Home Sellers' Frequently Asked Questions (FAQ)

Q.  Why shouldn't I price my house a little high, since I can always drop the price later?
A. That's a strategy that sounds good – but, in fact, is more likely to result in a lower price. Here's why. The first few weeks a house is on the market is when it will have the most activity. If a house is overpriced, it has to compete with houses at that higher price level, which are almost certainly larger or have newer/more luxurious features.

So the overpriced home is unlikely to attract an offer. Worse yet, those first weeks are when real estate agents preview the house. If it's overpriced, they may not even bother to show it to their buyers. Eventually, the seller will have to drop the price – and may end up with an even lower price because buyers will wonder why the house has been on the market so long and may factor that into their offer. A Weichert Price Trend Analysis provides a unique method for arriving at a selling price that takes your local market situation into account.

Q. What is meant by the term "contingency" in a sales contract?
A. Sales contracts typically contain several "contingency" clauses, or stipulations that the sale is subject to. For example, with a mortgage contingency, if the buyer is unable to obtain financing within the specified timeframe, neither the buyer nor the seller is required to complete the purchase. Among other common provisions in the "subject to" section are termite and other inspection issues and the purchaser's need to sell a current home first.

Q. What is my home worth?

A. Pricing can be difficult at the best of times. Although we may be able to give you a range just by using factual comparison, the exterior and interior finishes greatly influence the market value of your home. It’s imperative that your agent come by and view your home before giving you a price range.

Q. Does it cost me anything to have a market evaluation done?

A. No – we will come and see your home, bring you comparable data and give you an price range for your home with no cost to you. Remember that the seller should always set the price – we are here as consultants and advisors only.

Q. How long will it take for my house to sell?

A. This truly depends on your price range and the Market. If the market is slow then it will take longer even for the best priced home to sell. In a faster market it sometimes depends on the price range – is there a large buying pool or a smaller buying pool for your home. The larger the buying the pool the more likely it will sell quickly. If you have a unique home that will appeal to fewer buyers, then it will probably take longer to sell. But of course it only takes 1 person and sometimes that person is the first one to see your home and it sells very fast.

Q. What are the commission rates? Is there a standard rate?

A. There is no standard rate and each agent will have to answer the commission rate questions individually. We charge 7%. However, we also give discounts back to the seller depending on the situation. If we represent the seller and the buyer in a transaction then we will give a discount to the sellers on the commission. If we help the seller purchase their next home then we will give them a discount as well.

Q. Do I have to accept an offer if I don’t want to?

A. No – you have three options when an offer is presented. Accept, Reject or Counter. The choice is 100% yours.

Q. What Is A Short Sale?

A. short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.