Opting to selling your house in Phoenix is a decision that should not be taken lightly, because there are more than a handful of important things that accompany it. There are unforeseen things that are typically not expressed at first but become apparent later on, some even at closing time. This is why it is vital that you are well-informed about what to expect in this aspect.
The Top Unforeseen Things That You Should Be Aware About Before Selling Your House in Phoenix:
Possible Home-Warranty Request
It is possible that a potential buyer requests a home warranty in order to feel secure about purchasing a property. This type of warranty is a service contract that provides repairs to certain things within the first-year of ownership. The price that you could expect to pay for it would be around $500.00. In some cases, it can be more than this amount because there are several factors that are taken into account about a property to establish pricing.
Paying Capital-Gains Tax
If your house sells for more than $250,000.00, or $500,000.00 if filing jointly with your marriage partner, you could expect to owe capital-gains taxes, unless the amount is less than the aforementioned once you subtract the costs associated with preparing your house, from the gains.
When a property is officially sold and thus transferred to the seller, this is documented and will result in a transfer tax. The amount that you could expect to pay varies from seller to seller. In this case, there are also several factors that determine the cost.
It is vital for everything that the Phoenix real estate agent verbally informs to be provided in writing, as well. This will protect you from liability in the future. There have been situations where agents have verbally expressed inaccurate information to sellers, which have caused lawsuits to be established. If one stops to think about it, it is better to prevent than lament.
No matter how small and insignificant a defect present on your property might appear in your eyes, it is vital to disclose it to the agent, both verbally and in writing, and to every potential buyer, too. Failure to do so might cause severe penalties to arise if you are found liable in a court of law.
There are a lot of houses for sale in Phoenix. Most of the owners of these houses have opted for an agent because this type of professional can simplify the selling process to a great extent. If you choose a real estate agent, once your property sells, a commission is going to be granted to the agent. The exact percentage that will be granted varies. It is important to read the fine print when entering into an agreement with a real estate firm, as there could be changes made in this aspect at any time.
More Than One Agent Assisting
There are times when sellers are surprised to find out that other agents are showcasing their respective properties. This tends to happen quite frequently in order for the main agent to gather as many potential buyers as possible. If another agent is able to sell your property, he or she will acquire half of the established commission in the agreement that you signed with your agent. If you want to only deal with one agent, ensure that this is specified in the contract. Confusion in more than one area can easily arise when there is more than one agent involved in the selling of a property, so making sure that is not the case would not be a rare request.
Possible Limited Homeowner-Insurance Coverage
If you opt to move before your house sells to simplify the open-house process, you must ensure that your homeowners’ insurance coverage applies when your property is vacant, as well. There are occasions when insurance companies do not cover vacant properties. Failure to find this information out can result in serious consequences for the seller in the instance an unfortunate event takes place. If any insurance does not cover a period of vacancy, there are always options available by most insurance providers that can aid in this area.
Buyer Having the Last Word
If the initial agreement did not specify the number of days that you would stay on the property after closing, the potential buyer might be the one who decides the number of days, weeks, or months, that he or she can permit you to stay on the property. For this reason, it is vital that the agreement you signed with the real estate firm in the beginning to specify the amount of time that you are going to remain on the property, if any.
No Meet with the Buyer Necessary
In some instances, the buyer will never show his or her face, not even at closing time. Contrary to popular belief, it is not necessary for a buyer to be present, because the required signatures can be conducted electronically. Even so, you can always request a representative to show-up at closing time in order to feel more at ease that everything is in order.
There are numerous agreements that specify that buyers will have a certain number of days to opt to backtrack on a property purchase. This means that you would have to return the money and once again put your property on the market. This does not occur often, but it is always a possibility.
Importance of Selling in the Adequate Season
There are homes for sale all-year round. Nevertheless, requesting ‘sell my house’ to a real estate firm should be conducted in the adequate season. This is frequently overpassed by sellers, and agents often opt to not inform them about it due to not wanting to lose potential commissions, even if that means that they could be acquired after a long period of time. It is a well-known fact that selling a house during the winter would be a bad move due to it being a slow season. People tend to be too busy purchasing gifts and organizing reunions with their respective families and thus cannot solely focus on purchasing a property.
Well on Your Way to Sell Your House!
Now that you have read the aforementioned, you are well on your way to selling your house in Phoenix because you are equipped with vital details that will aid you to prevent any negative surprise from arising in the process.