Chapter 1

REAL ESTATE 101

REAL ESTATE TRANSACTIONS REFRESHER

Appraisal

Before you signed your listing contract with me, I offered you a competitive market analysis of your home's value. We will set the final asking price on your property based on this market value estimate.

 

When you receive an offer on your home, the buyer's lender will require an official appraisal of the property from a licensed appraiser. This valuation helps assure the lender that they would own a marketable property if the buyer (or the borrower in the lender's eyes) should default on their mortgage. The buyer will pay for the house appraisal, but you should know that it may be different than the market analysis that I provided you.

Inspection

In addition to an official appraisal, most interested buyers will request a home inspection before final sale. The goal of a home inspection is to give the buyer an objective, independent and comprehensive analysis of the physical condition of your property and check for any safety issues that might otherwise be unknowable.

 

A professional inspector will check on the structure, construction and mechanical systems of the house. This usually includes checking:


 

Electrical systems

Waste disposal                               Walls                                     Plumbing and waste disposal

Pests                                                 Floors                                   Water heater

Foundation                                      Roof                                       Insulation

Doors                                                Radon gas                            Ventilation

Windows                                         Asbestos                               HVAC system

Ceilings                                            Lead paint


You may be considering ordering an inspection of your home before we place your house on the market. Not knowing the full extent of potential problems until an offer is made by a buyer is a recipe for an ugly negotiation process.

 

Showing Appointments

 

When an interested buyer is scheduled to see your property, it's best if you, your family and any pets you may own are not in the property.

 

Buying a new home is a very emotional process, and it's sometimes hard for prospective home owners to imagine themselves living in a particular place when the current resident is still inside. I will work with you and the other real estate professionals who will be showing your home to schedule and supervise listing appointments.

 

These home showings will most likely be an inconvenience for you and your family. I will do everything I can to work with you to minimize the impact, but an aggressive showing schedule will help us sell your property quickly, which is our ultimate goal.

Page 2  Chapter 1

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