HOME SELLING FAQ's
"Questions that buyers frequently ask us."

Q. Why shouldn't I price my house a little high, since I can always drop the price later?

 A. That’s the strategy that sounds good – but, infact, is more likely to result in a lower price. Here’s why. The first few weeks a house is on the market is when it will have the most activity. If a house is overpriced, it has to compete with houses at the higher price level, which are almost certainly larger or have newer/more luxurious features. So the overpriced home is likely to attract an offer. Worst yet, those first weeks are when real estate agents preview the house. If it’s overpriced, they may not even bother to show it to their buyers. Eventually, the seller will have to drop the price – and may end up with an even lower price because buyers will wonder why the house has been on the market so long and may factor that into their offer.

Q. What is meant by the term “contingency” in a sales contract?

 A.  Sales contracts typically contain several “contingency” clauses, or stipulations that the sale is subject to. For example, with a mortgage contingency, if the buyer is unable to obtain financing within the specified timeframe, neither the buyer nor the seller is required to complete the purchase. Among other common provisions in the “subject to” section are termite and other inspection issues and the purchaser’s need to sell a current home first.

Q. What is an escape clause?

 A. An escape clause, also known as a kickout or knockout clause, is a provision that allows the party to void the contract. For example, the seller may retain the right to look for a more favorable offer, with the original purchaser retaining the right, if challenged, either to firm up the first sales contract (such as by waiving a contingency) or to void the contract, As another example, sellers might insist upon an escape clause in a contract that hinges on the buyer’s selling their home.

Q. As a seller, what certifications am I responsible for?

 A. Your municipality will likely require certification that your home has working smoke detectors in appropriate locations. Carbon Monoxide detectors are mandated in some areas. Many communities require a Certificate of Occupancy before a new owner can move in. Your Weichert Sales Associate can advise you.

Q. What if my house doesn’t sell in a reasonable amount of time?

 A. While it only takes one buyer to purchase your house, it may require patience until that buyer comes along. If relatively few potential buyers are being shown your home, despite strong marketing efforts, it could be a problem with pricing. Your Weichert Sales Associate will update you on local home sales and price trends so you can determine whether a price improvement is necessary in order to attract a larger pool of buyers.

Q. What do I need to know about lead paint?

 A. Lead was used as a pigment and drying agent in alkyd oil- based paint until its use was banned in 1978. The Federal government estimates that the lead paint is present in 75 percent of all private houses built before then. It was commonly used on doors, windows and other woodwork. An elevated level of lead in the body can cause serious damage to the brain, kidneys, nervous system and red blood cells. A lead-based disclosure statement must be attached to all sales contracts and leases regarding residential properties built before 1978, and a lead hazard pamphlet must be distributed to all buyers and tenants. Buyers have the right to test for lead paint, however, its existence does not automatically constitute a hazardous condition in all cases.

Q. What happens if the home inspections reveal a serious problem?

 A. Generally, if the home inspections reveal a serious problem, the buyer who has a drafted contract can get out of the contract. What usually happens, however, is that the cost of remedying the problem becomes an issue of negotiation. This is where the negotiating skills of the seller’s sales associates can be critical in resolving the issue and keeping the home sale moving.

Q. What is radon and what is the purpose of radon testing?

 A. Radon is a radioactive gas produced by the natural decay of other radioactive substances. If radon dissipates into the atmosphere, it is not likely to cause harm. However, when radon enters buildings and is trapped in high concentrations (usually in basements with inadequate ventilation), it can cause health problems. The general rule is that remediation is indicated is radon levels measure four picocuries (pci) or more. Recent evidence suggests that radon may be the most underestimated cause of lung cancer, particularly for children, individuals who smoke, and those who spend considerable time indoors. Radon levels vary, depending on the amount of fresh air that circulates through a house, the weather conditions, and the time of the year. It is relatively easy to reduce levels of radon by installing ventilation systems or exhaust fans.

Q. What should I do if my appraisal doesn’t go through?

 A. It may reassure you to know that you Weichert Sales Associate will supply to the appraiser “market comparables” that will help substantiate your home’s selling price. Occasionally, however, the appraised value may fall short. Should that happen, getting a second appraisal is one possibility. Alternatively, in many cases the buyer will be willing to make up the shortfall, although, you might have to make concessions, such as leaving behind lawn equipment or other items you planned to take with you. Other possibilities are that you and the buyer decide to split the difference, or you might agree to adjust the price to the appraised level.