Frequently Asked Questions

Below are a variety of answers to common questions to help you understand what is involved in the selling process.

If you have any unanswered questions or need clarification on any matter, call us at (505) 730-8181 or e-mail info@nmrealty.com

GENERAL QUESTIONS
1. How much is my property worth?
2. What if I feel my property is worth more?
3. When is the best time to sell?
4. How soon will my property sell?
5. Should I buy or sell first?
6. What are the biggest mistakes home sellers make?
7. What are your duties to me?
8. How do I get started?

PREPARATION QUESTIONS
1. What do I have to disclose about my property?
2. How can I increase the value of my property?
3. What will I have to do once my property hits the market?
4. Do I have to make repairs?

MARKETING QUESTIONS
1. What is the MLS?
2. Will my property be listed on the Internet?
3. Will there be a lock box on my door?
4. Do I need to be home when my property is being shown?
5. Will there be a sign on he property?

CLOSING QUESTIONS
1. What costs are involved in selling?
2. What should I expect during closing?
3. When do I have to move out?
4. What if the appraisal comes in lower than the price?
5. When do I receive the funds from the sale?

GENERAL QUESTIONS

1. How much is my property worth?
There are many factors involved in valuing a property. Some factors are: curb appeal, condition, location, season, neighborhood, and size. For a FREE valuation of your home, click here. We can provide you with a Comparative Market Analysis of what your home may be worth.

Back To Top

2. What if I feel my property is worth more?
It's not uncommon for a seller to feel that their property is worth more than the suggested list price. It's actually normal for an owner to have an emotional attachment to their property, especially since it may carry some sentimental value.

The value estimated on your property is carefully calculated on specific criteria focused on your individual property and properties that previously sold in your neighborhood. While one property may have some upgrades that a similar one doesn't have, won't justify a significant price difference.

The same criteria used to determine value of your property is the same criteria used by appraisers. If the appraised value of your property at closing comes in well under the list price, it could result in the loss of the potential buyer.

Back To Top

3. When is the best time to sell?
There really is no definitive time frame. Traditionally, Spring is considered the best time to sell. However, while weather considerations can come in to play, the best time to sell depends on various other factors.

When there is less competition from other listings priced in your property's range, buyers will have less to choose from. This is to the seller's advantage. Plus, buyers may tend to be more picky when there are a lot of properties to choose from.

Picking a time to sell can also be determined on your individual needs (e.g. job transfer, military, etc.). Sometimes, there's no better time to sell than now.

Back To Top

4. How soon will my property sell?
Potentially there is a buyer for every property. Now, what can help speed the process of your property is to increase the amount of potential buyers. This can primarily be achieved by trusting the advice of your REALTOR^®.

Location, condition and pricing are some of the key factors in getting your home sold. Taking into consideration, a unique property may take longer to sell, because a special buyer, one who appreciates the uniqueness, must be found.

Another helpful factor is, the more your property is shown, the quicker a buyer may be found. Also, be flexible about dropping the price if it is necessary. A slight decrease in price could intrigue prospective buyers who formerly showed interest.

The bottom line is, buyers will decide to purchase your home based on comparisons they make against other properties currently for sale. Rest assured that we will work vigorously to sell your property as soon as practically possible.

Back To Top

5. Should I buy or sell first?
Many buyers may need to sell first in order to free up cash to purchase a new property. A big obstacle in selling first is that you may have to move twice, once into a rental/apartment, then again into your next property.

If you choose to buy a new property before you sell your existing property, you risk having to carry two mortgages until your old property sells.

The advantage of buying a property before you sell your existing property, is that it gives you more time to look for the property that best meets your needs without the pressure of having to move.

It generally comes down to your personal circumstances. We can help you explore your options. 

Back To Top

6. What are the biggest mistakes home sellers make?
It's important to remember when selling your home, that you're in competition with other sellers in your area. As in any competition, it's important to not make any unnecessary mistakes in order to maintain an advantage over your competition.

Some common mistakes sellers make are:

• Wanting their property priced higher than recommended
• Ignoring their REALTOR^®'s advice
• Not preparing the property for sale
• Not making necessary repairs
• Not keeping the home in showing condition
• Not allowing their home to be shown
• Not leaving the home when it is being shown
• Talking to potential buyers and/or their agents
• Not depersonalizing their home
• Wanting the property listed before it's ready to show
• Hiding or failing to fully disclose problems about the property
• Rejecting offers rather than making a counteroffer
• Not considering a reasonable offer
• Not budging on the price
• Not allowing their listing to be placed on the Internet
• Not wanting their property listed in the MLS
• Not wanting a lockbox for their property

These are only some common mistakes sellers make. It's wise to trust your REALTOR^®'s advice as they have your best interest as their priority.

Back To Top

7. What are your duties to me?
As your REALTOR^®, you are entitled to a variety of duties ranging from honesty to confidentiality. For a complete outline of broker duties, click here.

Back To Top

8. How do I get started?
All you need to do is call us at (505) 730-8181 or e-mail info@nmrealty.com to get started. We'll help you with every step in the selling process, from the first to the last.

Back To Top

PREPARATION QUESTIONS

1. What do I have to disclose about my property?
As the seller, you are obligated to disclose any information about your property that you know are aware of.

You and your REALTOR^®, are required by law to disclose all facts that materially affect the value or desirability of the property, which are known  to you.

These may include: whether or not work done on the property meets building codes; any neighborhood nuisances or noises that a potential buyer may not notice, restrictions on the use of the property, and any health hazards (e.g. toxic mold, lead-based paint, etc.).

Back To Top

2. How can I increase the value of my property?
Specific home improvements can increase your property value above the cost of the improvements themselves, such as remodeling a kitchen, adding a bathroom or adding landscaping.

However, over-improving can have a reverse effect. You don't want to invest in improvements that exceed what you can potentially get a return on.

Sometimes, less is more. Your REALTOR^® can make reasonable suggestions that could add value to your property.

Back To Top

3. What will I have to do once my property hits the market?
You'll want to maintain the condition and show-ready appearance. It's best to keep the property presentable for the second, third, fourth and fifth prospective buyer as presented for the first.

Next, you'll want to leave all the lights on, blinds open and/or curtains drawn every time you leave the property. Your property may be shown unexpectedly and this allows for a prepared, bright and welcoming presence.

Then, you'll want to be sure to leave the property briefly while it is being shown. You want any prospective buyer to have the least amount of distractions when walking through. It gives them the feel as though they actually live there.

Lastly, maintain one of the most challenging virtues, patience. While you may have been told stories of properties that sold within a week, a day or even an hour. Realistically, each property carries its own circumstances and time frame necessary to find a buyer. It can be typical for a property to take three to six months to sell.

Back To Top

4. Do I have to make repairs?
Some repairs may be required (e.g. toxic mold removal). Others are necessary to enhance the value of the property. The more negatives a prospective buyer can point out, the less attractive the price will be.

Back To Top

MARKETING QUESTIONS

1. What is the MLS?
The MLS (Multiple Listing Service), is a comprehensive database of all properties for sale in a given geographical area. A search for a home can be performed to produce listings that fit a buyer's criteria. This exclusive tool is only available to REALTOR^®s.

The MLS provides an important marketing advantage in selling your property. You maximize the possibility of selling your property more quickly and at a better price when it is listed in the MLS.

Back To Top

2. Will my property be listed on the Internet?
Absolutely! That is, if you wish to utilize this option. Listing your property on the Internet gives you amazing exposure to thousands of potential buyers. We understand the power of the Internet and specialize in harnessing its power.

A phenomenal percentage of the homes sold are found on the Internet. Having it listed online will increase your chances of selling your home quickly and at your asking price.

Back To Top

3. Will there be a lock box on my door?
Yes, you have the option of placing a lockbox on your property. A lockbox is s type of safe that contains a key to your property. Only licensed REALTOR^®s will have access to this device to be used as a convenient way to make your property accessible to REALTOR^®s without requiring your presence.

Back To Top

4. Do I need to be home when my property is being shown?
No, it's highly recommended that you leave briefly while the property is being shown. Taking a short walk or drive gives the buyers an opportunity to comfortably and peacefully view your property.

Back To Top

5. Will there be a sign on the property?
Yes, this is another valuable option. Having a sign on your property starts the word-by-mouth effect by informing people who pass by that your property is for sale. It also provides a flyer box that contains details about your property to potential buyers.

Back To Top

CLOSING QUESTIONS

1. What costs are involved in selling?
Like in business, it takes money to make money. This applies to almost all investments, including real estate. When an offer is made and accepted, the transaction begins. There are a lot of parties involved that help make the sale complete, from your REALTOR^® to the existing lender. Your REALTOR^® can provide you with a net-out that gives you an estimate of your net profit once all applicable expenses have been deducted.

Back To Top

2. What should I expect during closing?
During closing, a series of events will unfold. The property may be visited by inspectors, surveyors, appraisers and all other applicable parties. There will also be paperwork that will be completed throughout the closing. As your REALTOR^®, we will make every attempt to make the closing go as smoothly and quickly as possible.

Back To Top

3. When do I have to move out?
This is specified in the purchase agreement. You can note that you will leave the premises on the funding date or if you need to stay a short while longer, an arrangement will need to be made between you and the buyer.

Back To Top

4. What if the appraisal comes in lower than the price?
The buyer's lender will provide a loan up to the appraised amount. The buyer than has the option to pay the remaining amount to meet the listed price. If the buyer doesn't have available funds to meet the list price or doesn't wish to pay the additional amount, a mutual compromise may be attempted to save the transaction.

Back To Top

5. When do I receive the funds from the sale?
Generally, funds are provided on the funding date, the same day when the buyer receives the keys.

Back To Top