Selling Your Home - Common Real Estate FAQ's About Selling Your Home

Should I add on or buy a bigger home?
Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house:
* How much money is available, either from cash reserves or through a home improvement loan, to remodel the current house?
* How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level?
* What do local zoning and building ordinances permit?
* How much equity already exists in the property?
* Are there affordable properties for sale that would satisfy housing needs?

Ultimately, the decision should be based on individual needs, the extent of work involved and what will add the most value.

How do I prepare the house for sale?
First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale. That means taking care of any major repairs that could deter a buyer (such as replacing any broken windows or replacing a leaky roof) if you can afford it. Next, work on your home's curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door.  Other quick fixes that don't cost a lot of money but can help you get top dollar for your home:

• Clean the windows and make sure the paint is not chipped or flaking.
• Be sure that the doorbell works.
• Clean and freshen up rooms, furnishings, floors, walls and ceilings. Make sure that bathrooms and kitchens are spotless.
• Organize closets.
• Make sure the basic appliances and fixtures work. Replace leaky faucets and frayed cords.
• Eliminate the source of any bad smells, such as the kitty box. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting.
• Invest in a couple of vases of fresh flowers to place around the house and next to the home's entry.

Pricing a home
What you paid originally for your home and the cost of improvements is irrelevant. When you price your home, only the current market value matters! And if the market has slumped since you bought your house, you may owe more on your mortgage loan than you could currently sell. Even if you do receive a high bid on your home, keep in mind that if an independent appraiser finds that the house isn't worth the bid price, the buyer will have difficulty getting a loan for the purchase price.
Real estate agencies subscribe to this constantly updated computerized service that lists homes for sale and homes that have sold. It shows homes by price, neighborhood and detailed features. Because no two homes are exactly alike, a real estate agent is likely to compare your home with many different others when determining a price.
 

What If Your House Doesn't Sell?
Your house isn't selling. Where did you go wrong? It might not be anything you did, but a number of contributing factors. Maybe it is the time of the year. House sales tend to pick up in the spring and summer months. Or perhaps you need to do something to spark new interest in your home. Try one of these:
Lower the price. Maybe you're asking too much. Review the information on pricing your home at the beginning of this chapter.
Offer a homeowner's warranty. You might want to consider offering buyers a homeowner's warranty if your major appliances, electricial or heating system, or central air conditioning unit are older models. If anything goes wrong with these appliances, the cost of repairs will be covered by the one-year warranty you purchase for $400 to $600. You can find out more about a homeowner's warranty through a real estate agent or on the Internet.

Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.