Frequently Asked Questions (FAQ) For Real Estate Sellers

1.  Do I really need an agent?
Most home sellers hire real estate agents to list and sell their homes. Those who do not are known as For Sale By Owners, or FSBOs. They market and sell their homes themselves. In the end, many FSBOs do ultimately hire a real estate agent because they will expose their home to a much wider range of prospective buyers through the local Multiple Listing Service (MLS) and handle all the details of a home sale (including handling appointments, successful negotiations and tracking all details involved with the contract, forms, and disclosure statements).
 
2.  How do I find the right agent?
To begin with, think local. Select someone who is very familiar with your neighborhood and the properties for sale in it. Additionally, if you are selling, say, a condominium, choose an agent with expertise in selling condos.

Because you will want the widest possible exposure for your home, you also will want a real estate firm that works with other agencies to get your property sold. The Multiple Listing Service (MLS) used by Realtors, consisting of licensed members of the National Association of Realtors, is still the most common and effective form of cooperation used today.

Beyond these parameters, select an agent who is competent, efficient, and ethical.

3.  What questions should I ask an agent interested in listing my home?
When you interview a potential, ask them about the following:
The value of your home. The agents should inspect the home and prepare a written comparative market analysis.
Marketing plans. These are a must. Make sure they include the local Multiple Listing Service (MLS) which gives your home maximum exposure to all local agents, and Internet marketing through the broker’s web site, such as the one you may currently be viewing.

4.  Why should I use Fran Coulter & Ira M Rumick to sell our home?
We offer an unmatched program for sellers backed up by over 60 years of combined experience.  See our impressive list of past sales.  We pride ourselves with getting our sellers top dollars in any situation.  We handle re-sales, new construction, luxury homes, relocation properties, condo conversions and unique properties.  If you property needs innovative marketing, we will find a solution for you.  See our Marketing Comparison Checklist for the complete package.

5.  What is the most common type of contract for listing properties?
The exclusive right to sell. It gives the real estate broker the exclusive right to sell your home during the term of the listing.

6.  How do I set the selling price?
A key part of the marketing plan is setting the list price. If a home is priced too low, it may cost you money. If a home is priced too high, potential buyers may be scared away. To determine the best asking price review the cost of recently sold homes, evaluate the competition and study marketplace trends. It is also helpful to discuss other terms and conditions, such as owner financing, timing and items that can be included with the sale of the home. Both of these can make your home more attractive to potential buyers.

7.  What should I do to get my home ready to sell?
Start with a good cleaning, then eliminate any clutter, add a fresh coat of paint and straighten up the yard. Talk to your real estate professional about other tips that can help boost a home's curb appeal and impress potential buyers once they're in the door. Another way to make a home more attractive is to purchase a Home Protection Plan. This insurance protects you, the seller, from paying repair or replacement costs of major items during the listing period. It also protects the buyer during their first year of homeownership.

8.  Do I have to disclose information about my home?
Disclosure could protect you from a lawsuit. In Illinois, home sellers must fill out a Residential Real Property Disclosure Report, disclosing information about material defects in their home that they are aware of. The report creates legal obligations for the seller, so an attorney should be consulted if there are any questions on whether a specific condition of the home must be listed on the form.

9.  Should I make any major home improvements?
Certain home improvements that are useful to almost everyone will add some value to your home:  new air conditioning/heating system, a new deck or patio, kitchen and bath remodeling, etc.  Those that add to personal tastes such as fireplaces, wet bars and swimming pools, may not add value and in some cases can detract.  The main thing is don’t add too much to over-improve your house - that is, putting more money into it than the neighborhood prices will support.

10.  When is the best time to list a house for sale?
The “best” time to list your home is actually as soon you decide to sell it.  If you want to get the top price, give yourself as much time as possible and avoid waiting for the spring market or sometime in the future…by then there will be more competition.

11.  How do I respond to a low-ball offer?
Always give a counter offer.  There are only a limited number of buyers in today’s market.  We always recommend keeping the buyer moving forward until they reach their highest price.  Treat each offer as if it were gold because you never know what can happen

12.  I now have a reasonable offer -  what’s next?
A buyer has made an offer - now it is time to negotiate. Rely on your real estate professional to guide you through this process. He or she will help you arrive at an acceptable price, terms and conditions. Once you have accepted an offer, prepare for the home inspections, appropriate buyer visits and any other steps. During this period there may be a renegotiation of the accepted offer price depending on the outcomes of these visits. As the closing nears, you may also need to perform repairs or do additional work to the house as agreed upon in your contract. In addition, you will need to have the house "broom clean" prior to the closing so that the buyer can complete a final walk through. Once the money has exchanged hands and all the papers are signed it's time to hand over the keys and concentrate on your next big project - getting YOUR new home in order.