Check Here fo answers to commonly asked questions.

Preparing to Sell

Q Do I really need an attorney?
Yes. A qualified real estate attorney can assist you with the sale of your home from the time you decide to sell all the way through to a successful closing.

Q What is a truth-in-housing, or inspection, report?
Truth-in-housing or Code Compliance is a report showing the results of a city-required inspection to determine if your home meets current building codes. The inspection report details any serious structural or mechanical problems and requires that you repair them before you place your home on the market.

Q Do I need a well or private septic test?
If your property has a well or private septic system, most mortgage companies and some buyers will require a professional to perform a test prior to closing. Contact an inspector for costs and details.

Q What do I do with an unused well?
Most states require that an unused well be capped by a professional. Proof that this procedure has been completed must be filed with the state or county and recorded with the deed. Contact a professional for a quote.

Marketing Your Home on MLS

Q What is MLS?
The Multiple Listing Service (MLS) is a computerized network that lists homes for sale and those that have sold. Real estate agents use the service to locate homes for buyers. HomeAvenue customers have the option of listing their home on the MLS for a low monthly or one-time fee.

Q What is Broker Reciprocity?
Broker reciprocity is a system by which real estate brokers agree to share their listings with each other. All participating brokers may publish each other’s data on their respective Web sites. If you are a HomeAvenue customer and have listed your home on the MLS, a photo and listing data will be displayed on all cooperating broker Web sites. This provides a powerful and effective vehicle for you to expose your home to many potential buyers.

Q Will I pay a commission if I’m listed on MLS?
It depends. If a Realtor brings you a buyer who eventually purchases your home, you’re obligated to pay a predetermined commission to the Realtor. However, if a buyer purchases your home directly, without Realtor representation, you owe no commission.

Q If I’m not listed on MLS, how should I respond to agents who bring buyers?
First, decide whether or not you’re willing to pay a reduced commission to a Realtor who brings you a buyer. If not, take the Realtor’s name and phone
number and kindly tell him or her that you’re currently not interested in paying a commission but that you’ll contact him or her later if your situation changes. If you will pay a commission, the Realtor will request that you sign a "one-time showing agreement," a legally binding contract that includes the buyer’s name, date, price, and required commission (typically 2 to 3 percent).

Q Do agents really show and sell FSBO homes?
Yes. The majority of our customers who list on MLS receive numerous calls from agents. This added exposure generally translates into a faster sale. The few agents who boycott FSBO listings are doing a disservice to their buyers. Realtors have a fiduciary duty to select homes that most closely match their buyer requirements, regardless of where they find the home.

Q If I list my home on the MLS, should I continue to advertise in the newspaper?
Yes. Most sellers would prefer to sell directly to a buyer and pay no commission. The cost of continuing to advertise in the major newspapers is a fraction of the commission you would have to pay to a Realtor who brings you a buyer. Your chances of selling to a buyer who isn’t represented by a Realtor diminish substantially if you discontinue your ads.

Accepting an Offer

Q Do I need to get a preapproval letter?
Yes. Make sure to get a preapproval letter either from the buyer or real estate agent (if you’ve agreed to work with one), which shows that the buyer has been qualified for a certain loan amount by a lending institution. QWhat’s the difference between preapproval and prequalification?
Preapproval means that the buyers have been officially approved for a certain loan amount by a lending institution. Prequalification is an initial indication of the buyer’s likelihood of being granted a loan.

Q What is the lead-based-paint-disclosure addendum?
If your home was built before 1978, you’re required by law to provide buyers with a disclosure and with information about lead-based paints. Even if you have no knowledge of lead-based paint in your home, you’re required to submit the disclosure to the buyer.

Q What is earnest money and how much should I require?
Earnest money is a deposit made by the purchaser to express his or her desire and commitment to the seller. There is no required amount, but between 1 and 2 percent of the sale price is typical. It’s a good idea to have this money deposited into a trust account.

Q What happens if I get multiple offers?

1. Treat all parties fairly.
2. Immediately disclose to all parties that there are multiple offers, but don’t
   disclose the terms of each.
3. Choose the best offer in terms of price, financing, closing date, down payment, etc.
4. Notify the other parties of your decision to select another offer, and tell them you’ll contact them later if the initial offer falls through.
5. Negotiate the offer. If you and the buyer cannot agree, move on to the next offer.
6. NOTE: Many buyers require that the seller respond within a certain time period
   (typically 24 to 48 hours). If you receive an offer, don’t intentionally delay your response because you think you may receive other offers.