“ Clear, thorough handbook on selling a house.” NATIONAL ASSOCIATION OF REAL ESTATE EDITORS FIRST PLACE WINNER 2ND EDITION Selling House YOUR Nolo’s Essential Guide • Attract buyers • Negotiate effectively • Close the deal at top dollar Ilona Bray, J.D., bestselling author of Nolo’s Essential Guide to Buying Your First Home Insider tips from industry experts! This Book Comes With Lots of FREE Online Resources Nolo’s award-winning website has a page dedicated just to this book Here you can: KEEP UP TO DATE When there are important changes to the information in this book, we’ll post updates And that’s not all Nolo.com contains thousands of articles on everyday legal and business issues, plus GET DISCOUNTS ON NOLO PRODUCTS Get a plain-English law discounts on hundreds of books, forms, and dictionary, all written by software Nolo experts and available READ BLOGS Get the latest info from Nolo for free You’ll also find authors’ blogs more useful books, LISTEN TO PODCASTS Listen to authors discuss timely issues on topics that interest you WATCH VIDEOS Get a quick introduction to a software, online apps, downloadable forms, plus a lawyer directory legal topic with our short videos Get updates and more at LAW for ALL www.nolo.com/back-of-book/SELL.html The Trusted Name (but don’t take our word for it) “ In Nolo you can trust.” THE NEW YORK TIMES “ Nolo is always there in a jam as the nation’s premier publisher of do-it-yourself legal books.” NEWSWEEK “ Nolo publications…guide people simply through the how, when, where and why of the law.” THE WASHINGTON POST “ [Nolo’s]…material is developed by experienced attorneys who have a knack for making complicated material accessible.” LIBRARY JOURNAL “ When it comes to self-help legal stuff, nobody does a better job than Nolo…” USA TODAY “ The most prominent U.S publisher of self-help legal aids.” TIME MAGAZINE “ Nolo is a pioneer in both consumer and business self-help books and software.” LOS ANGELES TIMES 2nd Edition Selling Your House Nolo’s Essential Guide Ilona Bray, J.D LAW for ALL SECOND EDITION JANUARY 2017 Editor CARA O’NEILL Cover Design SUSAN PUTNEY Proofreading SUSAN CARLSON GREENE Index SONGBIRD INDEXING SERVICES Printing BANG PRINTING Names: Bray, Ilona M., 1962- author Title: Selling your house : Nolo’s essential guide / Ilona Bray, J.D Description: Second Edition | Berkeley, CA : Nolo, 2017 | Revised edition of the author’s Selling your house, 2015 | Includes index Identifiers: LCCN 2016031707 (print) | LCCN 2016036595 (ebook) | ISBN 9781413323511 (pbk.) | ISBN 9781413323528 (ebook) Subjects: LCSH: House selling United States | Residential real estate United States Classification: LCC HD259 B733 2017 (print) | LCC HD259 (ebook) | DDC 643/.120973 dc23 LC record available at https://lccn.loc.gov/2016031707 This book covers only United States law, unless it specifically states otherwise Copyright © 2015 and 2017 by Nolo All rights reserved The NOLO trademark is registered in the U.S Patent and Trademark Office Printed in the U.S.A No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission Reproduction prohibitions not apply to the forms contained in this product when reproduced for personal use For information on bulk purchases or corporate premium sales, please contact the Special Sales Department Call 800-955-4775 or write to Nolo, 950 Parker Street, Berkeley, California 94710 Please note We believe accurate, plain-English legal information should help you solve many of your own legal problems But this text is not a substitute for personalized advice from a knowledgeable lawyer If you want the help of a trained professional—and we’ll always point out situations in which we think that’s a good idea—consult an attorney licensed to practice in your state Acknowledgments Is there any one person in the United States who can fully and accurately describe everything involved in selling a house? Doubtful The process involves a mix of wisdom and skills: marketing, finance, law, negotiation, interior decorating, and much more And just when you think you know a thing or two, the real estate or financial market changes That’s why, in preparing this book, we drew on numerous experienced professionals for tips and guidance, including: • Nancy Atwood, broker in Framingham, Massachusetts • Katy Ayer, CPA with Five Cities CPAs in Arroyo Grande, California (www.5citiescpas.com/index.php) • the late George Devine, licensed real estate broker in San Francisco and author and educator in the real estate field • Marjo Diehl, loan agent and vice president with RPM Mortgage, Inc., in Alamo, California (www.rpm-mtg.com) • Kenneth Goldstein, attorney with Goldstein & Herndon, LLP, in Brookline, Massachusetts (www.brooklinelaw.com) • Sylvia M Gutierrez, loan officer in the South Florida market (NMLS # 372427; sylviagutierrez.com) and author of Mortgage Matters: Demystifying the Loan Approval Maze • Rob Jensen, president and broker/owner at Rob Jensen Company, a Las Vegas brokerage agency specializing in guard-gated real estate (http://robjensen.com/)—with special thanks to Rob for having spent literally hours sharing his own experience, stories, and industry knowledge • Joel G Kinney, founder at Fort Point Legal in Boston, Massachusetts • Richard Leshnower, an attorney practicing in the state of New York • Mark Nash, Illinois real estate agent and author of 1001 Tips for Buying and Selling a Home • Carol Neil, broker and Realtor in Berkeley, California • Greg Nino, RE/MAX Realtor in Houston, Texas (www.everdayhoustonhomes.com) • Ann O’Connell, a Colorado-based real estate broker and attorney • Janet Portman, J.D., author, and Nolo editor • Amy Robeson, real estate broker with Pacific Union in Berkeley and Oakland, California (www.amyrobeson.com) • Paul A Rude, retired professional inspector in Berkeley, California • Ira Serkes, agent with Pacific Union in Berkeley, California, and coauthor of Nolo’s How to Buy a House in California (www.berkeleyhomes.com) • Daniel Stea, broker/owner/attorney at Stea Realty Group, in Berkeley, California (www.stearealtygroup.com) • Ngaire Taylor, loan officer with Eagle Home Mortgage in Lynnwood, Washington (www.eaglehomemortgage.com), and • Patricia and David Wangsness, Realtors with Coldwell Banker Bain Associates in Bellevue, Washington (www.wangsnessconnections.com) A number of home sellers were also generous enough to tell us about their experiences and let us publish their accounts, including Cathy Caputo, Wren Conroy, Linda Garey, Carter Wall, Kyung Yu, and others who wished to remain anonymous Here at Nolo, special thanks go to Legal Editor Kathleen Michon, who provided not only masterful editing of the first edition but expert advice on consumer credit and secured transaction matters; Acquisitions Editor Marcia Stewart, who made sure this book became a possibility and offered numerous substantive ideas and additions; former editor Alayna Schroeder, who provided some of the research and material that eventually found its way into this book; Legal Editor Cara O’Neill, who helped prepare the second edition; and Nolo’s Production Department, including Jaleh Doane and Susan Putney, who made the final version look great About the Author Ilona Bray is an author and legal editor at Nolo, specializing in real estate, immigration law, and nonprofit fundraising She is a member of the National Association of Real Estate Editors (NAREE) and coauthor of Nolo’s Essential Guide to Buying Your First Home, First-Time Landlord: Your Guide to Renting Out a Single-Family Home, and numerous other top-selling books Bray also blogs about real estate at Nolo.com Bray’s working background includes solo practice, nonprofit, and corporate stints, as well as long periods of volunteering, including an internship at Amnesty International’s main legal office in London She received an A.B in philosophy from Bryn Mawr College and her law degree and a master’s degree in East Asian (Chinese) Studies from the University of Washington Table of Contents Introduction: What’s Ahead in Selling Your House Steps: What You Can Do Now to Get Ready to Sell First No Need to Wait: Start Fixing and Decluttering! .8 Assessing Your House’s Best Features 11 Aiming for a Particular Sale Date? 14 What Else Is for Sale in Your Area? 17 How Much Will You Spend to Sell Your Home? 19 Expert Help: Hiring a Real Estate Agent, Getting Lawyer, and Accountant 25 Hiring a Real Estate Agent 26 Hiring a Real Estate Attorney 50 Hiring a Tax Expert for Advice on Your Home Sale 53 Work: Preinspections, Repairs, and Improvements 59 Prep Root It Out: Inspect It Yourself 62 Hiring a Professional Home Inspector 63 To Fix or Not to Fix? 67 Skipping All Repairs: Selling “As Is” 72 What About Remodels or Home Improvements? 73 Buyers What You Know: Disclosure Laws 79 Telling What’s on the Typical State Disclosure Form 81 How Far Should You Go in Disclosing? 82 Your Real Estate Agent’s Obligation to Disclose Home-Related Information 87 INDEX | 243 giving the form to prospective buyers, 88 haunted houses, 85 on lead, 89–90 liability for failure to disclose, 85, 89 material defects defined, 86 and preinspections, 65, 70 real estate agent’s role, 30, 87–88 resources, 82, 90 review of seller’s disclosure report contingency in offer, 179–180 roof-related, 88, 192 sex offenders in the area, 90 state forms, 81–82, 87 wisdom of full disclosure, 82–87 Discount points, 156 Discrimination, 138 Dispute resolution agreements, 49, 194–195 Dispute resolution for breach of contract, 212–213 Do-it-yourself, 69, 70 See also FSBO; Staging, DIY tips DOM (days on market) figure, 37, 42, 123 Down payment, 154, 169–170, 191 Dual agency risks, 38, 46 Duration of listing agreement, 47–48 E Earnest-money deposit, 168–169, 191, 213 EAs (enrolled agents), 55 Electrical repairs, 69 Electricity for vacant houses, 20–21, 204 Encumbrances, 178, 191–192 Enrolled agents (EAs), 55 Entire agreement statement in purchase contract, 195 Environmental disclosures, 30, 84, 89–90 Escrow credit, 209 Escrow officer/closing agent, 193, 236–237 Escrow period, 199–213 overview, 4, 31, 200 backing out of a deal, 212–213 caring for the house during, 201–204 and defects discovered during house inspection, 209 loss or damage to property during, 194, 211–212 See also Closing Esty.com, 11 Exclusive right to sell clause of listing agreement, 47 Expert help overview, 2, 26 organizing, 105 244 | SELLING YOUR HOUSE: NOLO’S ESSENTIAL GUIDE professional appraisal, 127–128 for seller financing plan, 155 for staging, 102–105, 109 tax professionals, 53–57 See also Real estate agent; Real estate attorneys Exterior of your house, 20, 28, 74, 106–108 Extreme open houses, 150 Financing contingency, 170–174, 206–207 Fishman, Stephen, on tax professionals vs tax preparers, 54–55 Fixer uppers buyers looking for, 71, 139 deciding to sell as, 62, 72 and list price, 67 real estate agent’s suggestions, 68, 71 Rendering the Possibilities™ F presentation strategy, 150 Fixtures, 109, 192–193 Fair housing laws, 138 Flood zone contingency in offer, Family room, staging, 112–113 179 Federal laws Floor plan and remodels, 75 fair housing laws, 138 Flopens (open house via boat), on lead disclosures, 89–90 150 Feedback from agents who visit Flowers, displaying for showing your house, 148 your house, 116 Fee payment designations stated Foreign buyers, 169 in offer, 174–175 Fees clause of purchase contract, FSBO (for sale by owner), 217–238 193–194 overview, 218–221 Fiduciary duty of real estate attorney for, 50 agent, 38 and buyer’s financial position, Financial incentives for buyers 233 overview, 140, 153–154 closing the deal, 236–237 buying down the interest rate/ complying with legal points, 156 obligations, 235 lease-to-own arrangements, cooperating commission for 156–157 buyer’s agent, 221–223, 225 seller financing, 154–155 INDEX | 245 negotiations with buyer, 233–235 and offer presentation, 163 resources, 235 See also Marketing by FSBO sellers Furniture as clutter, 94 G Garage conversions, 75 Goldstein, Ken, 174 H Heating the house while on the market or vacant, 20–21, 204 HOAs See Homeowners’ associations Home energy assessment, 66 Homeowner inspections, 62–63 Homeowners’ associations (HOAs) CC&Rs, 22–23, 82, 180, 204, 235 condominiums, 173, 193, 204, 214–215 disclosure about, 82 fees related to selling your house, 22–23 maintenance regulations, 203 notifying of vacant home, 204 sale rules, 235 Homeowner’s insurance, 21, 178, 201–202 Home warranty for the buyer, 22 Hot markets overview, 122 and buyer’s sale of other property contingency, 176 cash purchases mean less time to move, 17 and FSBO sellers, 221 negotiation leverage, 164 preinspections during, 64 pricing your house, 124, 126 and repairs, 9–10, 60, 71 and sale date, 16 setting a deadline for offers, 161–162 wisdom of full disclosure, 83 House sale contract See Purchase contract I Ideology and showing your house, 97 Improvements overview, 73 dollars and time required, 75–76 itemized list for potential buyers, 14 and original value of house, 76 remodels, 73–77 246 | SELLING YOUR HOUSE: NOLO’S ESSENTIAL GUIDE and resale value, 73–77, 108 roof replacement, 60, 61, 74 seller’s decisions about, 2, 9, 19, 20, 28 See also Repairs Inspection contingency, 177, 181, 207–211 Inspections basic review vs., 66 current condition of your house, and disclosures, 65 by homeowner, 62–63 preinspections, 20, 63–66, 70 preparing for, 66–67 specialized types of, 65–66, 67 Inspector qualifications, 64 Insurance homeowner’s insurance, 21, 178, 201–202 of staging professionals, 105 vacant house policy, 202 Interest rate, buying down the, 156 Internal Revenue Service (IRS), 56 J Jensen, Rob on cleaning before showing your house, 97 on clients who don’t want to sell, 16 on depersonalizing your house, 95 on expenses associated with selling, 23 on lender’s stated conditions for funding a loan, 206–207 on list price in relation to house value, 17 on living condition vs selling condition, 92 on opportunity cost of time, 10 on preapprovals, 171 on preinspections, 61 on real estate agent’s sales statistics, 42 on reducing your list price, 161 on repairing problems before listing your house, 64 on square footage calculations, 12 K Kinney, Joel G., on duration of listing agreement, 47–48 Kitchen decluttering, 94 remodels, 73, 76 staging, 110–111 INDEX | 247 L Landscapes and landscaping, 20, 28, 74, 106–108 Lead disclosure laws, 89–90 Lease for rent-back after the closing, 198 Lease option/lease-to-own, 154, 156–157 Lenders appraisal lower than purchase contract price, 206 expiration date of lender’s loan commitment, 176 last minute problems or questions, 214–216 list of conditions for funding a loan, 206–207 and rent-back arrangements, 198 reputable lenders, 171–172 See also Mortgages Leshnower, Richard, on binders, 183–184 Liability for failure to disclose, 85, 89 Lighting for houses while on the market or vacant, 20–21, 109, 204 outdoor, 108 Listing agreement, 46–49 Listing sheet, 146–147, 227, 228–229, 231 List price overview, and bidding wars, 121 difference in asking and selling price of comparable listings handled by your agent, 41 estimation based on CMA, 39 factoring in unrepaired problems, 70–71 real estate agent’s attitude toward, 18 real estate agent’s recommendation, 28 sale price vs., 17, 127 and wisdom of full disclosure, 83 See also Sale price Living room, staging, 112–113 Local market temperatures, 123–124 Location and pricing your house, 124–126 Lockbox, 147 Luxury upgrades and resale value, 74 M Maintenance of vacant house, 203–204 Manuals, retaining for new owner, 63 248 | SELLING YOUR HOUSE: NOLO’S ESSENTIAL GUIDE Market considerations overview, 122–124 balanced markets, 122 cold markets, 21, 126 days on market figure, 37, 42, 123 for FSBO sellers, 221 inventory, 123 investigating your local market, 17–18 need basis for pricing your house vs., 121 and repairs or improvements, 9–10 See also Hot markets; Marketing tools Marketing by FSBO sellers, 223–233 overview, 223 listing sheet, 227, 228–229, 231 online tools, 223–226, 227 open houses, 229–231 posting signs, 225, 227 showing your house, 231–233 website advertising your house, 225–226 Marketing tools, 135–157 overview, 136 agent’s marketing plan, 39, 43 attracting local buyer’s agents, 147–148 financial incentives for buyers, 140, 153–157 knowing your audience, 136–139 listing sheet, 146–147, 227, 228–229, 231 matching marketing efforts to your potential buyer, 139–140 maximizing online exposure, 141–146 photos and videos, 3, 143–145, 228 print advertising, 151 utilizing personal contacts, 152–153 yard signs, 151–152, 225, 227 See also Online tools; Open house Market value of your house determining home’s market value, 126–129 setting the price, 129–133 “Material” defects, 86, 208 Megan’s Law, 90 MLS (Multiple Listing Service) advertising open house in, 149 and FSBO sellers, 220, 221, 224–225 state-based accessibility, 40 Modifications to listing agreement, 49 INDEX | 249 Mold hazards, 84 on percentage of house sellers Mortgages using real estate agents, 28 buyer fails to qualify for, 215 real estate agent’s membership buying down the interest rate/ in, 40 points, 156 See also MLS down payment, 154, National Lead Information 169–170, 191 Center, 90 seller-financed, 155 Negotiations See also Lenders and attorney review Motherhoodcloset.com, 11 contingency in offer, 179 Move-in-ready homes, 68 cost of keeping the house on Moving, 22, 28 the market vs., 164 Multiple counteroffers, 186–187 FSBO seller with house buyer, Multiple Listing Service See 233–235 MLS real estate agent’s role, 31 for repair expenses, 208–209 Neighborhoods N CMA on repairs to recently sold homes, 37 NAPO (National Association of desirable neighborhoods, 125 Professional Organizers), 105 disclosing sex offenders in the Nash, Mark, on FSBO sellers, area, 90 220 market temperature in, National Association of 123–124 Professional Organizers neighbor review contingency (NAPO), 105 in offer, 180 National Association of Realtors® news stories about, 14 (NAR) noise or criminal activity as overview, 26 state-required disclosure, on all-cash sales, 170 81, 82 customer reviews of real estate open house for your agents, 35 neighbors, 153 FSBO data, 219 sex offender disclosure, 90 on home buyer’s online and vacant houses, 203 searches, 132 250 | SELLING YOUR HOUSE: NOLO’S ESSENTIAL GUIDE visiting open houses in your neighborhood, 128–129 Neil, Carol, 9, 30, 182 Newspaper ads, 151 Nino, Greg, 124, 197, 202 O O’Connell, Ann, 64, 166, 221 Offers, 159–187 overview, 4, 183 accepting the offer, 183–184 all-cash offers, 17, 170 backup offers, 186 buyer’s agent evaluation, 181–182 commission to agent when turns down an “acceptable” offer, 48 counteroffers, 184–187 earnest-money deposit, 168–169, 191, 213 expiration date, 191 on final walk through, 181 letter from buyer submitted with, 165 no offers received, 161 offer presentation meeting, 161–163 preemptive offers, 166 real estate agent’s role, 30–31 rejecting the offer, 184 signing the purchase contract, 187, 195 state-based standard practices, 163–165 state Realtor association offer forms, 163 Offer evaluation, 167–181 overview, 167, 175 appraisal contingency, 167, 174 attorney review contingency, 179 buyer’s sale of other property contingency, 176–177 closing date, 175–176 competing offers, 165–166 customized contingencies, 181 down payment amount, 169–170 earnest-money deposit, 168–169 fee payment designations, 174–175 financing contingency, 170–174 flood zone contingency, 179 homeowner’s insurance contingency, 178 inspection contingency, 177 neighbor review contingency, 180 INDEX | 251 “perfect” offers, 166 price, 167–168 review of CC&Rs or other documents contingency, 180 review of seller’s disclosure report contingency, 179–180 title contingency, 178, 210 Online tools for advertising your open house, 149 description of your house, 145–146 for estimates of house values, 127 for marketing, 141–146, 223–226 presentation of your property, 140 searching for homes, 132 websites, 141–143 Open houses overview, brokers’ open house, 3–4, 147 emotions related to, 148 FSBO sellers, 229–231 for neighbors, 153 public open house, 148–149 specially-themed, 150 success of, 148–149 visiting open houses in your neighborhood, 128–129 Outdoor improvements, 74 P Painting, 19, 28, 96, 107 Personal contacts, utilizing, 152–153 Personal property clause of purchase contract, 192–193 Pest inspection, 65–66, 107 Pets and showing your house, 95–96 Photos and videos, 3, 143–145, 228 Points, 156 Politics and showing your house, 97 Possession date in purchase contract, 194 Preapprovals, 170–173 Preemptive offers, 166 Preinspections, 20, 61, 63–66, 70 Preparer tax identification number (PTIN), 56 Preparing your house, 60–77 overview, 2–3, 60–61 for appraiser, 205 for buyer’s final walk through, 210–211 decluttering, 3, 8–9, 10, 92–97 depersonalizing, 93, 95–97 photos and videos, 3, 143–145, 228 252 | SELLING YOUR HOUSE: NOLO’S ESSENTIAL GUIDE real estate agent’s participation, 28 See also Cleaning; Disclosures; Staging Price stated in offer, 167–168 Pricing your house, 119–133 overview, 120–121 local market’s temperature, 122–124 location and desirability evaluation, 124–126 market value determination, 126–129 resources, 124 setting the list price, 129–133 See also List price Print advertising, 151 Probate, selling a house that’s in, 50 Professionals See Expert help Proofreading, 136 Property description in purchase contract, 191 Prorations and assessments clause of purchase contract, 193 Protection clause of listing agreement, 48 PTIN (preparer tax identification number), 56 Public accountants, 55 Purchase contract, 189–198 overview, 4, 190 on CID or HOA communities, 82 clauses, 190–195 difficulties encountered after signing, 166 and lender’s preapproval of property, 173 offer as, 163 signing, 187, 195, 234 See also Offers R Real estate agencies, 41 Real estate agent, 26–49 overview, 26, 33 agreement with, 45–49 “buying” the listing, 128 and clients who think their house is worth top dollar, 131 comparable market analysis from, 35–37, 39, 41, 126–127, 205–206 dual agency risks, 38, 46 duties of, 38, 49, 87–88 evaluating an agent’s presentation, 36–37, 39–40 evaluating the buyer’s agent, 181–182 and feedback from agents who visit your house, 148 finding a top-notch agent, 32–35, 40–45 INDEX | 253 fix-up suggestions, 68 and FSBO sellers, 221–223, 229, 232–233 geographic area of, 42 and list price, 18 marketing plan for your house, 39 and pre-offer stage, 162 sales history, 37 showing your house to prospective agents, 35–36 signing a listing agreement, 46–49 staging suggestions, 43, 105–106 value added by, 27–32, 49 See also Commission Real estate attorneys overview, 50 attorney review contingency, 179, 198 attorney review contingency in offer, 179 finding a top notch attorney, 51 for FSBO sellers, 235, 236–237 for lease option agreements, 157 questions for prospective attorneys, 51–53 and seller financing plan, 155 Real estate broker, 33, 40 See also Real estate agent Real Estate Staging Association, 104 Realtors®, 26, 40 See also National Association of Realtors®; Real estate agent “Reasonable time” until closing, 176 Record keeping, 23, 63, 95, 214 References from attorneys, 52 from real estate agent, 35, 43 from staging professionals, 105 from tax professionals, 57 Rejecting an offer, 184 Religion and showing your house, 97 Remodeling plans of buyers, 168 Remodels and resale value, 73–77 See also Improvements Rendering the Possibilities™ for fixer-uppers, 150 Rent-back after the closing, 197–198 Repair records, retaining for new owner, 63 Repairs buyer and seller negotiations, 31 buyer arranging for repairs, seller paying the bill, 210 CMA on repairs to recently sold homes in your neighborhood, 37 254 | SELLING YOUR HOUSE: NOLO’S ESSENTIAL GUIDE and current condition of your house, 1, 11, 13–14 do-it-yourself suggestions, 69, 70 electrical repairs, 69 factoring unrepaired problems into the list price, 70–71 and FSBO sellers, 220 and hot markets, 9–10, 60, 71 local market considerations, 9–10, 60 purchase contract limit on owner’s costs, 185 resources, 70 to roof, 68 seller making repairs for defects discovered during buyer’s inspection, 209–210 seller’s decisions about, 2, 9, 19, 20, 28, 67–68, 70–71 selling “as is,” 71, 72 See also Improvements Replacements.com, 11 Representations of owner, 49, 192 Resale value overview, 73, 77 decreasing, 74–75 factors affecting, 75–76 increasing, 73–74, 108 Residential Lead-Based Paint Hazard Reduction Act, Title X (1992), 89–90 Restricted appraisals, 128 Rights of use clause of purchase contract, 193 Robeson, Amy, 28, 31–32 Roof disclosures about, 88, 192 repairing, 68 replacing, 60, 61, 74 Rude, Paul A., on repairs by homeowners, 60 S Safety clause of listing agreement, 48 Sale date, 14–17 Sale price agent-sold vs FSBO, 219 average sales price in local market, 123–124, 126–127 and buyer preapproval, 171 list price vs., 17, 127 reduction for needed repairs, 67, 71, 209 See also List price Sales contract See Purchase contract Sales history of real estate agent, 37 INDEX | 255 Salesperson vs broker, 33 Security system, 67, 117, 203 Sellers overview, 1–5 backing out of a deal, 212 buyer fails to qualify for mortgage at last minute, 215 buying another house before yours is sold, 120, 125 condominiums and lenders, 173 contingencies, 195–198 financial incentives for buyers, 140, 153–157 financing the sale, 154–155 last-minute questions from lenders, 216 repairs by, 209–210 resources, responsibilities during escrow, 200 sale date, 14–17 seller representations, 49, 192 spending choices, 19–23 verifying financial viability of buyer, 174 Selling season, 15, 140 Selling your possessions, 11, 28 Serkes, Ira, 61, 83, 99 Service providers, 28 Sex offender disclosure, 90 Showing the property and alarm system, 117 easy access for buyer’s agent, 147–148 FSBO sellers, 231–233 last minute preparations, 115–117 pet control, 95–96 real estate agent, 29–30 swapping out fixtures you want to keep prior to, 109 See also Preparing your house Social networking for promoting your house, 226 Soil grading assessment, 66 Sotheby’s International Realty, 150 Staging, 97–117 overview, 3, 97–98, 99–100 catering to potential buyers, 140 costs, 20 finishing touches, 115–117 living in a staged house, 100–101 professional stagers, 102–105, 109 real estate agent’s suggestions, 43, 105–106 resources, 104 success of, 19–20, 98–99 timing of, 100 vacant houses, 101–102 Staging, DIY tips overview, 108–109 256 | SELLING YOUR HOUSE: NOLO’S ESSENTIAL GUIDE basements or storage areas, 115 bathroom, 111–112 bedrooms, 113–115 kitchen, 110–111 living or family room, 112–113 State laws on attorney for selling a house, 50, 198 disclosure forms, 81–82, 87 on disclosures, 30, 80, 86, 88, 89, 235 on earnest-money deposit, 168 on review of seller’s disclosure report contingency in offer, 179–180 on time window for closings, 175 State Realtor association offer forms, 163 Stea, Daniel on agent’s role in pre-offer stage, 162 on disclosures, 88 on keeping up on market conditions, 121 on real estate agent’s experience, 37 Swimming pools, 75 T Tables and clutter, 94 Tax attorneys, 55 See also Real estate attorneys Taxes and taxation capital gains tax, 16, 21, 22, 53 and lease option/rental payments, 157 transfer taxes, 22 Tax professionals overview, 53–54 finding, 54–55 questions for, 55–57 types of, 55 Taylor, Ngaire, on problems at closing, 214–215 Television, flat screen, mounted on wall, 193 Thredup.com, 11 Time is of the essence statement in purchase contract, 195 Timing of your sale, 140 Title agent, 236 Title clause in purchase contract, 178–179 Title contingency in offer, 178 Title officer, 235 Title search, 200 Title X, Residential Lead-Based Paint Hazard Reduction Act (1992), 89–90 Transfer taxes, 22 INDEX | 257 U Underwritten preapprovals, 171 V Vacant houses, 20–21, 101–102, 201–204, 211 Value added by real estate agent, 27–32 Warranties, retaining for new owner, 63 Waterfront home presentation strategy, 150 Website advertising your house, 225–226 Window washing, 19, 107 Y Yard signs, 151–152, 225, 227 W Walk Score, 13 Wangsness, David, 83, 150 Wangsness, Patricia, 150, 172, 202 Z Zoning violations as staterequired disclosure, 81 l ... author Title: Selling your house : Nolo’s essential guide / Ilona Bray, J.D Description: Second Edition | Berkeley, CA : Nolo, 2017 | Revised edition of the author’s Selling your house, 2015 |... Your Home? 19 8 | SELLING YOUR HOUSE: NOLO’S ESSENTIAL GUIDE H ow soon are you hoping to sell your home? Depending on your own readiness to move and what shape your house is in, it’s ideal—though... business self-help books and software.” LOS ANGELES TIMES 2nd Edition Selling Your House Nolo’s Essential Guide Ilona Bray, J.D LAW for ALL SECOND EDITION JANUARY 2017 Editor CARA O’NEILL Cover Design