FAQs for Sellers
Pre-Listing Process
Start by researching the market, determining your home’s value, and making any necessary repairs or improvements. Working with a real estate agent can help streamline the process.
Your agent will conduct a Comparative Market Analysis (CMA) to compare similar properties in your area and help you set a competitive price.
It depends on the condition of your home and the market. Small repairs and updates can make your home more appealing and increase its value.
Staging Your Home
Staging helps potential buyers envision themselves living in the space. A well-staged home often sells faster and for a higher price.
Not necessarily. You can declutter, rearrange furniture, and enhance curb appeal on your own, or work with a professional if needed.
Photography
Professional photos make your listing stand out and attract more potential buyers. High-quality images can significantly impact how quickly your home sells.
While you can, professional real estate photographers have the skills and equipment to capture your home in the best possible light.
Yes! Make sure your home is clean, decluttered, and well-lit. Open curtains, remove personal items, and highlight key features.
Active on the Market
The timeline varies based on market conditions, pricing, and demand. On average, homes sell within a few weeks to a couple of months.
Buyers or their agents will schedule appointments to view your home. You should keep your home clean and be ready to accommodate showings on short notice.
If your home isn’t attracting buyers, you may need to adjust your pricing, improve staging, or enhance marketing efforts.
Contract and Negotiations
You can accept, reject, or counter the offer. If you counter, negotiations continue until both parties agree on the terms.
Yes! Buyers often make initial offers below the asking price. You can negotiate to reach a fair agreement.
It’s a deposit from the buyer that shows they’re serious about purchasing your home. If the sale goes through, it’s applied to the purchase price.
Title Company
The title company ensures there are no legal claims on your home and facilitates the transfer of ownership to the buyer.
Yes, you may need to provide your property deed, mortgage details, and any HOA documents if applicable.
Inspections and Repairs
Yes, most buyers request a home inspection before finalizing the purchase. It helps identify any potential issues.
It depends on the contract. Some sellers agree to make repairs, while others offer a price reduction instead.
You can sell the home “as-is,” but be prepared for buyers to negotiate the price based on any issues found.
Appraisal
An appraisal determines your home’s market value. If the buyer is using a mortgage, their lender requires an appraisal to confirm the home is worth the loan amount.
The buyer may ask you to lower the price, or they might cover the difference. If no agreement is reached, the sale could fall through.
Survey
A survey defines property boundaries. Some lenders and buyers require one to avoid disputes over land ownership.
It depends on the agreement. Some buyers pay, while in other cases, sellers provide an existing survey.
Preparing for Closing
Ensure all required documents are ready, move out of the home, and leave it in good condition for the buyer.
You’ll typically receive the funds within a few days after closing, once all paperwork is processed.
You can arrange a remote or mail-away closing through your agent or title company.
Leases
If your home has tenants, you may need to notify them before selling. Some buyers are willing to purchase the home with an active lease in place.
Yes, but the new owner will have to honor the existing lease unless other arrangements are made with the tenant.
FAQs for Buyer
Buyer's Agent
While it’s not required, having a buyer’s agent helps you navigate the process, negotiate better terms, and ensure you find the right property.
In most cases, the seller pays the commission for both the buyer’s and seller’s agents, so buyers typically don’t have to pay out of pocket for this service.
It’s best to commit to one agent to avoid conflicts and ensure a smoother process. If you’re unhappy with your agent, you can switch before signing a contract.
Look for an experienced, knowledgeable agent who understands your local market and communicates well. Referrals and reviews can help in making a decision.
Pre-Approval
Pre-approval is when a lender reviews your financial information and determines how much they’re willing to lend you. It strengthens your offer and shows sellers you’re a serious buyer.
Pre-qualification is an informal estimate of what you might afford, while pre-approval is a more in-depth review with credit checks and financial documentation.
You’ll need to submit financial documents like proof of income, tax returns, bank statements, and credit information to a lender.
Pre-approval letters are typically valid for 60 to 90 days. If it expires, you may need to reapply.
Technically, yes, but sellers are more likely to accept offers from pre-approved buyers since it reduces the risk of financing issues later.
Down Payment and Fees
It depends on the loan type. Conventional loans typically require 5–20%, while FHA loans may allow as little as 3.5%. VA and USDA loans can require 0% down.
Yes! Many first-time homebuyer programs offer grants, loans, or down payment assistance based on income and location.
Besides the down payment, you’ll need to budget for closing costs (2-5% of the home price), home inspection fees, appraisal fees, and moving expenses.
Yes, but lenders usually require a gift letter stating that the money is not a loan and does not need to be repaid.
PMI is required for conventional loans when you put down less than 20%. It protects the lender in case you default on your loan.
After Offer Accepted
Once the seller accepts your offer, you’ll need to submit an earnest money deposit, schedule a home inspection, finalize mortgage approval, and prepare for closing.
It’s a deposit (typically 1–3% of the home price) that shows you’re serious about purchasing the home. It goes toward your closing costs or down payment.
Yes! A home inspection helps identify potential issues before finalizing the purchase. You can negotiate repairs or back out if major problems are found.
Yes, but you may lose your earnest money deposit unless you have contingencies in place (e.g., financing, inspection, or appraisal issues).
If the appraisal is lower than the purchase price, you can negotiate with the seller, cover the difference, or request a new appraisal.
Closing
You’ll sign legal documents, pay closing costs, and officially receive the keys to your new home once everything is finalized.
It typically takes 30 to 45 days from the time the offer is accepted until closing.
You’ll need a government-issued ID, proof of homeowners insurance, a cashier’s check or wire transfer for closing costs, and any final documents required by your lender.
You’ll receive the keys after all documents are signed and the transaction is officially recorded, usually on closing day.
You can arrange for a remote or mail-away closing. Some title companies also offer electronic closings.