Remember, your home is unique, you love it, and now we need to find the one buyer who’s equally charmed.   A buyer who overlooks the noisy road; who sees how beautiful the kitchen will be for their family if they knock down one wall; who sees this as an ‘almost perfect’ home, and accepts the compromise. 

A unique, almost unbreachable law of real estate?  The first offer, if remotely reasonable, is always the best offer.  You may be disappointed.  But let your head, not your heart, rule.  Work with your Berkshire Hathaway HomeServices Barnbrook Realty partner – do everything possible to come to a middle ground with the buyer.  Once you’ve agreed on a price and await the results of a home inspection, it’s natural to experience extreme tension.  You may experience ‘seller’s remorse’ but it will pass.  This is when your Berkshire Hathaway HomeServices Barnbrook Realty partner’s steady, experienced shoulder will be there to lean on.  He/she has been through this many, many times before and will be comforting, reassuring, and will help to update you on progress and likely outcome.

Yes! Staging makes your home much more attractive to potential buyers by creating a tangible vision of the homes potential. Staging in turn helps it sell faster and usually for more money on average. According to some figures, 95% of homes that are properly staged sell in 12 days or less – which is 85-88% faster than a home that is is not staged.

Closing costs are fees paid to third parties to finalize a home purchase, explains Fool.com, by both the buyer and the seller. Costs can vary widely depending on state requirements, the type of loan the buyer has, the fees that the lender charges, local customs and any arrangement negotiated between the buyer and seller. Buyers typically pay the closing costs related to their mortgages such as loan origination fees, discount points, mortgage insurance and more. Buyers are also responsible for some third-party fees such as attorneys’ fees, appraisal fees, escrow fees and title search fees, prorated shares of property taxes and hazard insurance, and more. Buyers may be required by the lender to escrow monthly payments in advance for one to three months and property taxes and insurance for up to a year in advance.

Three days before closing, the lender provides a closing disclosure that outlines all fees and the “cash to close” required of the buyer at closing – typically as much as 3% to 6% of the home purchase price. Buyers have the option of paying cash, rolling closing costs into their mortgage, paying a higher interest rate of lender-paid fees and asking the seller to pay them in exchange for a higher purchase price.

Home sellers are usually responsible for the buyer’s title insurance and both the buyer’s and seller’s real estate commissions and/or fees. Seller’s fees can range between 6% to 8% of the home’s sale price and are taken out of the transaction proceeds. 

It’s a common scenario in a hot market – the buyer has their next home within their grasp, but then the seller backs out of the contract. How can this happen and what can buyers do about it?

Home sellers back out of signed contracts because of a higher offer, higher appraisal than the buyer’s offer or a financial or emotional problem, such as job loss or the death of a family member, according to Bankrate.com. Some sellers simply have mixed feelings about moving or resent the buyer’s demands.  

If a seller wants to back out, there are three ways to do so without expensive consequences.

1.     If the buyer fails to perform, such as not being able to obtain financing, failing to provide a deposit, or missing the closing date. However, the seller should have a provision in the contract regarding notice to the buyer to perform and then comply with those provisions to get away without penalties.

2.     If a written contingency hasn’t been met by the buyer or if the seller included a contingency on being able to buy another home, but they’re unable, they can walk away from the purchase contract.

3.     Last but not least, the contract should include an attorney review clause. They may find something in the contract that allows the seller to bail out.

Otherwise, the seller may be ordered by a court to pay the buyer a large amount of money or make the seller follow through with the sale.