Selling FAQ

Q: Why use a real estate professional from CENTURY 21 Judge Fite Company?
A:  Real estate transactions involve one of the biggest financial investments most people experience in their lifetime.  Transactions today typically exceed $140,000.  If you had a legal question would you find it worthwhile to seek advice from an attorney?  If you had a

 

Q: What should I look for in a Marketing Plan?
A: It is important to make sure that the Real Estate Professional and the Real Estate Broker with whom you hire to market your house has a comprehensive plan in place to market your house.  This plan should include:

  • marketing your property to other professional REALTORS in the market place
  • extensive Internet marketing that includes the use of photos and virtual tours
    • REALTOR.com showcase upgrade on all of our residential listings
    • Trulia.com, Homes.com, Zillow.com, and other popular real estate websites
    • utilizing social media
    • frequent market searches to verify that your house is being marketed at a value that makes sense given current market conditions
    • frequent communication and feedback on activity on the house

Q: What considerations factor in when determining an asking price for my house?
A:  Price, timing, and convenience.

  • Price is an obvious consideration that needs little explanation.  However, it is important to note that, when negotiating a sales price, there are many things that factor into the price of the property in addition to the actual sales price.  Other items that factor into price are the costs for concessions for the payment of buyers closing costs, residential service contracts also known as home warranties, surveys, title policies, etc.
  • Timing is important.  Many sellers have the need and desire to accomplish their goal of selling their house within a certain timeframe.  Sometimes it is the start of a new job, start of a new school year, closing for their future house, etc.  All of these things are important and affect the negotiations of sellers.
  • Convenience is the item that blends the needs and desires between price and timing.  In order to re-unite a family or to reduce your carrying costs of the house that you are selling, you may be willing to lower the sales price in order to achieve your goals.

Q: What is a Comparative Market Analysis (CMA) or Brokers Price Opinion (BPO)?
A: These are often used synonymously by Real Estate Professionals and  refer to a report that is prepared for your use in the determination of your asking price and possible sales price for the property.  Most professionals prepare this through the Multiple Listing Service by searching for properties that are comparable to yours that are both sold and active on the market.

It is important to evaluate your current competition as well as recent sold properties.  From this, the Real Estate Professional will provided you with a suggested range in which to anticipate that your property will sell as well as a time frame within which it may sell and will provide you a suggested range for your original asking price.  The decision on price is a mutual decision made by you as the seller and the Real Estate Professional.

Q. What is MLS?

A: MLS refers to Multiple Listing Service.  At CENTURY 21 Judge Fite Company, we participate in the North Texas Real Estate Information Systems (NTREIS) MLS service and proudly market your home for sale to all REALTORs™ who participate in the system.

Q: What up-front cost do I bear when I hire CENTURY 21 Judge Fite Company to market my house?

A: There is no up-front cost charged when you hire us.  We actually bear the costs of marketing the property until it is sold.

Q: Are there added values that I receive when I hire CENTURY 21 Judge Fite Company to market my home?
A: Yes, in addition to being a residential real estate sales company, we offer our clients the opportunity to utilize our Core Services.  These refer to the affiliate companies, subsidiaries, partnerships or business relationships of the Judge Fite Company. The core services companies were established to meet the growing needs of our customers’ surveyed desire for a One Stop Shop to serve their real estate needs. They include:

Cendera Funding
Judge Fite Insurance

Judge Fite Management Company

Judge Fite Business Development

Judge Fite Commercial

RECT (Real Estate Career Training)

Connections Network

www.UtilityHelper.com

 

Q: Are there things that can be done to add value to my house?

A: Yes.  Here are 9 tips that may help you.

  1. Clean, organize, and neutralize your space.  Unclutter your house to make it look bigger and cleaner.  Buyers need to be able to envision their own belonging in the home; so, avoid using bright colors and too many personal effects.
  2. Keep Your Lawn Green: Get your lawn in shape. A patchy lawn takes away from the home’s overall appearance. Your local hardware store has supplies to re-seed those unhealthy areas.
  3. Add insulation to save energy: The most inexpensive way to increase your home’s energy is to add insulation, which can reduce heating and cooling costs by more than 25%.
  4. Update kitchen appliances: The kitchen is often the room that buyers gravitate towards first, and an updated kitchen can help sell your home. You don’t have to remodel your kitchen to give it a new look. Updating your appliances to the current standard and replacing cabinet doors and hardware can make a big impact at a relatively low cost.
  5. Update bathroom fixtures: A little change can go a long way when it comes to the look of your bathroom. Updating simple fixtures such as your sink and faucet can give any outdated bathroom style.
  6. Build a fence: If you’re trying to sell a house, the appearance of a fence adds value to the home overall. Buyers with children or pets will appreciate the privacy and security of an enclosed backyard.
  7. Repair the gutter: Ensuring that your gutter is clean is crucial in protecting your home against water damage.
  8. Light up the outside: An easy and inexpensive way to increase your home’s outdoor space is to add lighting. It makes it more appealing and safer.
  9. Store and organize: Ample storage space is a plus, especially when it comes to garages and closets. Efficient closet structures can help keep your clothes organized and can save space.

 

Q: What other factors should I consider?

A: There are several factors that you should consider:

  • Real estate is local.  It is just like the weather, rather than looking on national or even statewide locations to determine value.  Your CENTURY 21 Judge Fite Company professional can explain current market factors in your community, including what isn’t selling, and why.  This information is critical to setting an optimal and realistic price and terms.

 

Q: Are there things I should consider completing prior to hiring CENTURY 21 Judge Fite Company to market my house?

A: Many sellers benefit from taking the following steps when preparing their property for sale:

  1. Clean, purge, and de-clutter.  We would encourage you to walk through your house while pretending that you are a prospective buyer.  As you go through make notes of the things that you notice.  Is your curb appeal welcoming?  If the rooms seem small, what can be done to make them appear larger?  What items can you complete to overcome any challenges you may see.
  2. Remember when you bought the house?  There were specific things that attracted you to the house when you selected it.  Maybe it was the open floor plan, granite countertops, beautiful curb appeal, etc.. Your CENTURY 21 Judge Fite Company wants to know this because it assists them in preparing marketing material that will attract the future buyer.
  3. Consider having the house inspected by a licensed inspector and make any repairs needed.  Although you are selling a pre-owned house, Buyers still expect everything to work.  In fact, this is an important trust factor and work the time and expense to make basic repairs.

 

Q: What can I do to help expedite the sale of the house?

A: One easy thing you can do to help expedite the sale of your house is to make the house available for showings.  One never knows which potential buyer will be the one.  At CENTURY 21 Judge Fite Company, we utilize a professional showing service company that schedules showings for REALTORS™ who have a prospective buyer for your property.  In fact, these can be scheduled over the phone or Internet.  Sellers that make their property more accessible for showings are often more successful in selling their house.

 

Q: What closing costs am I responsible for as a seller?

A: Examples of  typical closing costs that are negotiable between buyers and sellers:

  • Attorney fees paid for the preparation and recording of official documents
  • Title service costs for title search, title insurance, and possibly other title services
  • Recording fees are charged by a governmental entity for entering an official record of change of ownership of the property.
  • Survey fee for a survey of the lot or land and all structures on it to confirm size, dimensions, and to check for encroachments.  This is required by lenders.
  • Brokerage Commissions paid to compensate both  the marketing/listing broker as well as the broker who brought the buyer.  Brokerage commissions are typically computed as a percentage of the sales price, and are established in a listing agreement between the seller and the listing broker.
  • Residential Service Contract fees also referred to as a Home Warranty.
  • Prorated Property taxes.  Most jurisdictions asses tax on real property.  These are usually payable on a specific date annually.  Since most properties close on a date other than this one specific annual date, most transactions must include an adjustment to assure that both the seller and buyer end up paying their share of the annual property tax, proportionate to the percentage of the year that each has ownership in the property
  • Pro-rate Homeowner Association Dues.  If the property is covered by a Home Owners Association (HOA), the HOA will normally be funded by dues assessed against each property owner.  This is often adjusted in the same manner as property taxes.
  • Buyers Closing Costs.  Some buyers need and some loan types require that a seller pay fees towards closing  costs of the buyers.  This is a negotiable item and is more prevalent in some markets.

 

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