FREQUENTLY ASKED QUESTIONS

Should I Hire a REALTOR®?

Going it alone Like General Custer
-- could invite disaster. It is important that Buyers or Sellers obtain the services of a Professional who can help make a purchase or sale with the least amount of problems. The REALTOR® can ensure that the price is is fair market value, can offer expert advice on what to look for, what conditions to include, negotiation process and strategy, arrange Professional Inspections, etc. Buying or selling a home is a "TEAM EFFORT" between you and your REALTOR®!

Should I Price High?

Experience shows
-- the right price sells a home faster and for more money in the least amount of time than any other factors. When the listing price is more than 5% over the market value the price alone discourages Buyers. This is because overpriced homes scare away potential Buyers who think they won't get to look! Buyers who do look at an overpriced home know they can get more home for their money elsewhere.

Should I get Mortgage Pre-Approval?

In today's market
-- before looking for a home the buyer should get pre-approved by the bank of his/her choice. This will save hours of searching for homes in the wrong price range or worse, they purchase a home and then find out that they don't qualify for the mortgage. Getting pre-approved gives the buyer peace of mind and also helps to narrow search criteria.

Should I Buy first before Selling?

Good arguments exist
-- for either approach, BUT THERE ARE NO "RIGHT" OR "WRONG" answers! From a practical point of view if the price is important to the Buyer, it is always best to sell their present home first to save the most money. By selling first the Buyer will know how much money is available, have fewer conditions to satisfy for their next purchase. Also the Buyer will have less chance of losing the home of their dreams if the offer can be made with the least amount of conditions. Cautious Buyers tend toward selling first, but it is best not to tie buying and selling together. However, because there are no hard and fast rules for buying or selling first, each individual situation is unique and must be analysed with your REALTOR® in accordance to current market conditions.

Should I Get a home Inspection?

Having a Professional Inspection
-- of the home is a wise decision the Buyer has to make! Besides the small cost it will be another condition included in the offer. Nobody wants to purchase a home to find out later there are defects, latent or otherwise. From a practical point of view it is best to obtain inspections when needed unless the Buyer is comfortable with the condition of the home. The buyer can request a "Property Condition Disclosure" statement be completed by the Seller, which will be another condition added to the offer. Market conditions will ultimately dictate if time will allow for an inspection to be performed conditionally in the offer to purchase.

Are their extra costs involved?

Know the extra costs
-- associated with buying or selling a home. The following costs must be considered: Legal fees, Land Transfer Tax, survey, zoning memorendums, property tax, title insurance, inspections, mortgage insurance, home insurance, etc. Your REALTOR® can assist which would be estimated costs only as they will depend on the cost at the time of closing.

Should You Remodel?

Don't get carried away
-- The most cost-effective improvements are to the kitchen or bathroom. For instance, if you convert a one-bathroom home into a one-and-a-half bathroom home, you'll expand your market of possible buyers. It's better to leave the extensive remodeling to the buyer.
-- Be sure to "undecorate" your home. You want the buyer to focus on the home, not on the way you've decorated it. Remember, you aren't striving for a home that looks lived in, but one that looks ready to be lived in.

Cleaning Up

Hire professional cleaners to do the initial, thorough scrub down.
-- Cleaning your home in preparation for selling it is an ongoing process. This will ensure that the home is in tip-top condition. If a home looks well-kept and clean, buyers are more apt to think it also has been well-maintained.

What repairs should you make?

-- As you review the repairs on your list, first decide which ones really need to be made. If you notice, for instance, that the roof needs to be repaired, you can choose to have it repaired and pay for the new roof. Or you may note that the roof needs to be repaired and then price the home accordingly. You should submit this estimate with your disclosure statement. This way, the buyers will know that you are being up front about the problem if you acknowledge it right away instead of later when the problem turns up during inspection.

Collecting Information

Please Note: the buyer will be interested not only in how the home looks, but also in the maintenance and upkeep of the home, so collect the following information:
-- Property tax statements
-- Utility bills
-- Warranties
-- Maintenance information

Do You Have to Disclose Information To The Buyer?

Yes you the seller must tell the buyer about any substantial defects that you the seller knows about. If disclosure is required, you should do so before the buyer makes an offer, check with your attorney.
-- Basically, you must disclose any physical effects that would change the buyer's assessment of the property value.

The Closing

Please Note, the closing is at your attorney's office.
What the Buyer Has to Do!
-- Most of the preclosing work falls to the buyers. The buyers usually have to obtain financing, get insurance, and meet any other requirements of the lender. The buyers will also schedule a home inspection sometime before closing.

What You The Vendor Have to Do

-- There are a few important things that you will need to do at closing.
-- You may also need to have a title search done on the home. This is a search of the ownership history of the home, and will uncover any outstanding claims against the property.
-- An attorney experienced in Real Estate transactions will need to be hired to help handle the closing. They will make sure that all documents are signed and that everything is in order for the sale to happen. Your REALTOR® will most likely be able to recommend someone to you.