Home Selling FAQs
Q: “Are there special home-ownership grants or programs for single parents?”
A: Although you won’t have the benefit of two incomes on which to qualify for a loan, there’s no reason that you can’t become a homeowner. Become familiar with the process, pick a good real estate broker, and think about getting pre-qualified for a loan. You might want to contact one of the HUD-funded housing counseling agencies in your area to talk through your options. And you also might want to think about buying a HUD home – they can be very good deals. Also, contact your local government to see if there are any local homebuying programs that could help you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office.
Q: “Should I use a real estate broker?”
A: Yes. An experienced and well respected agency like Jaret & Cohn can help you navigate to a successful closing. Avoid the pitfalls of home buying and work with a professional.
Q: “Why should I list my home with a real estate agent instead of selling it myself?”
A: An experienced and qualified agency like Jaret & Cohn helps you to sell your house by finding qualified buyers as well as the following: ?Advertising ?Following up on potential leads ?Accurate and timely completion of all paperwork ?Following the laws and disclosures required when selling real estate
Q: “What is a listing agreement?”
A: Your Jaret & Cohn Agent will define the terms of your agreement in writing. This is called a listing agreement. The agreement will cover such items as: ?Length of time the agreement covers ?Commission to be paid to the agent ?Advertising or other promotional materials the agent will provide ?Sale price of the home
Q: “What information must I reveal about the house on the disclosure statement?”
A: The disclosure statement covers material or major defects that the owner has knowledge of, including: ?Appliances ?Structural defects and modifications ?Possible easements ?Neighborhood problems ?Other material facts that may affect the potential purchaser’s decision The federal lead paint disclosures apply to the sales of residential property, including mobile homes, constructed before 1978 and require sellers to disclose known lead hazards by providing an informational booklet and a disclosure form attached to the purchase contract. Depending on location, other disclosure may be required.
Q: “Do I have to accept an offer made on my home?”
A: No. But if the offer exactly mirrors the conditions of the listing agreement under which you have offered your home for sale, you may be obligated to the real estate agent for the commission. Both buyer and seller must sign the agreement for it to become binding.
Q: “I think I can get a higher price for my home than the offer I accepted. Can I back out of the deal?”
A: No, not without potential consequences. Exactly what you can do and how much it will cost you will depend on how the contract is worded and the laws of Maine.
Q: “I’ve decided I want to take some items in the house that were originally to be left with the house. Can I change my mind?”
A: Not without reaching an agreement, in writing, with the buyer. If you’re taking additional items from the home, reducing the value of the home, expect a reduction in the purchase price of the home by an equal, or possibly greater amount, than the value of the item. The buyer isn’t obligated to accommodate your request.
Q: “The purchaser asked for an extension to secure financing. Do I have to agree?”
A: No. The terms of the purchase agreement should reference any contingencies with regard to financing. If there is not a reference to obtaining financing, you may force the sale and take the buyer’s earnest money if he can’t come up with financing in time for the closing.