As you prepare to sell your Las Vegas home many questions arise. We hope to address some of the questions we have been asked by clients to help you get started. If you find there are questions you have in addition to the ones we present please feel free to contact you real estate agent.
What is Escrow?
Escrow is a 3rd party who is loyal to a real estate transaction. They aren't necessarily interested in either party, but instead their instructions are the contract that has been agreed upon by all parties. In a simple view, a buyer brings the money and the seller brings the house. There is more to it but in the end both parties sign off and the escrow company, which is usually the title company in Las Vegas, takes the documents down to the courthouse to file them. Once they have been filed the transaction is complete.
How do I price my home correctly?
The primary way to price a home is to take the home sales (not current listings) from the recent past. Their sale amount (again, not listing amount) is the comparable to be used. Real estate agents have tools with most of the sales in an area. They can narrow down the criteria until they home is priced correctly. The type of market a home is in makes a big difference. If there is a great deal of listings on the market it will affect the pricing. If few homes are for sale and demand is high the pricing will fluxuate. The best way to price a home is to find a competent Las Vegas real estate agent to aid you.
What do I do to market my home?
The type of market a seller is in makes a lot of difference in how it is marketed. A seller can spend hundreds or thousands of dollars on marketing. If they're not astute at what is needed for the specific market and if they don't have ties to the right networking group a lot of time and energy can be spent finding a buyer. You can use yard signs, newspaper ads, flyers, internet websites, MLS tools, etc. Really, the best way to sell a home is to hire a Realtor and make use of their expertise.
What paperwork is involved?
There are key documents that need to be signed and filled out correctly to sell a home. From tax forms to purchase agreements to seller's real property disclosures, there are many documents to be aware of and sign. A title company helps a great deal once the home is under contract but up until that point a Las Vegas Realtor really is the best resource for protecting your assets and time.
How can I maximize the price?
A home will sell for what a buyer will pay for it. Appearance and location are the most critical aspects to getting top dollar. If a home is overpriced no one will want it and it will sit. So, finding out the true value of a home is the first step to setting the price. Next, the seller must have a strategy to manage price adjustments as long as the home is on the market.
Is it stressful?
For some, selling a home is a very emotional process. They see it as the sale of memories and other intangible value. Really, a buyer will see the house as a house. Sellers allow their emotions to grow during the process. Packing, negotiating, moving, managing people, etc. can add up. It is a great benefit for a seller to use an agent to manage and diminish that stress.
How much do Las Vegas real estate agents charge?
There is no set amount. There are averages but some agents are better than others and in the end will get more money for a home. They are certainly worth more than an agent without the appropriate skills. A listing contract is an agreement with a brokerage, not the agent himself. The broker may have a required amount the agent must charge in order to maintain a healthy business. Often the amount that is charged is split on a "co-op" with another broker if the other broker represents the buyer. If the listing broker represents both sides they will retain the whole amount because of the increased amount of work.
How do I qualify a Las Vegas real estate agent?
Hold an interview. Ask questions about marketing efforts and practices. Ask about previous experience. Contact one of their previous clients if possible.
Is it the best time to sell?
A number of factors determine when it is best to sell a home. Different markets provide more or less for a home. Understand the market if you have time before you must sell. Find out if the market seems to be peaked, growing, or shrinking. Ask an agent to help you.
How do I qualify a buyer?
Talk to the lender a buyer is going to use. Interview them and find out their intentions. Ask them what their financial situation is like. There are great questions an agent will ask each buyer so you don't go under contract with a buyer who is not qualified only to waste time. Agents want your home to sell just as you do.
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