Sellers are responsible for disclosing only information within their personal knowledge. In the case of residential properties, the seller must provide the buyer with a Real Estate Transfer DisclosureStatement, which specifies the existence and condition of all known physical attributes of the property. 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 andobservation of the buyer. 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. 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. 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. Watch for an agent whose opinion of value is considerably higher than the others. Experts recommend that more than one agent come and do the analysis. If all agents agreed on a price range for your home, go with the consensus. If the CMAs are over two or three months old, have your agent update the report for you. Study the comparable sales material presented to you by the different agents you interviewed initially. A Comparative Market Analysis (CMA) provides the background data on which to base your list price decision. 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. It's critical to price your home right in relationship to the current real estate market and to the conditions prevailing in your localmarketplace. Include here questions you are often asked by prospective home sellers and the answers.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |