Seller FAQs

Area House Values

Over-The-Net Tucson Arizona Area Home Evaluation! Simply enter a few details and we will give you an estimate of your home’s value in today’s market. Absolutely free and no obligation. We use recent transaction data from Homes in YOUR Neighborhood… not Generic info found on most websites. If you prefer, you can request an in person Market Evaluation by calling 520.250.7437

Are commissions negotiable?

By law, real estate commissions are negotiable. The pricing of Tucson East Arizona real estate service varies by level of service and consumer needs. Most agents charge between between 4 and 6 percent for full service and not all offer the option of paying a fee for an individual service.

Buyer’s agents – What about a buyer’s agent?

In many states, it’s now common for an agent to represent the buyers exclusively in the transaction and be paid a commission by the sellers. More and more buyers are going a step further, hiring and paying for their own agent, referred to as buyers brokers.

Buyer agents info – Where can I get information on buyer agents?

For information on buyer agents, contact the your area’s Realtor association or National Association of Exclusive Buyers Agents: 320 West Sabal Palm Place, Suite 150, Longwood, FL 32779. Phone: 407-767-7700, Toll-Free: 800-986-2322, FAX: 407-834-4747, WEBSITE: www.naeba.org

Are seller-paid points deductible? Are seller-paid points deductible?

As of Jan. 1, 1991, homeowners have been able to deduct points paid by the seller. This deduction previously was reserved only for points actually paid by the buyer.

Deducting Property taxes Are Tucson East Arizona 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.

Closing costs – who pays? Who pays the closing costs?

Closing costs are either paid by the home seller or home buyer. It often depends on local custom and what the buyer or seller negotiates.

Home’s Value

FREE Quick Over-The-Net Home Evaluation Are you thinking about selling? It is very important for you to know what your home might be worth in today’s market. Once you submit the information below to us, we will use that information and do a thorough comparative market analysis by searching the database of all homes listed or sold in your area. With this current market data, we will be able to determine what your home might sell for if you decided to put it on the market. There is no cost or obligation for this valuable service. For Your FREE Home Evaluation, please fill in the information below.

How do I find a real estate agent?

Providing valuable resources for our Tucson East Arizona Real Estate Buyers and Sellers is our top priority. Getting a recommendation from a friend or work colleague is an excellent way to find a good agent. Be sure to ask if they would use the agent again. You also can call the managers of reputable real estate firms and ask them for recommendations of agents who have worked in your neighborhood. In any case, whether you are a buyer or a seller, you should interview at least three agents to give yourself a choice. A good agent typically works full-time and has several years of experience. If you are a seller, you should expect to review a comparative market analysis, which includes recent home sale prices in your area, when you talk to a prospective agent.

How do you determine the value of a troubled property?

Providing valuable resources for our Tucson East Arizona Real Estate Buyers and Sellers is our top priority. Buyers considering a foreclosure property should obtain as much information as possible from the lender, including the range of bids expected. It also is important to examine the property. If you are unable to get into a foreclosure property, check with surrounding neighbors about the property’s condition. It also is possible to do your own cost comparison through researching comparable properties recorded at local county recorder’s and assessor’s offices, or through Internet sites specializing in property records.

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 in a slow market, your first step would be to lower your price. Also, go through the Tucson East Arizona house and see if there are cosmetic defects that you missed and can be repaired. Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet. Another option is to pull your house off the market and wait for the market to improve. Finally, if you who have no equity in the house, and are forced to sell because of a divorce or financial considerations, you could discuss a short sale or a deed-in-lieu-of- foreclosure with your lender. A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender. In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings. The latter are radical options. Your simplest, and in many cases most effective, option is to lower the price.

How is the price set?

It’s very important to price your Tucson East Arizona home according to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it’s imperative to select your list price based on the most recent comparable sales in your neighborhood. A so-called comparative market analysis provides the background data upon which to base your list-price decision. When you prepare to sell and are interviewing agents, study each agent’s comparable sales report (the data should be no more than three months old). If all agents agree on a price range for your home, go with the consensus. Watch out for an agent whose opinion of value is considerably higher than the others.

How many people sell their homes themselves?

Most home sellers — about 4 in 5 — use real estate agents to list and sell their homes. Of the other 20 percent, some sell FSBO, also known as For Sale By Owner. Other owners, however, sell without marketing their homes. Property transfers between family members account for some of the direct home sales. Also, tenants are often offered the opportunity to buy the property they are renting before the landlord lists it for sale.

How to get financing for foreclosures – How do you get financing for a foreclosure?

One reason there are few bidders at foreclosure sales is that it is next to impossible to get financing for such a property. You generally need to show up with cash and lots of it, or a line of credit with your bank upon which you can draw cashier’s checks.

Info. on closing costs – Where do I get information about closing costs?

For more on closing costs, ask for the ‘Consumer’s Guide to Mortgage Settlement Costs,’ Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163.

Info. on filing consumer complaints – Where do I get information on filing consumer complaints?

For information about filing consumer complaints, look to these sources:

  • Consumer Federation of America, 1424 16th St. N.W., Suite 604, Washington, DC 20036; (202) 387-6121.
  • United Homeowners Association; 1511 K St., N.W.; Washington, DC 20005; (202) 408-8842.
  • Consumers Union, 1535 Mission St., San Francisco, CA 94103 or call (415) 431-6747.
  • Consumer Action Council, 116 New Montgomery St., Suite 233, San Francisco, CA 94105; (415) 777-9648
List vs. sales prices – What is the difference between list and sales prices?

The list price is how much a Tucson East Arizona house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions. If you are a seller, you may need to adjust the listing price if there have been no offers within the first few months of the property’s listing period.

Low offers info – 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 make a counteroffer. Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved: * Is the offer contingent upon anything, such as the sale of the buyer’s current house? If so, a low offer, even at full price, may not be as attractive as an offer without that condition. * Is the offer made on the house as is, or does the buyer want the seller to make some repairs or lower the price instead? * Is the offer all cash, meaning the buyer has waived the financing contingency? If so, then an offer at less than the asking price may be more attractive to the seller than a full-price offer with a financing contingency.

Market value vs. appraised value – What is the difference between market value and appraised value?

The appraised value of a Tucson East Arizona house is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

Property taxes – How they work How do property taxes work?

Tucson East Arizona Property 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.

Sellers disclosing terms of other offers – Do sellers have to disclose the terms of other offers?

Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.

Selling your house

Providing valuable resources for our Tucson East Arizona Real Estate Buyers and Sellers is our top priority.

WHAT: You’ve decided to sell your house. What is the first step you need to do to get your house ready for the market? First, you should look at your home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out. If you were buying this home what would you want to see? Your goal is to make your home look good, maximize space and attract as many buyers as possible.

WHEN: Contrary to what many people believe, home prices tend to rise or fall because of general demand patterns rather than the time of the year. The market tends to balance out between buyers and sellers year-round. For example, although the demand in the real estate market tends to be higher in the summer because parents want to enroll children in classes at the beginning of the school year, the number of houses available on the market is higher also.

HOW: Buyers usually seek the least expensive home in the best neighborhood they can afford, which means they want a home that fits in the neighborhood but is not over-improved. Improvements should be made so that the property looks good, but at the same time, is consistent with the neighborhood. The cost of these improvements also should not exceed what can be made up from the sale. A well-cared for property is more desirable to buyers because if what they can see is maintained, what they can’t see has probably also been maintained. The following are some suggestions on how to improve the appearance of your house to potential buyers.

EXTERIOR:

– Water, mow, weed, & edge lawn regularly.
– Trim hedges, prune trees, and tend to flowerbeds regularly.
– Mend cracks in walkways, driveway, walls, foundation, and patios.
– Patch up or repaint doors and windows with peeling paint.
– Clean and align gutters.
– Inspect and clean the chimney.
– Repair and replace loose or damaged roof shingles.
– Repair and repaint loose siding and caulking.
– If applicable, keep sidewalks clear of snow and ice.
– Keep your garage door closed.
– Move RVs, old, & beat up cars elsewhere while the house is on the market.
– Be sure your front door area has a warm, ‘Welcome’ feeling!

INTERIOR:

– Repaint walls or replace carpets with neutral colors.
– Fix all cracks, leaks and signs of dampness in the basement or attic.
– Fix all cracks, holes or damage to plaster, wallboard, wallpaper, paint, and tiles.
– Replace broken or cracked windowpanes, moldings, and other woodwork.
– Repair leaky faucets and shower heads.
– Clean and remove clutter to make your house appear bigger and brighter.
– Rent storage to keep the garage and attic should clear.
– Remove excess or very large furniture.
– Hire a professional cleaning service, once every few weeks while the house is on the market.
– Remove as many items from kitchen counters, closets, and attics to make your house seem more spacious.
– Make your kitchen and bathroom look as bright and fresh as possible.
– Use your nicer guest towels in the bathrooms.
– Hang up fresh curtains.
– Install new cabinet knobs.
– Make sure kitchen and bathroom are clean and odor free.
– Replace burned out light bulbs.
– Open drapes and blinds.
– Don’t let pets wander around the house.
– Don’t leave dirty dishes in the sink or laundry in the washer or dryer.
– Make the beds.
– Put on soothing music.
– Make a fire in the fireplace on cold days.

Selling a home for less than its mortgage – Can a home seller sell a home for less than its mortgage?

Yes, in some case you can sell your Tucson East Arizona home for less than what you still owe on the mortgage. But it is complicated and depends on the lender. This situation is known as a ‘short sale.’ Sometimes a lender will be willing to split the difference between the sale price and loan amount, which still must be paid. A short sale may be more complicated if the loan has been sold to the secondary market because then the lender will have to get permission from Freddie Mac, the two major secondary-market players. If the loan was a low down payment mortgage with private mortgage insurance, then the lender also must involve the mortgage insurance company that insured the low-down loan.

Setting the Price for Your Home

Providing valuable resources for our Real Estate Buyers and Sellers is our top priority. When determining the sale price of any Real Estate, Several factors, including market conditions and interest rates, will determine how much you can get for your home. The idea is to get the maximum price and the best terms during the window of time when your home is being marketed. When selling a home, there’s the price owners would like to get, the value buyers would like to offer and a point of agreement which can result in a sale. The value of your Pocno home relates to local sale prices. The same home, located somewhere else, would likely have a different value.

Sale prices result from real estate supply and demand. If the community you live in is booming, with an expanding job base and a growing population, the prices for houses will most likely be on the rise. The question you ask yourself when you are ready to sell is not how much you want for your house, but how much will a buyer want to pay for your home.

Buyers don’t care how much you paid for the home, how many memorable moments you and your family shared in the home, how much cash you need for the down payment on your next home or how much time and money you’ve invested in your home’s hardwood floors, fresh paint, lush landscaping or other improvements. The following are things you may want to consider when setting the price for your home:

CMA: Many realtors will be willing to prepare a comparable market analysis (CMA) for you as a marketing service with the goal of getting your business whenever you decide to move. A ‘comparative market analysis’ (CMA), shows the prices of comparable recently sold homes, on-the-market homes and homes that were on the market, but weren’t sold. You should invite at least three real estate agents to visit your home and give you their opinion of its likely selling price. A market-savvy realtor can give you a rough idea of what your home would be worth, given its size and condition and local market conditions. Some agents will tell you to under-price your home in hope of sparking a bidding war. Others will suggest a flatteringly high price to ‘buy’ your listing only to demand a price reduction a few weeks later. Price recommendations based on CMAs aren’t gospel. The decision about how much to ask, though, is always yours.

APPRAISAL: An appraisal is different from a CMA in many ways. One difference is that an appraisal is only based on past sales. Also, unlike a CMA, a professional appraisal usually costs a few hundred dollars. A formal written appraisal can be useful if you have unique property, if there hasn’t been much activity in your area recently, if co-owners disagree about price, or if there is any other circumstance that makes it difficult to put a value on your home. In a normal home sale, a CMA is probably enough to let you set a proper price. Appraisers rely on an in-person inspection of your home, recent sales of comparable homes and other data to arrive at an opinion of value. The appraiser’s report is a full-blown description of your home and the criteria used to formulate the valuation.

NEIGHBORHOOD OPEN HOUSES: Visiting open houses is a good way to compare your house to other homes that are for sale in your neighborhood. While you’re there, try to make an impartial assessment of how those homes compare to yours in terms of location, size, amenities and condition. If both homes were selling for the same price, would you buy your home or someone else’s? Chatting with other real estate professionals about your local real estate market will also help you get a good grasp on what the reasonable price range for your house is.

OFFERING INCENTIVES: Sometimes a little something extra is needed to attract buyers. Here are a few examples on how you may be able to sweeten the deal:

– Closing escrow quickly will attract buyers who want to move in right away.
– Offering seller-financing will appeal to buyers who need to stretch their financial resources.
– A lease-option can help first-timers who need down payment assistance.
– The more creative and flexible you can be in meeting the buyer’s needs, the more success you’ll have in pricing your home to sell.
– House improvements such as repairing the roof, or repainting the house, or leaving behind the washer and dryer may also offset having a higher sale price.
– Offering to pay some or all of a buyer’s closing costs and discount points required by the buyer’s lending institution is a way to offer a cash incentive besides just lowering the price.
– Another way to speed up the sale of your house is to offer of a bonus to the selling broker, in addition to their commission. Even after all the above has been done, the selling price is ultimately decided by the owner. Some owners may choose to set their selling price at the absolute lowest they are willing to sell because they hate to haggle. Others are willing to ‘see what happens’, and may set the price a bit higher. The above tips are all for information gathering purposes, and when all the information has been gathered, the price for your home should be set at a level you are comfortable with. Last Updated ( Friday, 24 November 2006 )

Standard contingencies – 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 a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. As a buyer, you could forfeit your deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract. 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 Tucson East Arizona property.

Tips for negotiation – 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 due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called ‘motivated sellers’ include people going through a divorce or who have already purchased another home. Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller’s asking price stacks up. Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all.

Two most important factors when selling a home – What are the two most important factors when selling a home?

Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home’s worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer. In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the local multiple listing service or online listings provider. If this isn’t happening, take it up with your agent or agent’s broker. If you are still not satisfied you are getting the service you need, you may have to switch agents.

Using an agent for a new home – Can I use an agent for a new Tucson East Arizona home?

es, however buyers should be aware of the differences inherent in working with sales agents who are employed by the developer, rather than traditional real estate agents. Builders commonly require that an outside agent be present, and sign in, the first time a prospective purchaser visits a site before payment of commission even is discussed. At times when buyers use an advertisement to find the development themselves first, builders can refuse to pay any commission regardless of how helpful an agent may become later in the process. It is advisable to call the development first and inquire about their policy on compensating real estate agents if you are using one.

What’s seller financing? 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 financing the entire purchase if the seller owns the home free and clear. Usually sellers do this when a buyer has difficulty qualifying for a conventional loan or meeting the purchase price. Seller financing differs from a traditional loan because the seller does not give the buyer cash to complete the purchase, as does a lender. Instead, it involves extending a credit against the purchase price of the home while the buyer executes a promissory note and trust deed in the seller’s favor. These special circumstances must be acceptable to the lender who makes the first mortgage on the property. The necessary paperwork is prepared by the title or escrow company after the terms are worked out between the buyer and seller. If you are a seller considering such an arrangement, it is critical to thoroughly evaluate the creditworthiness of the buyer first. Fear of default makes many sellers reluctant to take back a second. But seller financing can bring a higher price plus complete the sale sooner in some situations. For more information, contact the Internal Revenue Service for a copy of its Publication 537, ‘Installment Sales.’ Order by calling (800) TAX-FORM.

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 a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. A buyer could forfeit his or her deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract. 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.

What to tell my real estate agent – How much does my Tucson East Arizona real estate agent need to know?

Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers have three possible choices: They can represent the buyer exclusively, called single agency, or represent the seller exclusively, called sub-agency, or represent both the buyer and seller in a dual-agency situation. Some states require agents to disclose all possible agency relationships before they enter into a residential real estate transaction. Here is a summary of the three basic types:

  • In a traditional relationship, real estate agents and brokers have a fiduciary relationship to the seller. Be aware that the seller pays the commission of both brokers, not just the one who lists and shows the property, but also to the sub-broker, who brings the ready, willing and able buyer to the table.
  • Dual agency exists if two agents working for the same broker represent the buyer and seller in a transaction. A potential conflict of interest is created if the listing agent has advance knowledge of another buyer’s offer. Therefore, the law states that a dual agent shall not disclose to the buyer that the seller will accept less than the list price, or disclose to the seller that the buyer will pay more than the offer price, without express written permission.
  • A buyer also can hire his or her own agent who will represent the buyer’s interests exclusively. A buyer’s agent usually must be paid out of the buyer’s own pocket but the buyer can trust them with financial information, knowing it will not be transmitted to the other broker and ultimately to the seller.
When does foreclosure begin?

Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee’s sale or a judicial foreclosure, in which the property is sold at public auction. A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property’s sale. Some sales allow the successful bidder to take possession immediately. If the former owner refuses to vacate the premises, the court can issue an unlawful detainer that allows the sheriff to come out and evict them. Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events that can occur in an individual’s credit history.

Why do I need a title report?

As much as you as a buyer may want to believe that the Tucson East Arizona home you have found is perfect, a clear title report ensures there are no liens placed against the prior owners or any documents that will restrict your use of the property. A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you. When reading a preliminary report, it is important to check the extent of your ownership rights or interest. The most common form of interest is ‘fee simple’ or ‘fee,’ which is the highest type of interest an owner can have in land. Liens, restrictions and interests of others excluded from title coverage will be listed numerically as exceptions in the report. You also may have to consider interests of any third parties, such as easements granted by prior owners that limit use of the property. Some buyers attempt to clear these unwanted items prior to purchase. A list of standard exceptions and exclusions not covered by the title insurance policy may be attached. This section includes items the buyer may want to investigate further, such as any laws governing building and zoning.

Whose obligation is it to disclose info about property? Whose obligation is it to disclose pertinent information about a Tucson East Arizona 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, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which 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; the presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as a dog that barks every night or poor TV reception; any death within three years on the property; and any restrictions on the use of the property, such as zoning ordinances or association rules. It is wise to check your state’s disclosure rules prior to a home purchase.

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