Questions about selling your home come up at every stage of the process, from pricing and timing to negotiations and preparation. This Q and A page addresses common questions about selling your home so sellers can understand their options and make informed decisions.
Should I add on or buy a bigger home?
This is one of the more common questions about selling your home, especially for owners weighing renovation versus moving.
Before deciding whether to add on to an existing home or buy a larger one, consider the following:
- How much money is available from cash reserves or a home improvement loan to remodel the current house?
- How much additional space is needed, and would the foundation support a second floor or ground level expansion?
- What do local zoning and building ordinances allow?
- How much equity already exists in the property?
- Are there affordable homes for sale that would meet current housing needs?
Ultimately, this decision depends on personal needs, the scope of work involved, and which option adds the most long term value.
What do real estate acronyms in ads mean?
Many questions about selling your home come from confusing abbreviations used in real estate listings. While they may look strange, most are simply shorthand used to save space in advertising.
Below are common abbreviations and their meanings:
- assum. fin. means assumable financing
- dk means deck
- gar means garage, garden is often abbreviated as gard
- expansion pot’l refers to possible space to expand, subject to zoning
- fab pentrm means fabulous pentroom, often located under the roof
- FDR means formal dining room
- frplc, fplc, FP mean fireplace
- grmet kit means gourmet kitchen
- HDW, HWF, Hdwd mean hardwood floors
- hi ceils means high ceilings
- In law potential refers to a possible separate unit, subject to zoning laws
- large E 2 plan refers to a specific floor plan
- lsd pkg. means leased parking, sometimes at an added cost
- lo dues means low homeowners dues, which should be compared carefully
- nr bst schls means near the best schools
- pvt means private
- pwdr rm means powder room or half bath
- upr means upper floor
- vw, vu, vws, vus mean views
- Wow suggests the property deserves a closer look
Resource
Real Estate’s Ambiguous Language You Oughtta Understand, Glennon H. Neubauer, Ethos Group Publishing, 1993
How long do bankruptcies and foreclosures stay on a credit report?
Bankruptcies and foreclosures typically remain on a credit report for seven to ten years. However, some lenders may consider borrowers sooner if they have rebuilt good credit.
In addition, circumstances matter. For example, a bankruptcy caused by job loss may receive more flexibility than one caused by overextended personal credit.
What are some tips on negotiation?
A stronger negotiating position starts with understanding the seller’s motivation.
For instance, a seller facing a job transfer may accept a lower price in exchange for a faster escrow. Other motivated sellers include those going through a divorce or who have already purchased another home.
Keep in mind that the list price reflects what the seller hopes to receive, not necessarily the final sales price. Reviewing recent comparable sales helps buyers assess whether an asking price is realistic.
Some experts discourage extreme low offers. While possible, they can discourage further negotiation.
Do sellers have to disclose the terms of other offers?
Sellers are not legally required to disclose the terms of other offers to prospective buyers.
How do I prepare the house for sale?
Preparing a home properly answers many questions about selling your home before buyers ever ask them.
Start by putting the home in the best condition possible, especially in markets with many homes for sale. Address major repairs if you can, such as broken windows or roof issues.
Next, focus on curb appeal. Maintain the lawn, remove debris, weed garden beds, and add simple flowers near the entrance.
Other low cost improvements include:
- Clean windows and address chipped or peeling paint
- Confirm the doorbell works
- Freshen rooms, floors, walls, and ceilings
- Keep kitchens and bathrooms spotless
- Organize closets
- Check appliances and fixtures
- Fix leaky faucets and frayed cords
- Remove sources of unpleasant odors
- Add fresh flowers for showings
Questions about selling your home often depend on market conditions, timing, and personal goals. Reviewing questions about selling your home with an experienced real estate professional helps sellers avoid mistakes and move forward with confidence.
