Why Is the Assessed Value Different Than What the Realtor Says My Home Is Worth?

Assessing the value of a home when putting it on the market with a realtor is affected by a number of factors. There are two numbers to consider when selling your home: assessed value versus market value. In some cases, assessed value and market value may be similar. But in general, the assessed value will be lower than the market value. Each of these two numbers will be used in different ways throughout the course of the selling process. Knowing the difference can help you get a great deal. Assessed Value Understanding assessed value starts with understanding who is assessing the property and why. Counties employ assessors to place a value on a home in order to levy property taxes on it. The assessor looks at what similar properties in the area are selling for. They also assess the value of any recent improvements, any income you may be making...
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Why Am I Being Asked to Make Repairs?

Most people eager to sell their home want to do so as is, with as little effort involved as possible. However, if you are in any way handy with home repairs, or have a family member or good local handyman, making repairs could mean the difference between your house selling right away or staying on the market for months, and between a high sale price and a low one. Making repairs might also be a legal requirement before the sale of the house goes through. The mortgage lender will want to make sure the house is a valuable property with as few problems as possible. Here are a few of the main areas to fix up so you can cash in. Exterior The exterior, garden, driveway and garage will all be the first things people see when they come to view your home. You never get a second chance to...
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When Is the Best Time to Sell My Home?

Many factors come into play when putting your home on the market, but a study conducted by Zillow in 2016 has revealed that May is the best month to try to sell your home – and in particular early May. The Statistics The Zillow research discovered that homes listed between May 1 through May 15 sold around 18.5 days faster than homes that weren’t listed during that time frame. They also found that homes sold in that time frame were also purchased for about 1% more than the average listing, which translates to a bonus of around $1,700. The Joys of Spring A lot of people want to buy a new house in order to make a fresh start. It’s the ultimate in spring cleaning. In recent years, the number of homes available for purchase has been down, while the number of sales has been up, leading to a shortage...
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What Should I Do to Prepare My Home for Showings?

There are a number of things you can do to prepare your property for showings that can help you create a great impression and drum up interest in your valuable home. Some of these things will be external, while others will be internal. Exterior This is your chance to make a great first impression. * The lawn – It should be well-kept. * The garden – It should be well-tended. Consider adding a few colorful plants to cheer things up. Prune trees and shrubs, and get rid of old leaves. * Fencing – All the fencing around the property should be in good repair and freshly painted. * Fresh-looking blacktop – Your driveway should look well-tended and not be stained. * A great garage – De-clutter your garage so people get a sense of spaciousness. Consider donating, selling or storing items you rarely use. Ask the neighbors if they will...
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What Should I Disclose to Potential Buyers?

Disclosures are a key part of selling your home. The prospective buyer should have some reasonable assurance that the home they are getting is a valuable one, with no ticking time bombs lurking that will land them with a lot of expensive repairs. Honesty Is the Best Policy Most smart sellers will spruce up their home with a fresh coat of paint and perform any minor repairs before they put their home on the market. However, some unscrupulous people will make cosmetic changes with a view to hiding something more serious, in the hope of making the sale and tricking the buyer. This is short-sighted, because the house will need to be appraised, and any decent real estate appraiser knows all the tricks. The sale will fall through, and you as a seller will have your reputation dented in the eyes of the realtor trying to work with you to...
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What Is a Sale Contingency?

A home sale contingency is one type of contingency clause which is often included in a real estate sales contract or an offer to purchase real estate. The clause states that the transaction is dependent (or contingent upon) certain circumstances – usually the sale of the buyer’s home. Many people start looking for their ideal home before their own has sold. If they find their dream house, they will usually make an offer on it so it doesn’t slip away. However, they will be depending on the money they get from selling their home in order to buy the new home. With a sale contingency clause, they would stipulate a date by which they would be able to sell their own home, so the sale would move forward. If the house does not sell by that date, the contract will be terminated and the seller will be free to sell...
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What Are Seller Concessions?

There are many different costs and fees involved in buying a home. If a buyer is not careful, they can really start to mount up. Therefore, smart prospective buyers will often ask for concessions from the person selling the home in order to keep down expenses. Closing costs in particular can really become overwhelming. They are rarely budgeted for when eager buyers scrape together their down payment. Rather than let a good buyer walk away from the table at the last minute, sellers might be willing to offer the concession of paying some or all of the most common fees involved in finalizing the sale. Various Concessions There is a large amount of paperwork involved in selling a home. In some cases, it might be cheaper for the seller to do it than the buyer, and this will also generate good will. Seller concessions might also include little perks around...
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What Are Closing Expenses and Am I Responsible for Paying Them?

Closing expenses, or closings costs, are part of the process of finalizing the sale of a house. In some cases, the closing costs might be paid by the seller, and in other cases by the buyer. It will depend on the nature of the fees, and how good a deal the parties negotiate with one another. Seller Closing Costs If you have used a realtor, one of your biggest expenses will be the commission on the final price of the property. This will usually be 5% or more of the value of the home. The other fees vary depending on where you live, but anticipate 6% to 10% of additional costs. Other charges will be itemized on the HUD-1 Settlement Statement, for both sellers and buyers. https://www.consumerfinance.gov/ask-cfpb/what-is-a-hud-1-settlement-statement-en-178/ These fees will not have to be paid in cash, but rather, out of the price of the house. However, it is important...
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How Long Does the Realtor Listing Agreement Last, and Are the Commissions Negotiable?

A realtor listing agreement is a written, binding legal document between you as the seller of your property and a real estate agent who will help handle the sale of your home and earn a commission from it once the sale is made. The realtor earns their commission through marketing your home in a range of ways and handling a lot of the important paperwork involved. It is up to you to decide how long you would like to list your home with that particular realtor. You can negotiate with the realtor in terms of duration and payment of commissions. For example, they may list it for you, but you might be the person who finds the buyer in the end – in which case, they would not get the commission. The Average Duration The average duration of most contracts is six months. If the house does not sell by...
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How Does the Inspection Phase Work?

The inspection phase of a home will vary from county to county, but in general, all inspections will involve evaluating certain aspects of the home before a seller can sell their home to a prospective buyer. Health and safety are important considerations. Basic amenities expected of a modern building should also be in place and functioning properly. Inspections are crucial to help arrive at a final sale price as well. If there are any serious issues, the bank may determine the seller needs to fix them before the sale can go ahead. In some cases, the prospective buyer might agree to make the repairs, but would also expect to get the house for a lower price in consideration for the work and money they will be putting in. The Required Areas of Inspection The usual areas of inspection are: * Structure * Exterior * Roofing system * Plumbing system *...
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