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Tough
Questions for Sellers
Rules for Buying, Selling in Uncertain
Markets
below
Selling
a home is getting more difficult these days and sellers are often asked
difficult questions. In the past “hot sellers market” buyers did not have
time to consider many questions, however, today, minds are active.
Here are some questions a seller should think about, and be able to
answer.
1. Why are you selling this lovely home?
The buyer wants to know just how desperate you are. Desperation equals a
lower offer. Let your agent answer that for you; that is why you hired them.
Always remember that any questions answered by you create a liability. Does
your insurance cover that matter?
2. How much did the seller pay for this house?
The amount is a matter of public record and a real estate professional can
find it easily. One answer a seller might consider is some variation of
this: "I have an agent who is really very touchy about me talking to
prospective purchasers or their agents. I imagine your agent will want to
get that information for you, should you need it, or just have them call my
agent. See Market Value
3. What defects does the home have and have there been any
recent professional home inspections?
It is a good idea for the seller to have a home inspection before the home
is put on the market so any defects can be repaired or, at least, potential
buyers can be told about them before they make an offer. Again, the
purchaser has an agent representing them so let these questions go to
your agent.
4. What problems have you had with this home?
If you have corrected any items in the past most states, court decisions
and statutes do not require home sellers to reveal these past problems.
Again, deferring to your agent is always a safe haven
5. What is the quality of the public schools?
Even buyers who do not have children can be concerned about this and a
seller’s agent should be able to give them that data and or a website
connection.
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Rules for Buying, Selling in Uncertain
Markets
There's no way to predict
with accuracy whether home prices will rise or fall in over the next year.
But there are some general rules you can follow to make sure that your
housing decisions are smart ones.
Business Week magazine analyzed the behavior of buyers and sellers in the
current housing market and recommends a few ways to traverse the rapids.
- Before buying or selling, assess what houses are really worth in the
area.
- Don’t be foolishly loss averse. Some people who bought high and are
seeking to avoid selling low gamble recklessly that the market will
rebound and bail them out, but dallying often worsens the problem. The
solution: Cut your asking price and make the sale.
- It's human nature to think you know what you're doing. Reality,
however, is often unkind. Whether you're a buyer or a seller, make a plan
that accounts for worst-case scenarios.
- Sellers' thinking tends to be six months behind the market. So when
prices are rising, they set theirs too low, and when prices are falling,
they set theirs too high. So assess where the market is headed, not where
it was.
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