Selling a home can be a complicated process without the right help. You need to make sure your house is in the best condition and you receive a fair price for it. Whether you’re selling yourself or using an agent or broker, look here for more information about how to sell your house effectively.
Seller Disclosure Includes Material Defects
When you sell your home you will have to share if the home has material defects as part of seller disclosure. Does seller disclosure include sharing what kind of wiring your home has? Do you have to share items under seller disclosure that weren't made public to you when you bought your home? Seller disclosure means disclosing hidden material defects - items that the seller knows about but can't be seen with the naked eye.
Sellers Did Not Disclose Problem
A new homeowner has discovered that their furnace does not work and that the seller was aware of the problem. Most states have what are called seller disclosure laws that require that the seller disclose to a buyer known material defects in the home. The homeowner's may be able to sue the seller for a new furnace.
Sellers Want Preapproval Letters From Buyers
Some property owners run into trouble finding qualified buyers to purchase rental properties. To protect yourself when selling property, request a preapproval letter from potential buyers stating that their lender has committed (in writing) to funding the buyer's loan provided the home appraises out in value. Be careful it is not a pre-qualification letter, which is not a good indicator of whether the buyer will ultimately be able to secure financing.
Real Estate Agent, Attorney Can Help Buy Property
While you can look at real estate without a real estate agent, it's usually helpful to have one. You can work with either a buyer's agent or a seller's agent. And when you're ready to finalize your real estate purchase you should hire a real estate attorney as well. Learn about the benefits of hiring real estate professionals.
For Sale By Owner May Mean Lowering Price
For sale by owner is one way to try selling property. When you choose to sell your property for sale by owner, you don't hire a real estate agent to help you. The buyer and the seller can save 6 percent commissions that would otherwise go to a real estate agency. But who gets the for sale by owner commission savings? A buyer of a for sale by owner property should not enter the transaction expecting to get a lower price.