HOME SELLER FAQS (PART 2)
THE MOST FREQUENTLY ASKED QUESTIONS BY HOME SELLERS
Selling a home? Kind of freaking out about it? You’re not alone—the sellers we work with come to us with many questions and worries so we wrote a two-part article (this is part 2, click here for part 1!) that covers all of those frequently asked questions and concerns. Let’s get you some answers and some peace of mind to boot.
Q: WHAT ISSUES DO I NEED TO DISCLOSE ABOUT MY PROPERTY?
A: Wisconsin sellers must give the buyer a “real estate condition report” that answers a predetermined number of questions about things like the roof, HVAC, and plumbing, and more. Read more here.
Q: WHAT DOES CONTINGENT MEAN WHEN SELLING A HOME?
A: In short, contingent means that the buyer has to do something specific before they’re able to move forward in buying that property. Sometimes, there will be multiple contingencies on a single property, but a qualified realtor can help you navigate these kinds of challenges. Get the full story about contingent and pending sales here.
Q: WHAT IS THE DIFFERENCE BETWEEN A LIST AND SALE PRICE?
A: The list price is your starting price that’s attached to your property’s listing (go figure!) That list price might change depending on decisions you and your realtor make while the property is put on the market. The sale price is that final price that both the buyer and seller agree to.
Q: WHAT HAPPENS IF THE APPRAISED VALUE COMES IN TOO LOW?
A: If your appraisal comes in low, you can dispute it through something called a “Reconsideration of Value (ROV).” This isn’t a fail-safe method, though, so you will likely need to consider a different approach. You and your agent may discuss strategies like reducing your asking price, getting a second appraisal, or even holding off on your sale until conditions are better. As always, it’s best to talk to your realtor about your specific situation.
Q: HOW DOES THE INSPECTION PHASE WORK?
A: A home inspection is a process where a qualified home inspector takes a look at a property for a few hours and then prepares a report that assesses safety and mechanical issues. These inspections can happen after the buyer has made an offer (called a buyer’s inspection) or before the home is even listed (seller’s inspection). The outcome of the inspection will help the buyer and seller negotiate or even part ways completely. Read more here.
Q: WHAT ARE THE COMMON CLOSING EXPENSES FOR HOME SELLERS?
A: Closing fees, often called closing costs, include items like the appraisal fee, mortgage application fee, escrow/closing fee, and more. Get more info here.
Q: SHOULD I BE PRESENT DURING SHOWINGS AT MY HOME?
A: It’s your house, so you certainly can be there … but we don’t recommend it. The point of a showing is for the potential buyer to feel comfortable enough to visualize themselves in the space, ask candid questions, and take their time exploring. They’ll feel uncomfortable and rushed if you’re there.
Q: HOW LONG WILL IT TAKE TO SELL MY HOME?
A: Right now, Madison and other popular locations in Wisconsin are “seller’s markets,” which means that there are more people looking to buy than there are homes available. According to Redfin, the median amount of time homes spend on the market in Madison is around 50 days.
Have more questions? Our Madison, Wisconsin realtors have the experience and tools to answer all your questions and get your property sold fast. Give ‘em a call at (608) 957-2683 today!