Frequently Asked Questions about Selling a Home in Orlando, FL:
What is my house worth?
What are the closing costs when selling a home?
How do buyers see my home once we list?
Home values vary greatly depending on your location, condition, and any improvements you may have added. We can help you assess the value to decide if now is the right time to sell. Contact us today
What are the closing costs when selling a home?
A seller is responsible for paying the real estate commission, transfer taxes to sell a property, an owner’s title insurance policy, and title company settlement fee. There are some other fees that might be a part of your specific contract as well as repair costs if the buyer has negotiated those. We can prepare a cost estimate before listing and when you receive a contract so you are always educated before making decisions.
How do buyers see my home once we list?
Buyers will contact their real estate agent or us to see your home. The best way to show a property is to allow us to place a lockbox that can only be accessed by agents. Then a real estate agent will contact us to show your home and we will notify you in advance. The amount of notice needed is up to you. We try to work with what is most convenient for you; but it is best to allow it to be show as easily as possible. The easier it is for buyers to see the quicker it will sell.
How long does it take to sell my house?
The average days on the market varies depending on location and market conditions. But a typical transaction takes about 30-45 days to close once you have a contract from a buyer. If the average time on the market in your area is 60 days, then you should expect to be moving in about 90 days if you have selected a good agent and prepared properly.
Once we’re under contract is the buyer locked in to closing?
Typically a buyer has some contingencies that must be met before closing. You can expect a 7-15 day inspection period in which a buyer may withdraw due to condition concerns. If a buyer is using a loan to buy a house there will also be an appraisal and financing contingency.
When should I start packing?
This is a personal choice. Many times a seller chooses to move first and then leave the house vacant for showings. If you do not have that luxury and need to sell before moving, that is just fine too! You will just want to wait to pack until we have a loan commitment from the buyer so you know things are pretty good to go.
I need to sell and buy a house simultaneously – how does that work?
Kathryn loves working on these deals! It is fun to put the pieces together but it does add more stress to the transaction because there are so many moving pieces. Depending on the market conditions, most of the time it is ideal to prepare your home for sale and list your home first. Then once you get a contract on your house select a home to buy next. Then we’ll try to arrange for closing on the same day. There are a lot of people involved in closing so always prepare a backup plan!
What if I owe more on my mortgage than the house is worth?
You have options even if you owe more than the house is worth. You can short sale your home if your mortgage company will approve it. It is a complicated and difficult process. The other option is to sell and bring the difference to closing. This is not ideal for everyone, but if you really want to get out from under a property this sometimes is worth it.
Frequently Asked Questions about Buying a Home in Orlando, FL:
How much money do I need to buy a house?
A down payment for a loan is anywhere from 3.5%-20% of the sales price (or more). Many people choose to put more money down to lower their house payment. However, there are options with a lesser down payment so you can keep more money in your pocket at closing. You will also need money for closing costs. These vary depending on your lender, but for a conventional loan plan for about 3-4% of the sales price for closing costs. So about 7-8% of the sales price minimum.
I don’t have 7-8% of the sales price I am qualified for, what do I do?
As long as you have the minimum down payment, you can still buy a house. You can ask a seller to cover your closing costs. In a competitive market it is more difficult to get them to accept and it does put your offer at a disadvantage but it can be done.
How do I know if the asking price is a good price?
Market values are very subjective. What you are willing to pay for a home and what a seller is willing to sell it for does make the market price. However, if you are using a loan to buy a home, the house will have to appraise as well. Your lender will not want to lend you more than the house is worth. We can show you comparable homes that have sold recently to help assess what a fair price might be at any time in the market.
How quickly can I close?
Closing dates are negotiable but you can expect about 30-45 days if you are using a loan. If you have cash usually you can close in about two weeks.
Who pays for the appraisal?
The buyer is responsible for paying for their own inspections and appraisal outside of closing, meaning these two costs are separate from your closing costs. Expect to pay around $800-$1000 for inspections and appraisal out of pocket prior to closing.
I want to buy a house but what do I do first?
First things first, contact a qualified buyer’s agent. We’re happy to set an initial consultation to see if we are the right fit for your needs. We will walk you through the steps from that point forward. The initial consultation is about 45 minutes to an hour.
Do I pay a real estate agent to buy a house?
No! Yay, you do not have to pay the real estate commission when buying a house. There is no reason not to use a buyer’s agent to assist you with your transaction because the seller is responsible for the entire real estate commission.