Common Seller Question (Michigan)

Should I order a Pre-home inspection?

If you're someone who likes to be ahead of the game, and want the selling process to be quicker, getting a home inspection prior to selling is a good idea. Its going to give you more time to possibly fix any repairs that may need to be done, also you could potentially list your home for more, if the inspection came out good! There could be some cons about doing this though. Disclosing the problems found with the inspection is going to be the biggest con, because usually they're already interested in the house than have the inspection, but this time they can see the defects before being interested! its going to take money out of your pocket because say a buyer likes the house and wants it as is, but you're already trying to repair some of there defects found in the inspections, when in reality you wouldn't of needed to spend the money to repair it, because the buyer was going to take it as is.

How long will it take to sell?

Generally this is going to be different situation for every home and person. There are multiple factors like your listing price, your location, the condition of your home, your agent, every factor adds up when selling your home. Michigans average days on the market was 41 days but after an acceptance theres different time spans for different contracts. Genuinely selling a home may take about 3 months for all the inspections, appraisals, offers and closing

How much is my home worth?

This is going to be based on the location and conditions of your home, and even the others around it. The market is going to be the main factor in deciding what your home is worth. et your information from people doing it everyday! contact a real-estate agent or a home appraiser to see what exactly your house can sell for or what it is worth.

Why's my homes assessed value different than market value

A Home assessed value is generally used just for Home property Tax purposes. In Michigan the tax assessor is required to set the value at 50% of the home market value. So if your market price is $140,000 the assessed value would be around $70,000.

Are realestate prices negotiable?

YES, Negotiation is the game in realestate. Wether its the price of a home or the terms of the contract you can negotiate it all. This is where it comes in handy to have a experienced realestate agent, they know what terms they should negotiate on and what price your home is likely yo sell for in this type of market.

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When's the best time to sell?

The best time to sell in my opinion, is the late spring and early summer. Nobody wants to go look at a house in 6 inches of snow, unless its obviously a necessary move like a relocation. May, June and July are your warm months home buyers are more willing to take the steps to search homes and buy them! Meanwhile the two slowest months for real estate are October and December.

Will it cost me to sell my house?

There are some costs that are going to come with selling your home, the "cost" is going to generally revolve around your mortgage. If that's paid off you'll have no out of pocket expenses, you would use the equity in the home for all the sellers concessions and other fees. Usually a Michigan seller can expect to 14.95% of the sale price, in order to cover all the fees and dues.

What steps should I take to sell my home?

First thing you're going to want to do is hire a real estate agent. They can determine what repairs or decorating may need to get done, in order to get the most money out of your home! don't waste your time on your own hire a professional.

- decide on Listing price

- renovations to the home

- put the home on the market ( list it)

- market online and offline

- settle on final offer

- Closing

What's the difference between a list and sale price?

At the end of the day sometimes your home just isn't going to sell for what you listed it as. So a list price is your starter price on the home, whereas the sale price is what it actually got sold for.

What are sellers concessions?

A Sellers concessions is when the seller agrees to help cover the buyers closing costs. There are limitations as to how much the seller can provide based upon the financing the buyer is getting. the seller can help the buyer with discount points, title fees and insurance, property tax, appraisal and home inspection fees, and mortgage origination fees. Sellers tend to provide concessions when they're trying to sell a home fast or if its a buyers market.

How does the inspection phase work?

After your offer has finally been accepted its time to start the home inspection phase. The home inspection is very important dont skip it! as a buyer you want to know what youre getting yourself into! after the inspection phase a buyer can decide if he's going through with it as is, if he wants repairs done, or if its all too much for them, terminate the deal.

Should I try and stay out of my home during showings?

What's the agents commission?

The agents commission is going to add up to 6%, 3% for the buyer agent and 3% for the sellers agent. Generally the seller would be paying for both agents!