Do I really need an agent?
Most home sellers hire real estate agents to list and
sell their homes. Most of those who do not are known as
For Sale By Owners, or FSBOs. They market and sell their
homes themselves. However, a small number of people sell
without marketing their homes. They include homeowners
who transfer property to family members or landlords who
directly offer tenants the first right to purchase
property before they place it for sale on the market.
In the end, most FSBOs eventually hire an agent because
the agent will handle all the details of a successful
home sale (including the contract, forms, and disclosure
statements) and expose the home to the widest range of
prospective buyers through the local Multiple Listing
Service (MLS).
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How do I find the right agent for me?
To begin with, think local. Select someone who is very
familiar with your neighborhood and the properties for
sale in it. Then, if you are selling, say, a
condominium, choose an agent with expertise selling
condos to potential homeowners.
Because you will want the widest possible exposure for
your home, you also will want a real estate firm that
works with other agencies to get your property sold. The
Multiple Listing Service (MLS) used by Realtors,
licensed members of the National Association of
Realtors, is still the most common and effective form of
cooperation used today.
Beyond these parameters, select an agent who is
competent, efficient, and ethical.
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What questions should I ask an agent interested in
selling my home?
When you interview a potential, grill them about the
following:
- The worth of your home. The agents should inspect
the home and prepare a written comparative market
analysis.
- Marketing plans. These are a must. Make sure they
include the local Multiple Listing Service (MLS) which
gives your home maximum exposure to all local agents,
and Internet marketing through the broker’s web site,
such as the one you are currently viewing.
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What is the most common type of contract for listing
properties?
The exclusive right to sell. It gives the real estate
broker the exclusive right to sell your home during the
term of the listing.
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How do I set the selling price?
A key part of the marketing plan is setting the list
price. If a home is priced too low, it may cost you
money. If a home is priced too high, potential buyers
may be scared away. To determine the best asking price
review the cost of recently sold homes, evaluate the
competition and study marketplace trends. Century 21
Sussex & Reilly Sales Associates are trained to use this
information to help you reach the right asking price. It
is also helpful to discuss other terms and conditions,
such as timing and items that can be included with the
sale of the home. Both of these can make your home more
attractive to potential buyers.
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What should I do to get my home ready to sell?
Start with a good cleaning, then eliminate any clutter,
add a fresh coat of paint and tidy up the yard. Talk to
your real estate professional about other tips that can
help boost a home's curb appeal and impress potential
buyers once they're in the door. One way to make a home
more attractive is to purchase a Home Protection Plan.
This insurance protects you, the seller, from paying
repair or replacement costs of major items during the
listing period. It also protects the buyer during their
first year of homeownership.
In addition, make sure you are aware of all the federal,
state, and local disclosure laws. This information can
be obtained from your Century 21 Sussex & Reilly agent.
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Do I have to disclose information about my home?
Disclosure could protect you from a lawsuit. In
Illinois, home sellers must fill out a Residential Real
Property Disclosure Report, disclosing information about
material defects in their home that they are aware of.
The report creates legal obligations on the seller, so
an attorney should be consulted if there are any
questions on whether a specific condition of the home
must be listed on the form.
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What if I am not happy with the listing agent and want
to terminate the contract?
Typically, unhappiness alone is not a legal reason to
terminate a valid home sale-listing contract. Legally,
to cancel a listing, you must be able to prove the
agent's lack of "due diligence." This means the agent
isn't taking the normal steps to properly market your
home, such as putting your listing into the Multiple
Listing Service (MLS), advertising on the Internet, and
other reasonable efforts that are customary in the
community.
If your home is overpriced, perhaps you need to consider
reducing the price to spark buyer interest. Otherwise,
you may need to meet with the listing agent and his or
her managing broker to discuss the problem. If the agent
is doing an awful job, you might suggest the listing be
transferred to a more effective agent within the same
brokerage firm.
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I have an offer – now what?
A buyer has made an offer - now it is time to negotiate.
Rely on your real estate professional to guide you
through this process. He or she will help you arrive at
an acceptable price, terms and conditions. Once you have
accepted an offer, help keep the deal together by
meeting deadlines and criteria, including home
inspections, appropriate buyer visits, scheduled
deposits and other steps. In fact, during this period
there may be a renegotiation of the accepted offer price
depending on the outcomes of these visits. As the
closing nears, you may also need to perform repairs or
do additional work to the house as agreed upon in your
contract. In addition, you will need to have the house
"broom clean" prior to the closing so that the buyer can
complete a final walk through. Once the money has
exchanged hands and all the papers signed it's time to
hand over the keys and concentrate on your next big
project - getting YOUR new home in order.
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How do I respond to a low-ball offer?
Let your agent know it is too low to warrant a
counteroffer and that you are willing to negotiate but
only once a more reasonable offer is made. Ask the agent
if the buyer was shown comparable market values of
similar homes that have recently sold in your area; and
ask if the buyer was ever properly qualified. You do not
have to settle for less if you are realistic about your
chances of getting more.
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