JIM TURANO- 32 year Real Estate Broker from Middle Village, New York 11379
Re: What sellers should expect and receive when they list there home for sale, in todays Market Environment-BY JIM TURANO/BROKER*DIVERSE REAL ESTATE*
1) An accurate appraisal to determine todays Market Value
(appraised over 3,000 homes to date)
2) Setting the asking price to draw the most qualified and serious educated buyers within the first 4 weeks on the Market.
3) expect to know sellers closing costs upfront, and not be surprised at the end.
(sellers attorney fees, 1% city tax of selling price, and state tax, approx. $4.15 per thousand of selling price)
4) Real Estate Commission-varies on individual Realtor-Average today is around 4.5% -5%. (if priced accurately and sold immediately commission can be lowered to about 4%.)
5) Terms of listing agreement-Time wise, if priced on todays selling prices, condition, and mutual understanding between homeowner(s) and Broker, personally 60 days (8 weeks) is common with this Broker.
6) This Broker prefers not to place a sign on the sellers property. Reason, too many signs in the area for sale, makes buyers suspicious of so many homes for sale, makes the buyers think they can low ball homeowners, and the quicker it is sold the better by just bringing every registered qualified buyer as soon as possible.(in reality it is more advertisement for the Broker than for the seller)
7) WITH HOME PRICES SIGNIFICANTLY LOWER THAN 3 YEARS AGO, AND THE LOWEST MORTGAGE RATES IN 30 YEARS, THIS BROKER FROM THE COMMUNITY HAS MORE THAN ENOUGH REGISTERED QUALIFIED BUYERS, SO THAT HE DOES NOT PLACE ANY HOME ON MULTIPLE LISTING SERVICE(MLS).
He says in depressed areas like Long Island and Upstate where taxes is like a lead weight, making buyers think twice about having to pay between $12,000 to $18,000 per year, then the homeowner needs all they help they can get using signs & MLS services.
8) Lastly, all offers are presented, when a sellers accepts an offer then all info is exchanged between sellers attorney and buyers attorney. Next a contract is prepared by the sellers attorney. Overnighted to buyers attorney, then signed by buyers and overnighted back to sellers attorney for sellers to sign.
Application for a mortgage is submitted to a buyers Bank of choice. Then comes the appraiser to the home. One week later buyer receives the report. If appraised at selling price, buyers attorney orders a Title Report. When that comes back in 10 days and survey map is ok with Bank, a commitment is issued to the buyers. Then the last step is setting up a closing date.
TOTAL TIME FROM BEGINNING TO END IS ABOUT A 3 MONTH PROCESS.
Thank you for your input, to inform Homeowners of the complete process of SELLING A HOME.
source:JIM TURANO/BROKER-32 YEARS OF EXPERIENCE
DIVERSE REAL ESTATE
73-01 METROPOLITAN AVENUE, MIDDLE VILLAGE,NY 11379
SERVICING 'MIDDLE VILLAGE', 'GLENDALE', 'MASPETH', 'RIDGEWOOD','REGO PARK','KEW GARDENS'AND 'FOREST HILLS' AREAS.
For further info, just 'GOOGLE' JIM TURANO/BROKER