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Seller Frequently Asked Questions

Q: How do I pick the best Realtor for the sale of my home?

A: It is extremely important to pick a Realtor that you are comfortable with first and foremost. It is also important to pick a Realtor that is FULL TIME in the business and knowledgeable when it comes to the marketplace with expert negotiating skills. Make sure that the Realtor you choose presents you with a detailed written marketing plan that outlines his or her plan of action to get your home sold. DO NOT pick the Realtor that gives you the highest selling price for your property, there is nothing worse than having your property sit on the market for a long time and become a "Stale" Listing. This is a very important decision. Contact Me to set up an interview for the job of selling your home!

Q: What is the Average Days on Market to get a property sold?

A: Properties that are priced correctly can be placed "Under Contract" within 30 Days.

Q: When is the best time to sell down the shore?

A: The best time to sell down the shore is typically the spring time and the fall.

Q: What is the difference between a "Cash Offer" and an offer with a "Mortgage"?

A: Typically a "Cash Offer" is much better for a seller because the buyer can make settlement very quickly without worrying about having to apply and get a mortgage which could take up to 60 days in some cases.

Q: How do I get feedback from showings that take place at my home?

A: This is why it is important to have a hard working Realtor. It is important that your Realtor has in his marketing plan how he or she plans on giving feedback after showings. Your Realtor should give you feedback after every showing and touch base with you at least once a week to give updates.

Q: I have a friend that is a part time licensed NJ Realtor; do you take a co-op listing?

A: Absolutely, I will share a listing with another agent. I will not penalize a potential seller for having a friend or relative in the business. However, do not let that friend or relative penalize you. Get the BEST! Contact Me Today to discuss this win-win-win concept!

Q: What happens when we get an offer?

A: First off, I will NOT take an offer unless it is in writing and accompanied by a "Pre-Approval letter". It is extremely important to make sure that the buyers are "for real" before opening up any kind of negotiation. Once we get an offer in writing I will contact you immediately and we will formulate a strategy on how to respond that offer.

Q: Once we have a contract with a buyer and the contract is fully executed, what now?

A: Go over the important dates and deadlines in the contract with your Realtor. Once the contract is returned signed by the seller and is fully executed we will begin the “Attorney Review Period”. The “Attorney Review Period” is a NJ State Law that gives the buyer and seller a 3 business day grace period to have an attorney look over the contract if they choose to do so. Also, during this period the buyer or seller can withdraw from the contract without penalty.

Q: How do I know what my settlement costs will be?

A: Before you sign the contract, I will give you your estimated settlement costs. Typically the seller pays the Realtor Commission, Transfer Tax, Deed Prep, Settlement Cost and if you are an out-of-state resident you will have to pay a Capital Gains Escrow.

Q: What is the capital gains escrow and do I have to pay it?

A: The capital gains escrow is NOT A TAX. This is an escrow and it is 2% of the purchase price. If you are an out-of-state resident and are selling a property in NJ you will have this escrow at settlement taken out of your proceeds. If you have a gain on the sale of your home than the state of NJ is entitled to a portion or all of this money. If you have no gain on the sale of your home, you will get this money back when you file your NR-1040. It is important that after settlement you bring your HUD-1 to your accountant and tell them about this escrow. Your accountant will advise.

Q: Do I have to attend settlement?

A: Most of the title companies these days allow you to sign off prior to settlement. Let me know if you are not planning on attending settlement and I will advise.

Do you have a Home Selling Question that you would like answered?

Contact me anytime at (609) 263-2267 EXT: 25 or send me an email ncp@lnf.com

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