Q: How do you prepare to sell your house?
Doing whatever you can to put your house’s best face forward is very important if you want to get close to your asking price or sell as quickly as possible. Short of spending a lot of money, here are 10 ideas for making your home show better:
1. Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the yard.
2. Clean the windows (both inside and out) and make sure the paint is not chipped or flaking. And speaking of paint, if your home was built before 1978, new federal law gives a buyer the right to request a lead inspection. If you think you might have some problems, do the inspection yourself beforehand and make any repairs that you can.
3. Be sure that the doorbell works.
4. Clean and spruce up all rooms, furnishings, floors, walls and ceilings. It’s especially important that the bathroom and kitchen are spotless.
5. De-clutter your home. Remove all excess personal items in your home that make it yours. Your prospective buyers need to envision their things in the house. If they cannot get past your things, they are unlikely to place an offer for your home.
6. Organize closets.
7. Make sure the appliances and fixtures work. Get rid of leaky faucets and frayed cords.
8. Make sure the house smells good: from an apple pie, cookies baking or spaghetti sauce simmering on the stove. Hide the kitty litter.
9. Put vases of fresh flowers throughout the house.
10. Having pleasant background music playing in the background also will help set your stage.
Q: What repairs should the seller make?
A: If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause which is a contingency period that allows a buyer to back out of a contract if numerous defects are found or negotiate their repair. The trick is not to overspend on pre-sale repairs, especially if there are few houses on the market but many buyers willing to buy at almost any price. On the other hand, making such repairs may be the only way to sell your house in a down market.
Q: Do sellers have to disclose the terms of other offers?
A: Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
Q: What are the standard contingencies?
A: Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers’ ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. The purchase contract must include the seller’s responsibilities, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.
Q: Do I have to consider contingencies?
A: If you are a seller in a seller’s market, in which there is more demand than supply, you probably won’t have to entertain too many contingencies. But if you are selling in a buyer’s market, when buyers are few, prepare to be very flexible. Granting contingencies also depends upon what kind of price you want to get and on the condition of your property, most experts agree. Remember, contingencies are written into the contract and are negotiable during the negotiation phase only.
Q: Whose obligation is it to disclose pertinent information about a property?
A: Under Illinois law, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property that are known or accessible only to you. This might include: homeowners association dues; whether or not work done on the house meets local building codes and permits requirements; any death within three years on the property; and any restrictions on the use of the property, such as zoning ordinances or association rules. Most contracts include the Residential Real Estate Disclosure Report which is signed by the seller as well as the buyer when the offer is submitted.
Q: What is the best time to sell your house?
A: There is no “best” time to sell per se. Selling a house depends on supply, demand and other economic factors. But the time of year in which you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price. Weather conditions are less of a consideration in more temperate climates, but most of the time, 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, fall market, which usually lasts into November when the market slows again as buyers and sellers turn their attention to the holidays. If this makes you wonder if you should take your home off the market for the holidays, consider the advice of veteran agents: You are always more likely to sell your house if it is available to show to prospective buyers continuously.
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