Sellers FAQ

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. Study the comparable sales material presented to you by the different agents you interviewed initially. If the CMAs are over two or three months old, have your agent update the report for you. If all agents agreed on a price range for your home, go with the consensus. Watch for an agent whose opinion of value is considerably higher than the others.

 What are the contingencies in a purchase offer?

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.

 
What is a seller obligated to disclose?

 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 should 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.

When is the best time to sell your house?

In addition to supply and demand, and other economic factors, the time of year you choose to sell can make a difference both in the amount of time it takes you to sell your home and in the ultimate selling price. Generally, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June. With the onset of summer, the market slows. July is often the slowest month for real estate sales due to a strong spring market putting possible upward pressure on interest rates. Also, many prospective home buyers and their agents take vacations during mid-summer. Following the summer slowdown, real estate sales activity tends to pick up for a second, although less vigorous, season which usually lasts into November when the market slows again as buyers and sellers turn their attention to the holidays.

 Can you sell my house fast?

Your house can sell fast if you price the property in the same range that similar homes are selling on your street. A home remodeled in the last 10 years sells for the most money.

My home is nicer than the others, shouldn't I get more?

This should be true, but buyers will not pay a premium for an over-improved home. You will most likely get top dollar for the street. This all depends on market conditions. Recent improvements may add to the average value.

Why isn't anyone looking at my home, I'll look at offers?

If your home is priced higher than similar homes in the neighborhood, buyers don't even consider looking at the home, they don't want to waste their time. Most buyers are educated and know values for similar homes. They compare over 25+ homes before making an offer. If you ask a certain price then they feel that is what you want your agent to obtain and won't insult you with less. Overpriced homes are often not given serious consideration, so----PRICING YOUR HOME IS CRITICAL. Remember, a home is bought, not sold!!

Do large and frequent ads sell homes?

Experienced agents know that flashy ads and gimmicks don't sell homes. A concerted marketing effort, a properly priced home and favorable market conditions produce a sale. The same techniques have worked for years.

Why can't I get the same price as my neighbor?

Often market conditions change and your home may sell for less or more. You must see your home as buyers see it: Style, Age, Size, Features, and Recent Updates to understand value. In addition, the supply of homes of a similar style on the market can greatly influence prices.

Other agents said my home is worth more.

Many agents need listings and will tell you your home is worth more than it may truly be. If they sell another home off yours they don't care if yours sells. Until your home is on the market, and you have buyer reaction you can't really determine value. You can ask anything you want but the buyers are spending the money and making offers. A professional agent will show you recent sales and help you set a fair price to attract an offer in the least amount of time. Waiting for an above average price does not attract offers. No one works miracles in this business.

Agents do not show homes with discount fees.

Our company can show you logs of co-broke agents that call constantly to show our homes. Professional agents are interested in helping buyers, and are eager to show your home even when there is a flat fee. They don't want to lose a sale. Our fees are fair to all. Agents that are insisting that your home will not be shown without a 7% commission are misleading and using scare tactics. Do you want someone like that representing your property and you?

Should I use a real estate professional?

Yes! In today's complicated real estate market, a real estate professional is even more important than ever. It would take you months, and even years, to gain the knowledge offered by a true real estate professional. From knowledge of the market, to understanding the financing maze, to protecting your interests while hammering out the details of a real estate purchase contract, your professional real estate agent can save you time, money, worry and aggravation.

What is the MLS?

MLS stands for "Multiple Listing Service." Any real estate agent that is a member of the MLS may assist a purchaser in all aspects of the sale of any property that is listed in the MLS. In other words, a property that is listed with Company A may be sold by one of the agents from Company B. A person wanting to buy the property listed with Company A does not have to go through Company A to make an offer on that property.

How does the MLS benefit sellers?

By listing their property with a member-company of the MLS, a seller is gaining a broader exposure of his/her property to the market. Each agent that is a member of the MLS is notified of the availability of that property for sale. In effect, the seller has each member of the MLS working for him or her. The seller is also taking advantage of the expertise of the professional real estate sales associate. The seller no longer has to worry about missing telephone calls about the property, or learning about different financing options, or being home to show their property to prospective buyers.

Buyers FAQ'S

1. What are my advantages in buying a home?
There are many benefits such as pride of ownership, an increased sense of security, the ability to make improvements of your choice, and not least of all, tax benefits.

2. Should I work with many Realtors at the same time to find a home?
Because all Realtors use the same central database and access all of the available listings, one Realtor with whom you feel comfortable will save you time, and you won’t need to be re-qualified each time you work with a new Realtor.

3. How should we prepare for the first meeting with our Realtor?
Decide what features you have in your present home that you would like in your next home. You should also decide what additional features you would find appealing. Be certain to list all of your income and its sources, as well as all of your debt. This will hasten your qualification process.

4. How long should it take for us to find the right home for us?
Because the Realtor’s job is to consider your needs and match them with the best house, you may be surprised to discover that you find your next home the very first day that you look.

5. What am I supposed to do when looking?
Make a list of everything that you like and don’t like as you go through each home. Then, as you travel to the next house, you can review this information with the Realtor.

6. What specific things should I look for in a home?
Look for features that you would really enjoy. Try to picture in your imagination your family and your furniture in the home.

7. What questions should I ask about schools?
You would want to know how the state ranks the school(s), test scores, sports programs, gifted and special programs. You may even arrange to visit potential schools.

8. Is it possible for us to find our dream home?
Yes, however, no house is perfect in every way. There will always be something that is not exactly right or in accordance with criteria. Each home has a multitude of advantages and features. If you are able to get approximately 90% of those features in a specific house, this may be the one for you.

9. I’m transferring to a new city. What do I do differently in this case?
As a transferee, you should try to get a feel for the entire county and the neighborhoods. This will help you to find an area where you think you would be the most comfortable, before you begin to look at specific houses.

10. What should I know about the Real Estate Purchase Contract (REPC)?
Ask your Realtor for a sample blank copy of the contract. Review financing, contingencies, inclusions, exclusions, and specific dates of importance.

11. Do I need to have any inspections on the home?
You should consult with your Realtor about this. We highly recommend obtaining a professional home inspection, and reports about mechanical, electrical, and structural features. (cont. on next page)

12. Can I add extra inclusions into the contract that are not in the listing?
You should consider the possibility that the sellers had personal or financial reasons to exclude these items. However, you may try to negotiate their inclusion through the offer.

13. How do I negotiate with the seller to get a contract that’s to my advantage?
Your Realtor can negotiate using the fair market value of similar properties that have been sold. The written marketing analysis will show the sellers that your offer is accurate and reasonable, given these standards.

14. What kind of urgency should I put on myself when I’m about to sign a purchase offer?
If you should find a house that feels right to you, place pressure on yourself to make an offer. After all, there may be another potential buyer who also finds this house appealing and while you are delaying a decision, the other buyer could conceivably offer a purchase agreement first.

15. When should I begin to look into financing?
As soon as possible, meet with a lender. It is a good idea to complete a loan application and run your credit. Then at the time you are ready to decide on the contract, your method of financing is already taken care of.

16. What documents should I bring to the lender?
Your Realtor will give you a list of all the items pertaining to income and debts that your lender will require in order to hasten the process of approval.

17. What type of financing should I use?
Ask your lendor about the various types of financing available. In recent years, many various types and terms of financing have become commonplace.

18. What is the lender’s next step after I sign the contract and apply for financing?
Your Realtor will give you a list of what the lender requires from you once the application is submitted.

19. What is "buyer’s remorse?"
Buyers usually second-guess themselves as to whether or not they made the correct decision. This normally sets in between the time the contract is signed and is closed. You may want to contact your Realtor if and when you begin to get these feelings and discuss it with him or her.

20. What happens at settlement?
The buyer and the Buyer’s Agent meet with the Title Closing Officer to sign the loan documents and review and sign the Settlement Statement. You need to bring a certified check for the balance of the down payment and the buyer’s closing costs to the Settlement. You also need to bring your new homeowner’s insurance policy and a photo ID. The Settlement usually takes about one hour.

21. What is closing?
After completing Settlement, the Closing Officer overnights the signed loan documents to your lender to have the loan funded. Upon receipt, the lender wires the loaned money to the Title Company’s bank. The Title Company then pays off all of the seller’s liens and obligations on the house and gives the seller the balance. Then the Title Company takes the Warranty Deed, which was signed by the seller during their Settlement, to the County Recorder’s office and records it. At this time, the transaction is considered closed and the house belongs to you

About California Information

California is the most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W).

Area, 158,693 sq mi (411,015 sq km).
Pop. (2000) 33,871,648, a 13.8% increase since the 1990 census.
Capital, Sacramento.
Largest city, Los Angeles
Nickname, Golden State.
Motto, Eureka [I Have Found It].
State bird, California valley quail.
State flower, golden poppy.
State tree, California redwood

Ranking third among the U.S. states in area, California has a diverse topography and climate. A series of low mountains known as the Coast Ranges extends along the 1,200-mi (1,930-km) coast. The region from Point Arena, N of San Francisco, to the southern part of the state is subject to tremors and sometimes to severe earthquakes caused by tectonic stress along the San Andreas Fault. The Coast Ranges receive heavy rainfall in the north, where the giant cathedrallike redwood forests prevail, but the climate of these mountains is considerably drier in S California, and S of the Golden Gate no major rivers reach the ocean. Behind the coastal ranges in central California lies the great Central Valley , a long alluvial valley drained by the Sacramento and San Joaquin rivers. In the southeast lie vast wastelands, notably the Mojave Desert, site of Joshua Tree National Park. 

Rising as an almost impenetrable granite barrier E of the Central Valley is the Sierra Nevada range, which includes Mt. Whitney , Kings Canyon National Park, Sequoia National Park, and Yosemite National Park. The Cascade Range , the northern continuation of the Sierra Nevada, includes Lassen Volcanic National Park . Lying E of the S Sierra Nevada is Death Valley National Park. California has an enormously productive economy, which for a nation would be one of the ten largest in the world. Although agriculture is gradually yielding to industry as the core of the state's economy, California leads the nation in the production of fruits and vegetables, including carrots, lettuce, onions, broccoli, tomatoes, strawberries, and almonds. The state's most valuable crops are grapes, cotton, flowers, and oranges; dairy products, however, contribute the single largest share of farm income, and California is again the national leader in this sector. The state also produces the major share of U.S. domestic wine.

California's farms are highly productive as a result of good soil, a long growing season, and the use of modern agricultural methods. Irrigation is critical, especially in the San Joaquin Valley and Imperial Valley. The gathering and packing of crops is done largely by seasonal migrant labor, primarily Mexicans. Fishing is another important industry.

California continues to be a major U.S. center for motion-picture, television film, and related entertainment industries, especially in Hollywood and Burbank. Tourism also is an important source of income. Disneyland, Sea World, and other theme parks draw millions of visitors each year, as do San Francisco with its numerous attractions.

*Information from Columbia Encyclopedia, Sixth Edition