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Sellers Most Frequently Asked Questions
Included here are questions you are often asked by prospective
sellers along with the answers.
Pricing
How is the price set?
It's critical to price your home right in relationship to the current
real estate market and to the conditions prevailing in your local marketplace.
Since the real estate market is continually changing, and market fluctuations
have an effect on property values, it's imperative to select your list price
based on the most recent comparable sales in your neighborhood.
A Comparative Market Analysis (CMA) provides the background data on
which to base your list price decision. If the CMAs are over two or three
months old, have your agent update the report for you.
Purchase Offer
What are contingencies in a purchase?
There are two standard contingencies: a financing contingency, which makes
the purchase conditional on the buyers' ability to obtain a loan commitment
from a lender, and an inspection contingency, which allows the buyers to
have professionals inspect the property to their satisfaction. A deposit could
be forfeited by the buyers under certain circumstances, such as the buyers
backing out for a reason not provided for in the contract. The purchase contract
must include the sellers' responsibilities such as passing clear title, maintaining
the property in its present condition until closing, and making any agreed
upon repairs to the property.
Disclosure
What is a seller obligated to disclose?
It varies from state to state. Under the most restrictive state, the seller and
the sellers' broker, if there is one, are required to disclose all facts materially
affecting the value or desirability of the property which are known or accessible
only to him and which are not known to, or within reach of the diligent attention
and observation of the buyer. In the case of residential properties, the seller
must provide the buyer with a Real Estate Transfer Disclosure Statement, which
specifies the existence and condition of all known physical attributes of the
property. Sellers are responsible for disclosing only information within
their personal knowledge. |
