buyers.  They will show your house any time that is needed.  Most agents will also take care of most marketing costs out of their pocket.  More times than not, an agent will save you money and make you more money by the end than if you sold your house on your own.
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2. WILL I OWE TAXES AFTER SELLING MY HOUSE?
 The 1997 Taxpayer Relief Act contained a big break for homeowners. If you sell your home, you may exclude up to $250,000 of your capital gain from tax. For married couples filing jointly, the exclusion is $500,000. Also, unmarried people who jointly own a home and separately meet the tests described below can each exclude up to $250,000.

The law applies to sales after May 6, 1997. To claim the whole exclusion, you must have owned and lived in your residence an aggregate of at least two of five years before the sale (this rule is called the "ownership" and "use" test). You can claim the exclusion once every two years.
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3.WHAT IS A LISING AGREEMENT
If you do decide to hire a real estate agent to assist you in selling your home, he or she will define the terms of your agreement in writing. This is called a listing agreement. The agreement will cover such items as:

  • Length of time the agreement covers

  • Commission to be paid to the agent

  • Advertising or other promotional materials the agent will provide

  • Sale price of the home

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 0. HOW CAN I HELP TO MAKE MY HOUSE SELL SMOOTHLY AND FAST?
Selling your home quickly and effectively depends on a number of things.  A few common things that most real estate professionals will recommend are below:

DISASSOCIATE YOURSELF WITH YOUR HOME.

  • Try to forget that you own the house and treat it like any other product like a painting that needs to appeal to the buyer and not the current owner

  • Make an effort to drop the emotions and remember that the house will soon no longer belong to you.

     

DE-PERSONALIZE YOUR HOME.
This can be hard to do but necessary,  put up all personal items such as personal photographs and personal family oriented decorations  Buyers rarely have the same taste as the seller and personal effects can distract a buyer from the house. You want buyers to imagine themselves in your home and taht is hard to do if they see all of your personalized items!

GET RID OF ANY CLUTTER!
One of the biggest remarks that potential buyers make is about the clutter in the house which distracts them from seeing the house at its best potential for themselves.  Clutter usually equals long hard sale.

  • Remove excess books from bookcases.

  • Pack up all unnecessary knickknacks.

  • Clear off all counter tops in kitchen and bathrooms of any items.

REARRANGE BEDROOM CLOSETS, KITCHEN AND BATHROOM CABINEETS.
Buyers love to snoop and will open closets and cabinet doors.  These may seem like small things to but these following things will impact the sale of your house.

  • Organize your pantry and kitchen cabinets.

  • Stack and arrange dishes neatly.

  • Turn all glasses and cup handles the same way.

  • Hang shirts in closet and turn them all the same way.

  • Line up shoes neatly in closet.

You probably get the idea by now.  Basically straighten your home to the T's to make a good impression and make the potential buyer feel like this is what they want.

MOVE EXCESS FURNITURE TO STORAGE.
Most homes are more appealing with less furniture. Remove furniture that block or make paths and walkways hard to pass and put them in storage. Removing things like extra leaves from your dining room table can make a room appear larger. Leave only enough furniture in each room to show a room's maximum potential without looking empty and plenty of room to move around. This can make small rooms look bigger.

GO AHEAD AN REPAIR ANY VISIBLE PROBLEMS.
Most buyers will want any apparent problems fixed before signing any contract.  It would be best to already have them fixed so not to deter any potential buyers.  Fixing these small problems could keep you from having a prolonged negotiation and sale.

  • Fix leaky plumbing.

  • Patch any bad spots on walls.

  • Replace any damaged flooring or tiles.

  • Make sure all lights are working.  Well lit homes sell better.

  • Fix any doors, cabinets, drawers that don't function correctly.

  • Make sure your best towels, linens and accessories are displayed.

CLEAN EVERYTHING!!!
Clean anything that can be cleaned.  Making your home smell and look like new will increase the chances of selling your home.  Add potpourri or some type of automatic air freshener to rooms. Shampooing any carpets or mopping your floors will greatly improve any settled odors in the house.

PAY ATTENTION TO CURB APPEAL
It will much harder to sell a house when the first impression is an unattractive yard.  Here are a few Inexpensive ways to boost your Curb Appeal:

  • Make sure all bushes are trimmed

  • Make sure the grass is neatly mowed.

  • Plant flowers to bring an inviting feeling.

  • Paint any exterior trim that looks dated.

  • Clean up and fix any walkways leading to the house.

  • Put a clear address number out for your potential buyers.

VISIT YOUR HOUSE AS A BUYER.
As you tour your property, look at it as if you were looking to buy it.  Forget it is your house and objectively pick it apart.  Fix anything that might bring a bad comment and sway a potential buyer.
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Contact Kara Lawson Today For All Your Real Estate Needs!!!  423-762-5933
Affiliated with Remax Real Estate Professionials of Cleveland Tennessee    Each office independently owned and operated.