Frequently Asked Questions - Homes For Sale By Owner in Virginia - Jason Stone, Keller Williams.
- What happens if I start, then decide I can't handle selling For Sale or For Rent by Owner?
We can refer you to a full service REALTOR® who will list your home in the traditional manner and still
give you a discount on the commission fee others charge.
- How will showings of my property be handled?
Generally prospects will call on your advertisements, your internet ads with us, your yard sign
or other ways. When you get a call from a buyer or buyer agent, simply set the time for showing
the home that's convenient for both of you. If a REALTOR® buyer agent is involved - then
you can use a lockbox that permits entry while you are away. We have lock boxes if you desire
one via our "a-la-cart" menu.
- What should I emphasize to the buyers or renters when showing them through?
Stress the special features, improvements and updates of your property. Tell them about your
community amenities. Let buyers know about the mass transit in your area and the proximity
to local schools. Think about why you bought your home and what has been nice about living
in this property. Make a flyer with these points listed to hand out to buyers and buyers
agents, so that they have something to remember your home after they leave. If you need help
with one we can assist view our "a-la-cart" menu.
- How does a buyer agent or buyer broker work?
Buyer agent/buyer brokers work exclusively for the buyer. You can use them to your advantage
by offering to pay them a 3% selling commission (or less). Since it's in their interest to
make sure the sale goes through, usually the buyer's agent will see to the details of getting
the buyer's loan approved, coordinating home inspections, termite inspections and closing
details. It should be kept in mind however, that the buyers agent/broker is looking after
the buyers best interest and NOT yours.
- How do I maximize my property's exposure to find the right buyer or tenant?
A coordinated media advertising plan is best! Get your home listed in the REALTORS® Multiple
Listing Service and offer buyer/tenant agents a selling/leasing commission if they bring an acceptable contract.
Get your home on the Internet! We feature your property on www.realtor.com and our own site as well as others.
These sites will give you the top exposure you need. Finally, place an ad in the local papers
like the Washington Post.
- What is the right price I should ask for my property?
Usually sellers have an idea of what neighbors have sold for. You can also use our web page, under
services to check prices on recent sales in your area. If you still need help, ask us for a
comparative market analysis on your neighborhood via
our "a-la-cart" menu. Remember, most successful sellers price their
homes competitively - not too high and not too low. Be careful about overpricing your
property! With days on market comes a detrimental stigma!
- How do I know if the buyers are qualified?
Before you sign any contract for sale, insist the buyers give you a letter of pre-qualification
or even better - an approval letter from a reputable mortgage lender. Even with these
letters, things can still come up during the loan processing that may delay your settlement or even
disqualify your buyer. You can check with the buyers or the buyers lender at your discretion.
- Who holds the buyers deposit?
You or a 3rd party like an attorney or escrow agent. Should you hold the deposit, don't spend it. Keep
it in a separate account, as it's still the buyers money until you close.
- What if my buyer wants a home inspection?
Most buyers will want a home inspection and make their purchase agreement contracts contingent
on a satisfactory inspection. It can also protect you from the buyer coming back later in the
sale or at settlement saying they were unaware about certain things in the property. After a 3 to
4 hour Home Inspection, the buyers will know almost everything about the condition of the property.
The buyer usually pays for the home inspection to thoroughly check out your home from top to bottom.
After receiving the inspection report - per the contract and potential Home Inspection Addendum,
the buyer will either release the home inspection contingency or ask that certain things
uncovered in the inspection be fixed by you, or they may just want to void the contract
at that time. You can agree to do whatever items they request, or do some and compromise with
your buyer on others or sell strictly "as is".
- Who orders the Termite/Pest Inspection?
Per the contract and agreed upon terms, either the buyer or seller will be responsible for
ordering the Termite and Wood Destroying Inspection. Upon the results, it is typically the
sellers responsibility unless otherwise dedicated by the contract, to provide a clear
termite/pest inspection report for settlement. If you have a contract with a pest company - call
them, otherwise get a recommendation. Be sure to specify to the pest/termite inspector what
type of financing your buyer is using. VA and FHA have special forms.
- When do I have to give possession of my home to the buyer?
Unless otherwise agreed to, you will give possession at settlement. If you agree with the buyer
to early occupancy for them or a rent back from you - be sure to get your agreement in writing.
- When is the buyer's final walk through?
Usually just before settlement and transfer of possession.
- Do I have to provide Home Owner Documents to the purchaser and how much do they cost?
If you live in a community that has a Home Owner Association or a Condo Association - you will
need to provide current documents to the buyer. You can order them from your community
management company and verify the cost with the manager which can be paid for at closing or at
the time of the order.
- Should I fix up my property before I sell or should I let the buyer fix it up like
they want it?
Most experts say you should invest in sprucing up your property for the quickest sale at the
best price. Simple painting and cleaning are big paybacks but a consultation by a staging expert
may be a good source of information.
- Who will do the settlement?
Usually the buyer will select the settlement attorney or agent. Whoever does the settlement
should be notified early in the transaction so they have time to search the title and prepare
the necessary documents. The settlement attorney or agent should get a copy of the contract as
soon as it is ratified and contingencies removed.
- What forms and disclosures do I need to sell my home?
Today, there are a lot of forms you need to sell your home and comply with local, state and
federal laws. You should properly research to be aware of and properly comply with all local
and state requirements. Assistance can be provided upon request vie our "a-al-cart" menu.
- Who helps the buyer get a loan to buy my property?
If the buyer is working with a buyer agent or broker - the agent or broker will help them get the loan.
If the buyer is on their own - then we recommend competent, competitive mortgage officers that will
that will get a loan for your buyer.
- Should I cooperate or work with real estate agents or brokers?
It's up to you. Most for sale by owners do offer a selling commission to any broker or buyer agent
that brings an acceptable contract. If you refuse to cooperate with agents and/or brokers, you eliminate
a large pool of buyers, but again - it's totally your choice.
- Why is it important to list my property in the REALTORS® Multiple Listing Service
and on the Internet?
Simply put - Exposure - more than 90% of buyers will explore the REALTORS® Multiple Listing Service
and the Internet while looking for a home. With us you get the REALTORS® Multiple Listing Service
and Internet sites with photos of your property for as low as $299 plus whatever you want to pay
a buyer agent/broker for bringing you an acceptable contract. A lot of sellers pay 6% to just get
listed in the REALTORS® Multiple Listing Service.
- How do I get started with your program?
Just contact us and select which services you want - pay by check,
money order or credit card and we will have the Service Kit you selected delivered to you within 4 days.
We will feature your home in the REALTORS® Multiple Listing Service and on the Internet as soon
as you fax or mail us back your input form.
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