Selling your home can be an emotional and difficult experience. The listing specialists with Karsten and Associates are experienced and ready to help you navigate the documents and negotiations to get you to the closing table. Our priority is to get you the highest price in the shortest amount of time. Our brokers are trained in negotiations and will work hard to ensure you have a positive experience. We know New Mexico.
Our style experts will stage your vacant home* or provide an in-home consultation for your occupied home, free of charge. Statistics show that staged homes sell faster and our stylists are top-notch! Visit our staging page to learn more about how staging can help you sell your home in less time.
Contingencies are just things that need to be resolved before a transaction can close. There is no easy way to know if a contingency will be a problem in the end or if it will cause the deal to fall through. Speak to your real estate professional about any contingencies in the purchase agreement. They can help you determine which contingencies are worth the risk and which ones could be deal killers.
Preparing your home for sale involves a lot of common sense and a little finesse. Buyers want to see themselves in the home so removing personal items like sentimental items, family photos and children's drawings are a good first step. Here are some other things you should do before you list your home:
- Clean it from top to bottom, inside and out
- Declutter, including closets, pantries and furniture
- Make repairs especially if they are minor
- Get it staged
- Update outdated items and decorations
- Give it curb appeal
Your real estate professional can provide you with a list of common items that should be taken care of before you home goes on the market.
When a buyer makes an offer on your home, their broker will submit a purchase agreement to the listing broker’s office. This document details what the buyer is offering to pay for your home, what they expect to pay for inspections, closing costs, etc, and what they are asking you to pay for. It will also give you an estimated closing date and the amount of their earnest money deposit. At this juncture, your real estate broker will assist you in accepting the offer, declining it, or submitting a counteroffer.
Staged homes sell faster. Statistics show that a vacant home sells in less time if it is staged. Even an owner-occupied home can be staged using the furniture and accessories you already have. Our style specialists are trained to make your home look appealing to a variety of buyers. Karsten and associates will stage your vacant home free of charge* or provide an in-home consultation for occupied homes.
*If you terminate the transaction prematurely, staging fee may apply
Ultimately, the seller gets to decide what to list the home for. A real estate professional is trained to look at all the factors like comps, location, condition, condition of the local market, and recommend a reasonable price. When deciding on your sales price, remember you are emotionally attached to your home and sentimental value is never a determining factor.
A low appraisal can be a devastating setback in a real estate transaction. Your real estate professional will pull comps to help you decide a reasonable asking price for your home but that number may be higher than what an appraiser determines your home is worth. In the case of a low appraisal, a seller may choose to terminate the listing, pay the difference by lowering their sales price, ask the buyer to make up the difference or some combination of the last two. Talk to your real estate professional about which option is best for your situation.
Comparables or Comps are recently closed or listed homes that are similar in size, features and amenities and within a short distance from your home. Real estate professionals use comps to help you decide on a list price that is reasonable for your local market.
The multiple listing service or MLS, is an online database of homes for sale within a real estate association. The Greater Albuquerque Association of Realtors, GAAR, is the local association that covers Albuquerque and the surrounding cities including Rio Rancho, Los Lunas, the East Mountains, Santa Fe, Placitas and more. When a buyer's agent is preparing a list of homes for their client, this is most often the very first place they look. If your home isn't listed, it is unlikely to be seen by the majority of agents searching. The local MLS also feeds your listing out to other real estate sites like Zillow.com and Realtor.com.
If an inspection reveals issues you weren't aware of, the buyer has the opportunity to submit a request for repairs. Buyers are given a deadline in which this request must be made. You, the seller, then have an opportunity to negotiate what repairs you will complete and which ones you won't, again within a specified deadline. If buyer and seller agree, the transaction proceeds. If an agreement cannot be reached, the contract will be terminated.
An exclusive right to sell is a type of contract between the seller and the REALTOR® that protects the agent from a seller selling the home without paying the commission that is due. This listing agreement gives the broker authority to list the home for sale and collect a commission if the home is sold during the term of or within 90-180 days after the expiration of the term of the agreement.
Real estate commission can vary depending on your state, city, neighborhood and contract. Because commission rates are not set, a REALTOR® can choose to charge any rate. However, brokers prefer to remain competitive so rates generally fall between 3% and 8%. When you are interviewing agents, make sure and ask what their commission rate is and what you get for that commission.
There are many factors that can affect the number of showings on your home. Price range is probably the biggest factor. Homes in higher price ranges generally have fewer showings than homes in average or lower price ranges. Other factors include:
- Curb Appeal
- Public Remarks
- Online Photos
- Marketing Efforts of Your Broker
- Local Real Estate Market Conditions
Karsten and Associates has a comprehensive marketing plan that ensures the best and most exposure for your home.
If you needed electrical work done on your home, you wouldn't jump in and try to tackle it yourself, unless of course you're an electrician. Lacking the experience to do that job properly, you would seek the assistance of a professional. It's the same idea with a real estate transaction. The process of buying and selling real estate can be quite complex. Getting the paperwork completed correctly, ensuring inspections are carried out properly and negotiating repairs and deadlines are tasks best left to the professionals who understand the laws that govern real estate transactions.
The Real Estate Settlement and Procedures Act or RESPA allows the lender to decide which title company will be used to close a transaction. Often, buyers and sellers are unfamiliar with the title/escrow process so your real estate professional may suggest their preferred title company for closing. You can put this one under things that are negotiable between buyer, seller and lender.