Tips for Sellers
Sellers and buyers should first read FSBO Washoe’s What’s Involved in Buying and Selling a Home for a general understanding of basic procedures, documents and requirements pertaining to the purchase and sale of a home. Sellers should then read this these Tips for Sellers.
- PRICING. Price your house realistically. Check what is being asked or has recently been paid for comparable homes in your area. In calculating your price, factor in such things as home age, lot size, construction, square footage, appearance, school districts, neighborhood, the number of bedrooms and baths and whether there is a pool, hot tub, built in barbeque or other valuable improvement.
- NEGOTIATIONS. Be prepared to negotiate. Negotiations may be initiated by your written counter to buyer's offer or you may discuss the price and other provisions with the buyer face to face, a procedure which can produce agreement on outstanding differences without the delay involved in written counteroffers. Sellers generally know more about their homes than realtors and are better able to answer the buyer’s questions and emphasize their home’s advantages.
- IMPRESSIONS. First impressions often determine whether an offer will be made. Sellers should make their homes as attractive as possible. Touch up or repaint as needed. Repair roof leaks, cracks and plumbing leaks. Make sure appliances, furnaces and air conditioning systems are in good working order and windows are clean. Rooms, especially kitchens and bathrooms, should be clean and uncluttered. Lawns should be cut and plants trimmed and healthy.
- MARKETING. To supplement on-line listings, sellers can create attractive fliers with pictures, home and school data, and desirable features to leave in the brochure containers provided by FSBO Washoe. Many offers result from open houses. Sellers should publish open house dates and times on lawn signs and in their FSBO Washoe listings.
- PAYMENT. In the purchase contract sellers generally require the buyer to deposit earnest money when escrow is opened, usually 1% of the purchase price or a little more. In addition to the purchase price, the contract generally states the amount of the down payment, the amount of any necessary loans and whether the sale is contingent on the buyer’s ability to secure financing. Knowledgeable Sellers frequently request serious buyers to provide a letter from the lender confirming prequalification for a loan up to a stated amount or approval of the loan specified in the contract.
- DISCLOSURES. Nevada sellers are required to disclose to buyers known property defects on a Nevada Property Disclosure Form, an example of which is found in the FSBO Washoe Services Directory.
- INSPECTIONS. The contract should establish a reasonable time for buyers to perform any inspections specified in the contract and carry out any appraisal required by the lender. The contract should also allow sellers a reasonable time to complete any maintenance and repairs for which they are contractually responsible.
- ESCROW HOLDER. The seller should select a reliable escrow holder acceptable to the buyer to perform the important functions described in FSBO Washoe’s What’s Involved in Buying and Selling a Home.
- MAINTENANCE. After completion of all agreed repairs and improvements, sellers should maintain the property in this condition through closing.
- ROLE OF THE ATTORNEY. For a reasonable, fixed fee, reputable local attorneys specializing in real estate law may be retained to draft or review all necessary legal documents and advise their clients at every stage of the sale through closing. While many homes are sold directly without the assistance of an attorney, FSBO Washoe recommends that buyers and sellers each retain their own in order to save time, avoid legal mistakes and assure peace of mind. Substantial savings in real estate commissions more than offset the relatively modest cost involved. Several reputable real estate attorneys are listed in the FSBO Washoe Services Directory.
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