The Hampton Roads Home Sellers’ FAQ
Selling your home is no easy feat, and it’s only natural to have questions about the process. We’ve compiled some Hampton Roads home sellers' FAQs, asked and answered!
Looking for the answer to a different question? Contact us and we’ll get you the info you need, as well as add it to our FAQ list.
How do I choose a REALTOR®?
Who you decide to work with will likely come down to instinct, experience, and recommendations. You can also ask for recommendations from former clients, or read testimonials. In the end, choose based on who you feel comfortable communicating with, and who you trust to complete the sale.
Each REALTOR® on the PerfectHouse Team has a unique background, so there’s bound to be one that fits the bill. As a seller, you’re more than welcome to interview our agents.
I’m a Virginia home seller. What do I need to disclose?
The state of Virginia disclosure laws can often feel like muddy waters, but when you work with a REALTOR®, they’ll give you a comprehensive list of what you need to disclose. If you have questions about a particular part of your house, contact us and we’ll be happy to find you the answer.
The basic rule is that the listing agent must disclose anything that could impact the property’s value and any notes about the physical condition of the home. This could include building codes, restrictions, citations, and home defects.
Virginia State laws requires that the seller complete the Residential Property Disclosure Statement and submit it to the buyer.
Because the state law doesn’t require an extensive list of disclosed info, most buyers will make the sale contingent on the home inspection. In addition to the home itself, they’ll look into the community and have the titled inspected to check for liens.
How do I know what my home is worth?
The value of your home is determined by both quantitative and qualitative factors. The first is a calculation of home price based on similar properties for sale near you (try out our Quick Pricing Tool to see where your home stands). The qualitative factors are covered in the comparative market analysis, where your REALTOR® will apply a subjective lens on the house. Does it need repairs? Did you recently renovate? Each unique attribute of your home will play a role in determining the price.
With the right price, you can sell your home quickly and for top dollar.
Does my home need to be in move-in condition?
For some buyers, their time is worth too much to move into a home in need of repairs. If the repairs are minor, it only makes sense to take care of them. It will open the listing to a world of buyers looking for move-in ready homes, and can even help with your home value.
That being said, some buyers are on the hunt for a project, and if investing thousands of dollars into your home is the only way to make it move-in ready, you may want to consider targeting the DIY or investment niche. Ask your REALTOR® if repairs will translate into a greater ROI.
How does the PerfectHouse Team market my house?
The PerfectHouse Team has decades of combined marketing experience, and each team member contributes a unique skill set to the home selling process.
Our home selling starts with a pre-appraisal review, which tells you how the lender will value your home. We also complete a Total Market Overview, which shows you how your home compares to the competition.
When your house hits the market, we start sharing immediately. We’ll market your listing online through a number of platforms, including Zillow, Trulia, Realtor.com and more. In addition, our virtual home tours and social media campaigns offer different outlets for reaching an increased number of buyers.
I have an offer from a VA buyer. Should I accept it?
Accepting an offer from a VA buyer will be determined by much more than just the fact that they are pre-qualified for a VA loan. That being said, a pre-qualified buyer with a Veterans Affair backed loan can bring advantages to the table that other buyers cannot.
It’s not easy to get a VA loan, and if they’ve already been through the pre-approval process, they’re serious buyers.
What are contingencies?
When an offer is made on a home, the seller or buyer may insist on certain terms, which are called contingencies. They’re a failsafe for all parties, so if something doesn’t go as planned they can back out. Common contingencies include home inspections, appraisals and financing.
Who pays the closing costs?
Typically, the buyer covers the closing costs. They’re fees owed to the lender and third parties for everything from underwriting to processing to the credit report.
Who pays the closing costs is not always set in stone. This part of the home selling negotiation depends in great part on the market conditions, and just how difficult it is for a house to sell.
Be prepared that some buyers will ask you, the seller, to cover the closing costs. The benefit of having the seller cover the fees is that the buyer can pay a rather large sum over the course of their mortgage, rather than upfront. The benefit for sellers is that the buyers are willing to offer a higher price, to compensate for the costs and to encourage the sale.
For military members, VA has a cap on the fees that borrowers have to pay, often not exceeding 1% of the loan. There are also restrictions on which type of fees the borrowers can pay. In certain cases, the buyer will offer a higher amount and request that the seller cover the costs. In other cases, the lender will apply a lender credit to the costs.
There are many different ways of paying closing costs. To see which option will benefit you best, contact the Perfect House Team.