Guest Author - Rose Mary
Any search will show that a lot of information is written for individuals who are buying a home. Beware of this and beware of that. Equally important is information for those who are selling a home. There are many things to be aware of and to be cautious of. A home seller needs to be informed about their rights during times of a buyer's market.
A buyer's market is when there is a huge inventory of homes for sale. During these times, it becomes increasingly difficult for someone to sell their home. It is at this time that all types of creative ideas are born to help you sell your home. Sellers may be told to do home improvements that normally would not be done. They may be coerced to use a home stager to make the home more pleasing to the buyer's eye. Each one of these situations comes with a cost to the seller and many times will prove to be successful for the seller.
Here is a list of some of the things that a seller must be aware of when selling a home.
-It is not mandatory that you leave your home when a buyer comes to look at it. If you are uncomfortable with that, you should tell the realtor. In addition, there is no reason for a buyer to go into rooms alone or open your dresser drawers. Personal property should not be touched.
-Do not leave money, pocketbooks, wallets, keys or other personal belongings in sight when a buyer is coming to look at your home. You do not know who these people are and there is no guarantee that you will not be robbed.
-Tell the realtor that only people who have been pre-approved for a loan are allowed to look at your home. This will help eliminate anyone who is scanning the property for a potential robbery. In addition, avoid having an open house in which anyone can tour your home. These are fine for empty houses.
-The seller does NOT pay for an appraisal. Regardless of what a realtor tells you, it is the buyer who is required to pay for an appraisal. The buyer usually pays the lender upfront for the appraisal fee and then it is the lender who orders the appraisal.
-A seller should never tell a realtor if they are desperate to sell. This can only open the door to be preyed upon by a realtor or buyer. When it is a buyer's market, sellers end up paying all sorts of fees and repairs that they normally would not do.
-The seller does not pay for an inspection. Again, it is a buyer's obligation to pay for this. Although it is very important to have an inspection done, some buyers will not do it.
-Be aware that you can agree for the buyer to only be a cash deal or a conventional loan deal. An FHA or VA loan is more complicated and may delay the date of closing and may also come with additional cost to the seller such as repairs. FHA and VA have requirements that conventional loans do not have.
-A seller is no longer required to pay the closing costs for FHA and VA loans. The buyer should be paying these fees.
It is important to remind your realtor that they are working for you, not the buyer. It is you, the seller, who is paying their fee. Therefore, they should be taking your expenses and your bottom line very seriously and should be trying to save you money instead of just making a sale at any cost.