Dear Michael: My home is for sale, I have had request from buyers to preview my home but I only want to show it to serious buyers. How can I make sure that any buyers are serious buyers?
Answer: For every 10 buyers walking trough your home expect at least two or three lookers who are not in the market to buy any real estate but make it the weekly Sunday ritual to view your home or any other home in the neighborhood during open house. There is no way of qualifying everyone that walks trough your home. In actuality it should not affect the sale of your home. If you are showing by appointment the co-operating selling agent representing the buyer has done his/her homework by pre-approving their buyer. This is in his/her best interest so no time is wasted on unqualified buyers. If you are selling your home yourself without the help of a broker then you may want to consider asking prospective buyers for a pre-approval letters and proof of funds in order to eliminate any skepticism you are having. By selling your house yourself you are doing what's known in real estate as "for sale by owner," or FSBO (pronounced "fizzbo"). Primary reason for doing a FSBO is to save the commission you would have paid to a real estate agent. But by doing a FSBO count on investing more of your own time. You'll need to analyze the market, decide on a price, advertise the house, host open houses, handle all negotiations and conflicts that may arise with prospective buyers, and market all avenues of your home. It's unwise for a seller to tackle a FSBO transaction without professional advice.
Dear Michael: How much will it cost to have a professional stage my home? Is it worth it?
Answer: One of the hottest trends to sell a home today is home staging, an interior decorating technique for making the most of your home's attributes and making it more attractive for a potential buyer. Home staging has been known to boost home sales prices this is especially true for vacant homes and homes that are in dire need of new furniture. Staging can quicken the amount of time the home stays on the market. But the question is What are you willing to pay for home staging, and is it worth it? Staging pricing can run up to $5,000 for about three to six months. According to www.StagedHomes.com, a leader in home staging services,statistics show an average of a 3% increase in final sales price on homes that had been staged, versus those who had not. If you're home is vacant or your furniture is outdated and you are willing to put out some money up front, you just might find that the benefits from staging your home can greatly outweigh home staging costs.
Dear Michael: With very little activity after three months I have decided to take my property of the market. The real estate agent wants me to sign a cancellation of listing agreement. What is at stake if I disagree to sign? I still have another three months left on my listing agreement.
Answer: If you refuse to sign the cancellation your listing stays active on the market. Cancellation of listing agreement stipulates that if by the end of the listing agreement principles (seller) enters into a contract to sell, lease, convey or transfer the property then principle agrees to pay broker compensation at the close of escrow. You signed a listing agreement that is enforceable. Your real estate agent marketed your property at a cost, worked and spent diligent time selling your home. You have decided to withdraw because of minimal activity on your home. It would not be fair for you to sell your home and not compensate your agent for his/her work during the listing agreement period which you have agreed to. Paragraph four of the listing agreement states; "that if within (X) amount of day’s after the listing agreement expires seller enters into a contract to sell, convey lease or transfer the property to anyone who physically entered and was shown the property during the listing period then seller shall compensate broker for service agreed. Broker must give the seller as proof a written notice of all the names of all prospective buyers that entered the home." In retrospective that is one of the reason why real estate agents have sign-in sheet during showings and open house.
Michael Kayem is a Realtor with Re/max Marquee Partners serving Culver City and the Westside since 2001. You can contact Michael with your questions at 310-390-3337 or e-mail them to homes@agentmichael.com