Home Selling FAQS
How long does it take to sell a house?
There is no set time frame in which a home can be sold. It can vary from days to several months. The selling timeline is down to a number of factors including; the listing price, the condition of the property, and the market itself. If a buyer is purchasing a home with a mortgage which is most common, the typical time frame is 30 days. Cash transactions can close as soon as a week
What is an Option Period?:
The option period is the due diligence period for the buyer to conduct their inspections and conduct their due diligence. A buyer can terminate the contract and have their earnest money refunded if they terminate while they are within the option period In Houston, the typical option period is 7-10 days however this is negotiable. In most cases, inspections and tests are at the expense of the buyer
Should I stage my Home? How much does this cost?
This cost depends entirely on the size of the home and the quality of furniture that the seller desires to use. Staging is not mandatory, however, when done right can certainly accelerate the selling process and reduce the number of days on the market. At Maven, we work with top, local interior designers. Their stagings will give the property the feel of a home, rather than just a house. Depending on house size and other factors, stagings can cost anywhere between $1,000 and $10,000.
What is a Listing Agreement and how long does it last?
A listing agreement is a contract between the seller(s) and the listing agent that is hired to sell residential property in exchange for a percentage of the sales price. A listing agreement is usually 3-6 months however it can be longer if agreed upon by both parties
The seller does have the right to terminate a listing agreement if you don’t like the service you’re getting from your real estate agent, but be aware that you may be liable for any out-of-pocket costs they have expended on your behalfs, such as for staging and advertising. All these responsibilities and obligations should be explicitly spelled out in the listing agreement you sign. At Maven Real Estate Advisors, we want what is best for the seller, if they choose to terminate, …
Do I have to include my appliances when I sell my home in Houston?
The decision to include the appliances with the sale is fully up to the seller. Appliances such as the refrigerator, washer, and dryer are considered personal property so they typically do not add much value to your home. If the buyer is set on including the appliances, this can always be negotiated with the seller to determine the cost.
What is a seller contributions/seller concessions?
A Seller contribution allows a homeowner to contribute a dollar amount towards a buyer’s closing costs and/or pre-paid items. For example, a buyer who qualifies for an FHA or Conventional mortgage can receive up to 3% of the purchase price towards their closing costs. We have creatively structured contracts with seller contributions to help buyers offset their closing costs in situations where this saves the deal.
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What are Closing Costs?:
Closing costs are the typical fees of a housing transaction. The closing is the final stage of the home selling process, in which all documentation is signed, and payments are processed. The final step is the transfer of ownership of the property from you to the buyer.
This process runs smoothly because third-party services known as title companies facilitate the closing process to ensure the deed or title to the property is clear when ownership is transferred to the buyer. Both the seller and buyer pay their respective closing costs, some of which are negotiable
In Houston, Texas, the rule of thumb for what the seller is expected to pay accounting for commissions as well is about 7% of the final home sale price. Closing costs include:
Title searches
Loan payoff fees
Recording fees
Title insurance
Mortgage payoff
Outstanding balances
Settlement Fee
Is the seller required to pay the buyer’s closing costs?
As the seller, you are not required to pay any of the buyer’s closing costs. It is customary for the buyer to pay their closing costs affiliated with escrow payments, loan fees, prepaid property taxes, and insurance, etc.
What happens if the appraised value of my Houston area home I am selling comes in too low?
If a buyer is obtaining a mortgage, an appraisal is required to ensure the lender that the home value is at least the price the buyer and seller agree to.. If the appointed third-party appraiser determines the value of the subject property is lower than the agreed purchase amount, there are a few different options for both parties.
Seller Reduces the price
If the seller agrees, the contracted sale price will be reduced to the amount reflected from the appraisal
Buyer Comes Up With Difference
The buyer pays the difference between the contracted purchase price and the appraised value.
The Transaction is Canceled
If the buyer and seller are unable to come to an agreement, the transaction will be canceled. This results from the buyer not willing to pay the difference and the seller not wanting to reduce the price of the property
Dispute the Appraisal
Our firm will dispute the appraisal for you by assembling a comprehensive package of comparable properties justifying why the appraised value is incorrect
Order a second appraisal
If both parties agree, a second appraisal can be purchased to obtain a second appraisal in hopes the new appraisal will come in at the contracted sale price