Frequently Asked Questions - Sellers
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What is a Seller’s Agent and why do I need one?
What is a REALTOR®, and what makes them different from a Real Estate Broker?
What are the costs are associated with selling a home?
What if the buyer backs out of the contract?
How long does it take to sell a home and when do I move out?
A Seller’s Agent is a Real Estate Broker who will represent and protect you, as well as walk you through every aspect of your home sale. Your agent has your best interests in mind while providing expertise and negotiation on your behalf, as well as informing you of all of your rights, options, and responsibilities during your home sale transaction and beyond. As your Seller’s Agent, I strive to provide excellent advice and coaching through every step of your transaction so that you feel empowered to make informed decisions regarding your home sale.
Not all Real Estate Brokers are created equally! There is a significant and valuable difference between a REALTOR® and a licensed Real Estate Broker. All REALTORS® are Real Estate Brokers, but not vice versa. The actions of a REALTOR® are regulated by the National Association of REALTORS®, who provide a strict Code of Ethics for practicing real estate. This is a standard which REALTORS® are held to while representing clients, while a Real Estate Broker is not. Every broker at Madison & Company Properties is a REALTOR®. When choosing representation in your home purchase, the choice of working with a REALTOR® over working with a Real Estate Agent may save you a lot of frustration down the road.
In Colorado, it is standard and customary that the seller pays the commission to both the listing firm and the cooperative agent. In addition to the commission, the seller is responsible for the Title Insurance Policy for the buyer, prorated taxes and home owner association dues, and some closing fees. Upon hiring us to represent you in the sale of your home, you will receive an estimated seller settlement statement, showing all costs involved as well as an estimated “in pocket” proceeds amount.
Sometimes, the buyer that you put under contract will have second thoughts or elect to terminate the contract to buy your home. The Colorado contract is written to protect the buyer, and there are a variety of reasons that they can elect to terminate, including property title commitment, inspection, due diligence items, appraisal and loan objection. It is never fun to have a buyer terminate, and we will do all we can to prevent that from happening. If your buyer terminates for a valid reason, we would return their earnest money and go back on the market. All parties should work in good faith, meaning with the intent to cooperate and solve issues, but there are some things that are out of your control.
Typically, it takes most sellers a few weeks to get their home ready for sale. Once you are ready to hit the market, I have professional photos taken, prepare my extensive marketing of your property, and go active. Once we begin showings, feedback will be provided to give you the best shot at receiving an offer. After you accept an offer, barring any property, title, or appraisal issues, most loans close within 40 days, and cash transactions can be as quick as 10 days from contract to close. Possession is usually given at closing, but that can be negotiated to give you more time if necessary.
When you turn over possession to the buyer, there are a few things to consider. We need to be diligent to make sure all the agreed upon included items listed on the contract remain in the home (like window coverings, garage door openers and appliances). When you vacate the home, you do need to leave it in move in ready condition, with no personal items, trash or debris left behind. I encourage all of my sellers to leave the home in a condition that you would be happy having it turned over to you if you were the buyer. Before closing, I will provide a detailed reminder of inclusions and further information.