Frequently asked questions
Call me and I will answer your questions about La Quinta (and beyond): (760) 774-6063.
Email: Nancy Javitch
How do you prepare a house to sell?
Do whatever you can to make your house look as good as possible - some say putting your best "house" face forward is very important if you want to get close to your asking price or sell as quickly as possible. Short of spending a lot of money, here are several ideas for making your home show better: Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the yard. Clean the windows (both inside and out) and make sure the paint is not chipped or flaking. And speaking of paint, if your home was built before 1978, new federal law gives a buyer the right to request a lead inspection. If you think you might have some problems, do the inspection yourself beforehand and make any fixes you can. Be sure that the doorbell works. Clean and spruce up all rooms, furnishings, floors, walls and ceilings. It is especially important that the bathroom and kitchen are spotless. Organize closets. Make sure the basic appliances and fixtures work. Get rid of leaky faucets and frayed cords. Make sure the house smells good: from an apple pie, cookies baking or spaghetti sauce simmering on the stove. Hide the kitty litter. Put vases of fresh flowers throughout the house. Having pleasant background music playing in the background also will help set your stage.
What repairs should the seller make?
If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate their repair. The trick is not to overspend on pre-sale repairs, especially if there are few houses on the market and many buyers. On the other hand, making such repairs may be the only way to sell your house in a down market.
Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
What are the standard contingencies?
Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the ability of the buyer to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. The purchase contract must include the responsibilities of the seller, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.
Whose obligation is it to disclose pertinent information about a property?
In most states, it is the seller, but obligations to disclose information about a property vary. Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property that are known or accessible only to you. This might include: homeowners association dues; whether or not work done on the house meets local building codes and permits requirements; the presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as a dog that barks every night or poor TV reception; any death within three years on the property; and any restrictions on the use of the property, such as zoning ordinances or association rules. It is wise to check your with the California State disclosure rules prior to a home purchase.
How does someone sell a slow mover?
Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home. If you are selling in a slow market, your first step would be to lower your price. Also, go through the house and see if there are cosmetic defects that you missed and can be repaired. Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet. Another option is to pull your house off the market and wait for the market to improve. Finally, if you who have no equity in the house, and are forced to sell because of a divorce or financial considerations, you could discuss a short sale or a deed-in-lieu-of-foreclosure with your lender. A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender. In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings. The latter are radical options. Your simplest, and in many cases most effective, option is to lower the price.
What are the two most important factors when selling a home?
Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate the value of your home. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer. In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. If this is not happening, take it up with your agent or the broker. If you are still not satisfied you are getting the service you need, you may have to switch agents.
Do I have to consider contingencies?
If you are a seller in a seller's market, in which there is more demand than supply, you probably will not have to entertain too many contingencies. But if you are selling in a buyer's market, when buyers are few, prepare to be very flexible. Granting contingencies also depends upon what kind of price you want to get and on the condition of your property, most experts agree. Remember, contingencies are written into the contract and are negotiable during the negotiation phase only.
What is the best time to sell your house?
There is no "best" time to sell per se. Selling a house depends on supply, demand and other economic factors. But the time of year in which you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price. Weather conditions are less of a consideration in more temperate climates, but most of the time, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June. With the onset of summer, the market slows. July is often the slowest month for real estate sales due to a strong spring market putting possible upward pressure on interest rates. Also, many prospective home buyers and their agents take vacations during mid-summer.
Following the summer slowdown, real estate sales activity tends to pick up for a second, although less vigorous, fall market, which usually lasts into November when the market slows again as buyers and sellers turn their attention to the holidays. If this makes you wonder if you should take your home off the market for the holidays, consider the advice of veteran agents: You are always more likely to sell your house if it is available to show to prospective buyers continuously.
Why buy now?
The current market, a buyer's market, is a good time to buy. While there is no crystal ball, the market has seemed to level off and will probably hold for a while before we see a turn upwards again, interest rates are still at a reasonable level and if you plan to hold the property for 2-5 years you are pretty safe to invest now in a home. In the summer months in the desert, sellers are more willing to negotiate knowing that the chances are that their homes will stay on the market until season begins in November.
Why sell now?
Right now, with so many properties on the market, you have to seriously evaluate your reasons for selling. Having a thorough examination of the area that you are living and how many homes are for sale nearby and pricing correctly are crucial for marketing your home. that is why you need someone who will work hard for you and help guide you through the process. Fixing up small noticeable flaws will eliminate close examination when a potential buyer comes through.
Do I remodel before selling?
Many times the money that you put into remodeling (ie. kitchen, baths) will not be worth it. A fresh coat of paint and some sprucing up of your home is your best bet. Clearing clutter and taking away things that draw attention to negative features is crucial. Always looking neat and ready for buyers to come through makes a huge difference. Bake cookies! It smells great when you walk in!
How long will it take to sell my home?
There are no easy answers to that question. It's how to make YOUR home shine through the myriad of choices that will help sell your home quicker. It all depends on how many homes are for sale in and around you. It could take several months and timing during season is critical.
When is it safe to purchase my next home?
After the 17 day contingency period and all inspections are done and repairs are agreed upon, it is usually safe to make an offer on another home. You can always make it contingent upon your home selling, but it is tough in many markets.
Contact details: Nancy Javitch, La Quinta Real Estate Specialist, cell: (760) 774-6063
Office: (760) 777-8870,Southern Hills Real Estate,
78-150 Calle Tampico Suite 101, La Quinta, CA 92253.
License # 01398196.
Email: Nancy Javitch, web: Beyond La Quinta Real Estate
