The home sellers toolbox
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| Rob Turney |
| 702-336-8595 |
Your home is actually an investment that you live in. How much profit is
possible to squeeze out of your investment is determined by many factors.
Is the market biased towards sellers, buyers or is it an even market? Are there
pre-payment penalties on your existing loans, will it require major repairs, will you
have to offer incentives to attract a buyer, do you need to get out quick, or can
you wait to get "your price"? How much, if any capital gains will you have to pay
once you've sold? How much will you have to pay in closing costs and brokers
fees?
So where do you start in setting the price? An appraiser will take several
approaches to determining price once a purchase price has been set, but
basically an appraiser is going to look at the history of similar properties, with
similar improvements in the home. Contrary to popular belief, there is no "magic
notebook" that lists what a fireplace is worth, or even a pool. Each home is
unique and requires a specific appraisal.
A comparative market analysis or CMA is similar to an appraisal in that it takes
into consideration what a home should be priced at based on the sales history of
similar properties, but it is not as detailed as an appraisal. The comparative
market analysis is what a Realtor uses to give a range of suggested pricing
options. I like to give an estimate of what I think a home will appraise for, along
with pricing options that should allow a house to sell faster, or that might "push
the market" to see what it will bare. It is possible to get more than appraised
value, but the buyer must be willing to either pay all cash (no loan) for the home,
or put down a substantial down payment that will make up the difference between
what the home appraised for and the amount a lending institution is willing to lend
on the home.
MLS Market Snapshot">For a Free Las Vegas Market Snapshot, specific to
your home, please click here.
For a FREE COMPARATIVE MARKET ANALYSIS, PLEASE CLICK HERE
HOW MUCH IS IT GOING TO COST TO SELL MY HOUSE
There are several fees you will pay in selling your home regardless of whether
you use a real estate professional or not.
ESCROW FEES- In Nevada, we use Title, or Escrow companies to facilitate the
exchange of money or marketable consideration for real property. These
companies have series of fees they charge for their services, such as escrow fee
title insurance fee, recording fee, and some miscellaneous fees to cover
overhead.
LOAN RE CONVEYANCE FEE- A fee, generally around $150 charged by the
holder of your existing home loan to pay off the loan early.
NEVADA TRANSFER TAX- $5.1 per thousand dollars of the total sales price of
the home.
HOME OWNER ASSOCIATION FEES- If you don't live in a home with an active
home owners association, there will be no HOA fees. If you do, there will be a
document fee, and an association transfer fee. The document fee is generally
paid by the seller and the transfer by the buyer, but this is one of those
"negotiable areas". A seller of real property governed by an HOA in the state of
Nevada is required by law to provide a purchaser of that home with the most
current set of HOA documents available. The transfer part is actually handled by
the title company. Other HOA fees that may come into play are assessments, LID
or SID, and possibly multiple HOA's. You might live in a subdivision such as
Strawberry Fields in Green Valley that has a pool association, a master planned
association and a Home Owners Association. Each will have its own set of
documents and transfer fees.
BROKERS FEES- If you use a Realtor or a real estate professional to assist with
your sale, they will charge a broker fee. These fees are by law, negotiable. As
with any negotiation, neither party has to accept what the other wants, but if you
are told this is a "standard fee" they aren't being completely truthful. A
brokerage may set a price or percentage they want their agents to shoot for, but
again there is no "standard" fee. Generally the broker fee is a percentage of the
sales price, but there are companies that work for a flat listing fee. The brokers
fee is typically divided between a listing agent and buyers agent (or selling
agent). So if there is a 6% commission, typically 3% will be set aside for the
listing agent and 3% will be set aside for the buyers agent. Because this is a
negotiable item, these splits and percentages can vary widely. In addition to the
percentage of the sales price, there are sometimes fees for document ware-
housing or miscellaneous brokers fees.
NEGOTIABLE FEES- Items that you may wind up paying for from your proceeds,
that can be used as part of the negotiation, or can be required based on the type
of loan the purchaser is using are an appraisal fee, home warranty, home
inspection, pest inspection, roof inspection and various certifications.
FOR A FREE ESTIMATE OF WHAT YOUR FEES MIGHT BE CLICK HERE
THE PROCESS- Okay, lets assume you've gotten your home ready to sell and
you're using a Realtor, well um I mean me of course, so the house sells in 10
minutes for $100,000 more than we listed it for and there's nice vacation package
to Hawaii for a month and brand new Porsche 911 Turbo thrown in, cause thats
just how I roll! All right, the lawyers tell me now I have to say the proceeding
statement was meant to be a joke and we guarantee no quick sales, lots of
money over list price trips or cars. (are you happy now Mike?)
Back to reality, or realty as we were discussing before my little trip down fantasy
lane...
We've listed your home, and a buyer likes and makes an offer. The buyers
agent, or the buyer if there is no buyers agent, delivers their written offer to your
agent, who either presents it to you, or is present as the buyers agent presents it
to you. We discuss the terms of the contract and either accept it as is, reject it
outright or counter it with terms that would be acceptable.
The terms of a contract vary greatly by the contract, we currently do not have
one universal purchase agreement in Nevada, so its important to go over it line
by line. Obviously price is the first thing to look at, but there are also
concessions that may be asked for by the buyer such the seller paying all closing
costs, or paying for inspections and warranties. Other important items are the
terms surrounding the earnest money deposit, the money the buyer is offering as
a refundable or non-refundable deposit to show they are earnestly interested in
your home, and want it removed from "For Sale" status and put into "Pending
Sale, or Contingent Sale" status on the market. Also, the amount of time the
buyer has for due diligence to obtain lending, have inspections and review title
reports, and HOA documentation as well as all disclosures is set at this point.
So we've gotten an accepted offer. The buyers agent will open escrow, with the
escrow or title company that was approved in the contract. At this point the title
company will perform a title search to find out if there are any “clouds” on the
title, such as a mechanics lien or another person claiming they have a right to the
home. Also happening during this initial period of furious activity, the buyer will
have to be provided with HOA documentation, a seller’s real property disclosure
form, and all inspections and appraisal should be taking place. In my
transactions I like for this to all take place within a window of 10 business days.
During this time, the buyer is making sure the home is sound and that the title is
clear and the seller is making sure the buyer is capable of purchasing the home.
Again, depending on the terms of the purchase contract, the buyers’ earnest
money will be refundable if they find something in the inspections, title report,
HOA documentation, that makes them feel this is not the right home for them or if
they can’t qualify for a loan.
Okay, so we passed all of the inspections, the house appraised, the escrow
instructions are correct and the title is clear…we are now 14 days into our 30
day escrow, the buyer is beyond the due diligence period and barring any natural
disasters, or alien abductions of your home or the buyer, we are 16 days from
being done. Generally this is the time that you will be packing and preparing to
move out while the buyer is doing the same to move in. The title company will
prepare the closing papers and set appointments for the buyers and sellers to
come to their office, or if they are out of state to email or mail the documents to
both parties. These documents, or instructions are made from the purchase
contract and spell out exactly what has been agreed to, how much the buyer will
be spending and exactly what the seller will be receiving. Once the documents
are signed, by both parties, the title company then needs to receive funding or
marketable consideration from the buyer. Once that has happened, the escrow
company sends the proper documents to the county recorders office to have the
new owners put on the title to the home, as well as paying off the sellers loans, all
the fees incurred from the sale and most importantly disbursing the remaining
profit to you. .
AND NOW ITS SOLD...TAKE YOUR MONEY AND RUN!!!!!!
CAN I SELL IT MYSELF?- Of course, some people are quite capable of
handling the sale of their home themselves. As with most things, if its not
something you do on a daily basis, you will be at a disadvantage when working
with someone that does have more experience, and of course you will be putting
a lot of time into the process. A Realtor makes the process much easier, much
the same way an accountant makes doing your taxes easier. If you would like to
give a try at selling your home yourself please click here and I will be happy to
send you the forms you’ll need to give to a prospective buyer.
WHY CHOOSE ROB TURNEY TO SELL YOUR HOME- I’m glad you asked that,
I personally know Rob and he’s really nice guy, a good dancer and makes a
mean Chicken Scaloppini…okay, so you need a little more than that.
Experience- I’ve been selling real estate since 2001. During that time I have
helped my clients move out of the home I helped them buy initially and move up
to their next home, move out of their current home and move away, or liquidate
an investment property or 1031 exchange into a more diverse or different type of
investment.
Market knowledge- I was born and raised in Las Vegas, I’ve seen the changes,
both good and bad and have a very good feel of where things have gone and will
go in the future. I understand what the buying trends are in our market and how
they have changed in the past will most likely change in the future.
Marketing & Advertising- I spent 16 years in production and ran my own
advertising agency in Las Vegas for 4 years. That’s a combined 20 years of
creating marketing materials and advertising campaigns for a variety of
products. What this means is that I know how to prepare your home for the
market and place it in front of the most buyers possible. I understand the
importance of placing advertising for your home, as well as the necessity of
utilizing multiple avenues to reach those buyers. This background also allows me
to “think outside the box” when it comes to finding ways to package a home for
sale.
Customer Service- One of the most important elements of any buying or selling
experience, is the level of customer service you receive from the professional you
hire to assist in that endeavor. I am available to my clients 24 hours a day, 7
days a week on weekends and holidays. If you feel you need an open house on
Christmas Day, we’ll do it…I will expect some egg-nog though…I strive to make
the home selling process as painless and stress free as possible and will do my
best to take as much of the pressure off your shoulders as I can. I am available
for all inspections, contract negotiations and escrow signings. One thing I can
guarantee is that barring a case of spontaneous combustion, I will not disappear
once I’ve listed your home. It’s my hope and thankfully my experience that once
you’ve worked with me on one transaction, you’ll work with me on your future
transactions as well.
FOR A FREE FULL LISTING PRESENTATION PLEASE CLICK HERE
possible to squeeze out of your investment is determined by many factors.
Is the market biased towards sellers, buyers or is it an even market? Are there
pre-payment penalties on your existing loans, will it require major repairs, will you
have to offer incentives to attract a buyer, do you need to get out quick, or can
you wait to get "your price"? How much, if any capital gains will you have to pay
once you've sold? How much will you have to pay in closing costs and brokers
fees?
So where do you start in setting the price? An appraiser will take several
approaches to determining price once a purchase price has been set, but
basically an appraiser is going to look at the history of similar properties, with
similar improvements in the home. Contrary to popular belief, there is no "magic
notebook" that lists what a fireplace is worth, or even a pool. Each home is
unique and requires a specific appraisal.
A comparative market analysis or CMA is similar to an appraisal in that it takes
into consideration what a home should be priced at based on the sales history of
similar properties, but it is not as detailed as an appraisal. The comparative
market analysis is what a Realtor uses to give a range of suggested pricing
options. I like to give an estimate of what I think a home will appraise for, along
with pricing options that should allow a house to sell faster, or that might "push
the market" to see what it will bare. It is possible to get more than appraised
value, but the buyer must be willing to either pay all cash (no loan) for the home,
or put down a substantial down payment that will make up the difference between
what the home appraised for and the amount a lending institution is willing to lend
on the home.
MLS Market Snapshot">For a Free Las Vegas Market Snapshot, specific to
your home, please click here.
For a FREE COMPARATIVE MARKET ANALYSIS, PLEASE CLICK HERE
HOW MUCH IS IT GOING TO COST TO SELL MY HOUSE
There are several fees you will pay in selling your home regardless of whether
you use a real estate professional or not.
ESCROW FEES- In Nevada, we use Title, or Escrow companies to facilitate the
exchange of money or marketable consideration for real property. These
companies have series of fees they charge for their services, such as escrow fee
title insurance fee, recording fee, and some miscellaneous fees to cover
overhead.
LOAN RE CONVEYANCE FEE- A fee, generally around $150 charged by the
holder of your existing home loan to pay off the loan early.
NEVADA TRANSFER TAX- $5.1 per thousand dollars of the total sales price of
the home.
HOME OWNER ASSOCIATION FEES- If you don't live in a home with an active
home owners association, there will be no HOA fees. If you do, there will be a
document fee, and an association transfer fee. The document fee is generally
paid by the seller and the transfer by the buyer, but this is one of those
"negotiable areas". A seller of real property governed by an HOA in the state of
Nevada is required by law to provide a purchaser of that home with the most
current set of HOA documents available. The transfer part is actually handled by
the title company. Other HOA fees that may come into play are assessments, LID
or SID, and possibly multiple HOA's. You might live in a subdivision such as
Strawberry Fields in Green Valley that has a pool association, a master planned
association and a Home Owners Association. Each will have its own set of
documents and transfer fees.
BROKERS FEES- If you use a Realtor or a real estate professional to assist with
your sale, they will charge a broker fee. These fees are by law, negotiable. As
with any negotiation, neither party has to accept what the other wants, but if you
are told this is a "standard fee" they aren't being completely truthful. A
brokerage may set a price or percentage they want their agents to shoot for, but
again there is no "standard" fee. Generally the broker fee is a percentage of the
sales price, but there are companies that work for a flat listing fee. The brokers
fee is typically divided between a listing agent and buyers agent (or selling
agent). So if there is a 6% commission, typically 3% will be set aside for the
listing agent and 3% will be set aside for the buyers agent. Because this is a
negotiable item, these splits and percentages can vary widely. In addition to the
percentage of the sales price, there are sometimes fees for document ware-
housing or miscellaneous brokers fees.
NEGOTIABLE FEES- Items that you may wind up paying for from your proceeds,
that can be used as part of the negotiation, or can be required based on the type
of loan the purchaser is using are an appraisal fee, home warranty, home
inspection, pest inspection, roof inspection and various certifications.
FOR A FREE ESTIMATE OF WHAT YOUR FEES MIGHT BE CLICK HERE
THE PROCESS- Okay, lets assume you've gotten your home ready to sell and
you're using a Realtor, well um I mean me of course, so the house sells in 10
minutes for $100,000 more than we listed it for and there's nice vacation package
to Hawaii for a month and brand new Porsche 911 Turbo thrown in, cause thats
just how I roll! All right, the lawyers tell me now I have to say the proceeding
statement was meant to be a joke and we guarantee no quick sales, lots of
money over list price trips or cars. (are you happy now Mike?)
Back to reality, or realty as we were discussing before my little trip down fantasy
lane...
We've listed your home, and a buyer likes and makes an offer. The buyers
agent, or the buyer if there is no buyers agent, delivers their written offer to your
agent, who either presents it to you, or is present as the buyers agent presents it
to you. We discuss the terms of the contract and either accept it as is, reject it
outright or counter it with terms that would be acceptable.
The terms of a contract vary greatly by the contract, we currently do not have
one universal purchase agreement in Nevada, so its important to go over it line
by line. Obviously price is the first thing to look at, but there are also
concessions that may be asked for by the buyer such the seller paying all closing
costs, or paying for inspections and warranties. Other important items are the
terms surrounding the earnest money deposit, the money the buyer is offering as
a refundable or non-refundable deposit to show they are earnestly interested in
your home, and want it removed from "For Sale" status and put into "Pending
Sale, or Contingent Sale" status on the market. Also, the amount of time the
buyer has for due diligence to obtain lending, have inspections and review title
reports, and HOA documentation as well as all disclosures is set at this point.
So we've gotten an accepted offer. The buyers agent will open escrow, with the
escrow or title company that was approved in the contract. At this point the title
company will perform a title search to find out if there are any “clouds” on the
title, such as a mechanics lien or another person claiming they have a right to the
home. Also happening during this initial period of furious activity, the buyer will
have to be provided with HOA documentation, a seller’s real property disclosure
form, and all inspections and appraisal should be taking place. In my
transactions I like for this to all take place within a window of 10 business days.
During this time, the buyer is making sure the home is sound and that the title is
clear and the seller is making sure the buyer is capable of purchasing the home.
Again, depending on the terms of the purchase contract, the buyers’ earnest
money will be refundable if they find something in the inspections, title report,
HOA documentation, that makes them feel this is not the right home for them or if
they can’t qualify for a loan.
Okay, so we passed all of the inspections, the house appraised, the escrow
instructions are correct and the title is clear…we are now 14 days into our 30
day escrow, the buyer is beyond the due diligence period and barring any natural
disasters, or alien abductions of your home or the buyer, we are 16 days from
being done. Generally this is the time that you will be packing and preparing to
move out while the buyer is doing the same to move in. The title company will
prepare the closing papers and set appointments for the buyers and sellers to
come to their office, or if they are out of state to email or mail the documents to
both parties. These documents, or instructions are made from the purchase
contract and spell out exactly what has been agreed to, how much the buyer will
be spending and exactly what the seller will be receiving. Once the documents
are signed, by both parties, the title company then needs to receive funding or
marketable consideration from the buyer. Once that has happened, the escrow
company sends the proper documents to the county recorders office to have the
new owners put on the title to the home, as well as paying off the sellers loans, all
the fees incurred from the sale and most importantly disbursing the remaining
profit to you. .
AND NOW ITS SOLD...TAKE YOUR MONEY AND RUN!!!!!!
CAN I SELL IT MYSELF?- Of course, some people are quite capable of
handling the sale of their home themselves. As with most things, if its not
something you do on a daily basis, you will be at a disadvantage when working
with someone that does have more experience, and of course you will be putting
a lot of time into the process. A Realtor makes the process much easier, much
the same way an accountant makes doing your taxes easier. If you would like to
give a try at selling your home yourself please click here and I will be happy to
send you the forms you’ll need to give to a prospective buyer.
WHY CHOOSE ROB TURNEY TO SELL YOUR HOME- I’m glad you asked that,
I personally know Rob and he’s really nice guy, a good dancer and makes a
mean Chicken Scaloppini…okay, so you need a little more than that.
Experience- I’ve been selling real estate since 2001. During that time I have
helped my clients move out of the home I helped them buy initially and move up
to their next home, move out of their current home and move away, or liquidate
an investment property or 1031 exchange into a more diverse or different type of
investment.
Market knowledge- I was born and raised in Las Vegas, I’ve seen the changes,
both good and bad and have a very good feel of where things have gone and will
go in the future. I understand what the buying trends are in our market and how
they have changed in the past will most likely change in the future.
Marketing & Advertising- I spent 16 years in production and ran my own
advertising agency in Las Vegas for 4 years. That’s a combined 20 years of
creating marketing materials and advertising campaigns for a variety of
products. What this means is that I know how to prepare your home for the
market and place it in front of the most buyers possible. I understand the
importance of placing advertising for your home, as well as the necessity of
utilizing multiple avenues to reach those buyers. This background also allows me
to “think outside the box” when it comes to finding ways to package a home for
sale.
Customer Service- One of the most important elements of any buying or selling
experience, is the level of customer service you receive from the professional you
hire to assist in that endeavor. I am available to my clients 24 hours a day, 7
days a week on weekends and holidays. If you feel you need an open house on
Christmas Day, we’ll do it…I will expect some egg-nog though…I strive to make
the home selling process as painless and stress free as possible and will do my
best to take as much of the pressure off your shoulders as I can. I am available
for all inspections, contract negotiations and escrow signings. One thing I can
guarantee is that barring a case of spontaneous combustion, I will not disappear
once I’ve listed your home. It’s my hope and thankfully my experience that once
you’ve worked with me on one transaction, you’ll work with me on your future
transactions as well.
FOR A FREE FULL LISTING PRESENTATION PLEASE CLICK HERE
