SELLING
Frequently Asked Questions
Listing agent commission is fully negotiable and not set by law. Buyer’s agent commission is the responsibility of the buyer however, you may consider budgeting up to 5.0% of sales price for vacant land and up to 3.0% of the sales price for residential, in the event the buyer’s purchase agreement includes a commission request.
Look for an agent with experience in your local Nevada market, a strong track record of successful transactions, and good reviews from past clients. It’s also essential that you feel comfortable communicating with them.
Escrow is a neutral third party that holds funds and documents until both the buyer and seller meet all the conditions of the sale. They will perform a title search to ensure the title is clear and the property is sellable. The escrow officer will facilitate the transaction, ensuring both parties fulfill their obligations.
The NAR post-settlement agreement is a legal arrangement aimed at enhancing transparency, fairness, and competition in the real estate market. For sellers, this means clearer commission disclosures, fairer broker cooperation, and truthful advertising, ultimately leading to better informed decisions, potentially lower selling costs, and increased chances of a favorable sale.
The closing process usually takes about 14 to 45 days from the time an offer is accepted. However, this timeline can vary depending on various factors such as property type (vacant land versus residential), financing, inspections, and negotiations.
For the Realtor to act in the seller’s best interest means they must prioritize the seller’s needs and goals throughout the selling process. This includes providing honest and expert advice on pricing, marketing, and negotiations, ensuring the best possible terms and price for the seller, maintaining confidentiality, and avoiding conflicts of interest. The Realtor should always advocate for the seller’s position and work diligently to achieve a successful and satisfactory sale.
Relative to home ownership, let’s face it, you need to have a plan before you sell your current home. Having a solid plan for your next home before you list your current one is vital. It helps you avoid financial risks, gives you better negotiating power, and keeps things stable for you and your family. When you coordinate the sale of your current home with the purchase of a new one, it reduces the hassle of finding temporary housing and makes moving much easier. This plan also lets you take advantage of good market conditions, secure financing, and get help from professionals. Plus, it gives you peace of mind, allowing you to focus on getting your home ready for sale and making any necessary updates to your new place. In short, having a well-thought-out plan ensures you handle the real estate market smoothly and enjoy your move.
Allowing the Realtor full access to market a listing, including but not limited to photos, a listing sign, social media, quick property access, and other marketing channels, is crucial for maximizing exposure and attracting potential buyers. Professional photos and virtual tours can showcase your home’s best features, while social media and online listings can reach a broader audience. A listing sign can draw local interest, and comprehensive marketing can create buzz and generate more viewings, ultimately leading to a quicker sale at a higher price.
Before listing your property, consider conducting a thorough cleaning and decluttering, making necessary repairs and improvements, and staging your home to highlight its best features. Vacant land should be cleared of over-growth, lot-lines identified, junk, scrap, garbage removed & fences repaired. Prepared by Ron Feir Seller Q & A September 24, 2024
Determine a competitive listing price with the help of a real estate agent and prepare all relevant documents, such as warranties and mortgage information.
De-personalizing your home before listing it is a decision between the seller(s) and your agent. Removing personal items, such as family photos, memorabilia, and personalized décor, allows potential buyers to envision themselves living in the space. It creates a neutral environment that appeals to a broader audience and may help your home sell faster. Additionally, a de-personalized home often looks more spacious and clean, which can further enhance its appeal.
Decluttering your property before listing it can make your home appear more spacious and inviting, which is appealing to potential buyers. It helps buyers visualize themselves living in the space and highlights the home’s best features. Additionally, a decluttered home often photographs better for listings and can lead to a quicker sale at a higher price.
To make your home more appealing, enhance curb appeal with landscaping and exterior improvements, stage the interior with attractive furniture and décor, ensure your home is clean, bright, and welcoming, highlight key features and upgrades, and provide a welcoming atmosphere during showings and open houses. Relative to a vacant lot, remove junk, clutter, weeds, prune over-grown hedges & trees, repair your fences, identify the location of septic, lot/property lines, etc. Keeping your property in excellent showing condition is vital as it creates a positive first impression for potential buyers and showcases the properties best qualities. A well-maintained and clean property can make buyers more interested and willing to make higher offers. Additionally, it can speed up the selling process and help your home stand out in a competitive market.
When listing your property in a real estate transaction, you should disclose any material facts that might affect the property’s value or desirability to potential buyers. This includes but is not limited to, structural issues, past water damage, presence of asbestos or lead paint, zoning violations, and any major repairs or renovations. Additionally, disclose any disputes over property lines or easements, environmental hazards, and known issues with utilities or appliances. Being transparent ensures a fair transaction and helps avoid legal complications down the road. Your Realtor will supply the appropriate documentation for this process.
Secure your valuables by removing them from the property or storing them in a safe or locked drawer. Ensure that items such as jewelry, cash, and important documents are not left in plain sight during showings and open houses.
Keep medications out of sight and locked away during showings. Consider storing them in a secure cabinet or taking them with you when you leave the house for a viewing.
Firearms and other weapons should be stored securely in a locked safe or removed from the property during the selling process. Ensure that they are not accessible to anyone viewing the property.
Your agent will design a customized marketing plan that is best for your property. Generally, when selling a property, the most effective marketing strategies include leveraging online platforms and social media to reach a broader audience, utilizing high-quality photography and virtual tours to showcase the property’s best features, and employing targeted advertising to attract potential buyers who meet specific criteria. Additionally, hosting open houses and private showings can generate interest and facilitate direct engagement with prospective buyers. Collaborating with experienced real estate agents who have extensive networks and market knowledge can also significantly enhance the property’s visibility and appeal. Finally and most importantly, ensuring that the property is priced competitively and making necessary improvements to enhance its curb appeal can further attract serious buyers and expedite the sales process.
Feel free to contact your real estate agent at any time. They are there to guide you through the process and address any concerns you might have.
Real estate agent commissions are fully negotiable and not set by law. They typically range from 2.5% to 5.0% of the property’s sale price, though this can vary based on the written agreement between the seller(s) and the agent and the type of real estate involved. It’s important to repeat that these commissions are fully negotiated, not set by law, and clearly documented in the Buyer Brokerage Representation Agreement (BBRA) at the outset of all real estate consultations/services. Note-the commission percentage indicated above is for one (1) side of the real estate transaction.
A seller’s concession is different than an offer of compensation. In real estate, a concession is an incentive or benefit offered by the seller to the buyer to help facilitate the sale, such as covering closing costs, property repairs, providing a home warranty, or including certain appliances. Whether you need to offer concessions depends on the market conditions and the competitiveness of your property. In a buyer’s market, concessions can make your home more attractive and help close the deal, whereas in a seller’s market, they may be less necessary. Consult with your real estate agent to determine if offering concessions is a strategic move for your situation.
The post-NAR settlement agreement has changed the landscape of real estate commissions. You, the seller, must authorize this action. Paying a commission to the buyer’s agent can still be beneficial as it incentivizes them to show your property to potential buyers, potentially leading to a quicker sale at a higher price. However, it’s important to discuss this with your listing agent to understand how commissions are being handled and to strategize accordingly.
Offers of compensation can be advertised in many ways. If you approve an offer of compensation, it can be shared through common marketing methods such as flyers, signs, brochures, brokerage websites, social media posts, or simply through a phone call or email. Offers of compensation cannot be listed on the Multiple Listing Service (MLS), or online platforms that compile home listings from many different sources.
Ensuring your property is accessible for showings is crucial because it allows potential buyers to view the home at their convenience, increasing the chances of receiving offers. Flexible showing times demonstrate your willingness to accommodate buyers, which can positively influence their perception of the property. Additionally, easy access for showings can expedite the selling process and reduce the time your home spends on the market.
It is generally recommended that sellers are not present during showings. This allows potential buyers to view the home, with their agent, and envision themselves living there without feeling pressured or uncomfortable. Your absence enables them to discuss their thoughts and questions openly with their agent, which can lead to more honest feedback and a higher likelihood of an offer.
Technically yes, with broker approval, a Nevada real estate agent can represent both the buyer(s) and the seller(s), a practice known as multiple representation. However, this arrangement is frowned upon by the National Association of Realtors (NAR) and State and local entities because it can present serious conflicts of interest. Lisa Bond Real Estate LLC (LBRE) allows this practice on vacant land only. Full disclosure and consent in writing from both parties are required.
Flexibility and openness to negotiations are crucial when reviewing an offer on your listing. Being willing to negotiate terms, such as price, closing date, and contingencies, can help reach a mutually beneficial agreement and prevent the deal from falling through. Flexibility demonstrates your willingness to work with the buyer, which can foster goodwill and encourage smoother transactions. Additionally, understanding the buyer’s perspective and being open to compromise can lead to a more satisfactory outcome for both parties.
Providing a buyer with a one-year home protection plan can make your home more attractive by offering peace of mind against unexpected repairs during the first year of ownership. It can differentiate your listing from others, potentially leading to a quicker sale. Buyers may feel more confident in their purchase, knowing that they are protected against significant repair costs, which can make your home stand out in a competitive market.
Receiving a lowball offer can be frustrating, but it’s important to remain calm and consider all offers seriously. Work with your real estate agent to negotiate terms, counteroffer, or provide additional information to justify your asking price. Sometimes, lowball offers can be a starting point for negotiations that lead to a mutually beneficial agreement.
Once you are in contract or escrow with a buyer, you are legally obligated to adhere to the terms of that agreement. Accepting a higher offer would typically not be permissible without potentially facing legal consequences. However, you can discuss any exceptional circumstances or contingencies with your real estate agent and legal advisor to understand your options.
- General home inspection: Assesses the overall condition of the property, including the structure, roof, plumbing, electrical systems, and HVAC systems.
- Termite inspection: Checks for signs of termite infestation or damage.
- Mold inspection: Identifies any areas with mold growth, which can affect health and structural integrity.
- Private well functionality and water quality & quantity.
- Radon inspection: Measures radon levels in the home, as elevated levels can be hazardous to health.
- Specialty inspections: Depending on the property, additional inspections such as a pool inspection, spa, septic system inspection, or chimney inspection might be necessary.
The due diligence period is a negotiated timeframe after the buyer’s offer has been accepted, during which the buyer(s) conduct inspections, appraisals, and other evaluations of the property. This period allows the buyer to confirm that the property is in satisfactory condition and meets their expectations before finalizing the purchase. If significant issues are found, the buyer has the option to extend the due diligence period for secondary inspections, renegotiate terms, or withdraw from the transaction without penalty.
- Renegotiate the price: You can ask the seller to lower the sales price to match the appraised value.
- Increase your down payment: If you still want to buy the property at the agreed price, you can make up the difference by increasing your down payment.
- Split the difference: Buyer and seller can renegotiate to meet at a mid-point between the original sale price and the appraised value.
- Walk away: If you have an appraisal contingency, you can cancel the transaction without penalty if the property does not appraise at the agreed-upon price.
During the closing process, you will review and sign all necessary documents, pay off any remaining mortgage balance and closing costs which are deducted from your seller proceeds, transfer ownership to the buyer, receive the sale proceeds, typically via wire transfer or check, and hand over the keys and any relevant warranties or documents to the buyer.
By closing day, you must make certain that all of your personal property is out of & off of the property. The buyer(s) will take possession of the property on “closing day”, once your agent confirms recording confirmation from escrow. Your agent will provide the buyer(s) with the keys, clickers, codes, remotes, etc. (if any) only after recording confirmation is obtained from escrow. At that point, the buyer(s) own the property.
Possession occurs immediately after the escrow closing process is completed, funds have been transferred to the seller, and the property has recorded. In some cases, there may be a pre-determined date agreed upon in the purchase agreement.
It’s important to leave your home in a clean and presentable condition for the new owners. This includes vacuuming and mopping floors, wiping down surfaces, cleaning bathrooms and kitchens, and removing all personal belongings. Consider hiring professional cleaners for a thorough cleaning to ensure the property is spotless and ready for the new occupants.
When real estate transactions “record” or “close,” it means the final step of a real estate transaction has been completed. This involves the successful administrative transfer of ownership from the seller(s) to the buyer(s), the signing and recording of all necessary documents, and the disbursement of funds. Now you “the buyer(s)” own the property.
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