Transcript Chapter 10

Chapter 10. SELLING YOUR HOME
Getting the right price and terms… Getting your money’s worth from a
Realtor… Getting the Home into Saleable Condition
A. What’s Your Home Worth? Factors to Consider in Setting the
Price (See Personal Action Worksheet, Text page 262)
1. Condition of the House
2. Condition of the Neighborhood
3. How Much “Paper” Are You Willing to Carry?
4. How Anxious Are You to Sell?
5. Is Your Mortgage Assumable?
6. Is Good Financing Readily Available?
7. Comparables - What Have Similar Homes Sold
For Recently?
CHAPTER 10
Slide 1 of 6
B. Using a Real Estate Agent - What Can One Do For You?
1. Knows Market and Pricing?
2. Access to Financing?
3. Handles Advertising?
4. Shows Your Home (Objectively)?
5. Part of a Sales Force?
6. Multiple-listing Service?
7. Negotiating Skills?
C. Finding a Good Agent
D. The Listing Contract and Commission
CHAPTER 10
Slide 2 of 6
E. Preparing Your Home for Sale
1.
2.
3.
4.
5.
6.
7.
8.
The Exterior
The Interior
The Kitchen
Touching Up
Closets and Storage Space
Mechanicals
Design and Décor
Evidence of Leaks and Other Damage
CHAPTER 10
Slide 3 of 6
F. What Financing Is Available?
1. Assumable Mortgage?
2. Will You Take Back “Paper?”
G. Tax Implications When You Sell Your Home
1. Tax on Gain?
2. Deduction for Moving Expenses
CHAPTER 10
Slide 4 of 6
TALKING POINTS…
Chapter Ten, Number One
You are interviewing real estate agents to find the best one to suit your needs.
Evaluate the possibilities based on these considerations:
1. Agent A has had the most experience of the bunch, but she is very low
key, and doesn’t think you can get the price you’re seeking.
2. Agent B is young, energetic, pleasant, and relatively inexperienced.
But he is willing to work for you for a 4% commission instead of the
standard 6%.
3. Agent C is new in town but claims he’s a “fast learner.” He is very
charming, and gives the impression that he could outsell the other
candidates combined. Good credentials from his former city.
4. Agent D is by far the star earner of the bunch. Drives a Lexus. Wellheeled. But unpleasant and condescending.
CHAPTER 10
Slide 5 of 6
TALKING POINTS…
Chapter Ten, Number Two
Your agent finally brings you an offer that’s close enough to satisfy you. Maybe you
can get a few thousand more dollars by some tactful negotiating? What would be
your response to these statements by the agent?
1. “They said that this is their best and final offer. If I ask for more we’ll lose
them. Take the money and run.”
2. “I think they’ll come up a few thousand more, but I have reason to believe
they’re also bidding on another house with another agent, and just using your
deal for leverage against the other seller.
3. “They might come up higher, but they haven’t gotten any financing
commitment yet.”
4. “Their credit isn’t great, and the first mortgage they’ve been offered is too
small. You’d have to carry their IOU (as a second mortgage) and I know they’ll
even go over your asking price if you’re willing to do that for them.”
CHAPTER 10
Slide 6 of 6