Seller Resources

Frequently Asked Questions

Selling your home in Central Ohio or thinking of listing it for sale? Here are the answers to some frequently asked questions to get you started! If you have any questions or you're ready to list your home, please contact me today!

Most Common Seller Questions

1. Should I add on or buy a bigger home?

Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house... learn more.

2. How long do bankruptcies and foreclosures stay on a credit report?

Bankruptcies and foreclosures can remain on a credit report for 7 to 10 years. Some lenders will consider an borrower earlier if... learn more.

3. What are some tips on negotiation?

The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly... learn more.

4. Do sellers have to disclose the terms of other offers?

No. Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.

5. How do I prepare my house for sale?

First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale. That means... learn more.

Appraisals and Market Value

1. What is a house's worth?

A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property's value... learn more.

2. What standards do appraisers use to estimate value?

Appraisers use several factors when estimating a home's value, including the home's size and square footage, the condition of the home and... learn more.

3. What is the difference between market value and appraised value?

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals... learn more.

4. How is a home's value determined?

You have several ways to determine the value of a home. An appraisal is a professional estimate of a property's market value, based on... learn more.

Disclosure

1. Whose obligation is it to disclose pertinent information about a property?

In most states, it is the seller, but obligations to disclose information about a property vary. Under the strictest laws, you and your agent... learn more.

2. What are the standard contingencies?

Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain... learn more.

3. Do I need an attorney when I buy a house?

In some states, you do need an attorney to complete a real estate transaction, but in others you do not. Most home buyers are capable of handling... learn more.

4. What repairs should the seller make?

If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before... learn more.

5. Do sellers have to disclose the terms of other offers?

No. Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.

6. Will a neighbor problem reduce the value of my property?

While it may not reduce the actual value, a cluttered landscape next door can detract from the positive aspects of your home. Review your... learn more.

7. How do I get the real scoop on homes I am looking at?

Home inspections, seller disclosure requirements and the agent's experience will help. Disclosure laws vary by state, but in some states... learn more.

Negotiation

1. Is there a secret to good negotiating?

There are several cardinal rules to negotiating effectively. One is do your homework, and learn as much about the buyer... learn more.

2. What contingencies should be put in an offer?

Most offers include two standard contingencies: a financing contingency which makes the sale dependent on the buyers' ability to obtain... learn more.

3. How is the price set?

It's very important to price your home according to current market conditions. Because the real estate market is continually changing... learn more.

4. Are low-ball offers advisable?

A low-ball offer is a term used to describe an offer on a house that is substantially less than the asking price. While any offer can be presented... learn more.

5. Do I have to consider contingencies?

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... learn more.

6. What is the difference between market value and appraised value?

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time... learn more.

7. Is a low offer a good idea?

While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or... learn more.

8. What is the best time to sell your house?

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... learn more.

Property Taxes

1. Are taxes on second homes deductible?

Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax adviser for specifics.

2. Do all loans require impound accounts?

If you are taking out a FHA or VA loan, the lender can require an impound account to pay real estate taxes and hazard insurance premiums, as with a standard loan. Most conventional loans do not require an impound account.

3. Are property taxes deductible?

Property taxes on all real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.

4. Where can I learn more about appealing my property taxes?

Contact your local tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.

5. How do property taxes work?

roperty taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 1.5 percent of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.

6. What is an impound account?

An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.

Seller Financing

1. What is seller financing?

Seller financing is when a seller helps to finance a real estate transaction by taking back a second note, or even... learn more.

2. How are the rates set for seller financing?

The interest rate on an owner-carried loan is negotiable. Ask your agent to check with a lender or mortgage broker to determine... learn more.

3. What are the benefits of seller financing?

Seller financing offers tax breaks for sellers and alternative financing for buyers who can't qualify for conventional loans. If you are a seller... learn more.

Selling at a Loss

1. Can a home seller sell a home for less than its mortgage?

Yes, in some case you can sell your home for less than what you still owe on the mortgage, but this is complicated and depends... learn more.

2. When does foreclosure begin?

Lenders will initiate foreclosure proceedings when borrowers become delinquent in their mortgage obligations, usually after... learn more.

3. How does someone sell a slow mover?

Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home. If you are selling... learn more.

Pricing the House to Sell

One of the most important aspect to selling a home is listing it at the right price—a price at which it will sell quickly while protecting your valuable investment. Learn more about the key factors of pricing your home to sell!

Still Have Questions About Selling a Home in Central Ohio?

If you have any questions, please contact our office. Either DeLena or a member of her team will respond fast!

Central Ohio Real Estate Resources


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