By Nancy O’Dea
What value does a realtor offer a seller when looking to liquidate what is likely your largest asset? There are jaded cynics out there who see the role of a realtor is to put out a sign, take some pictures and post it on the internet and the rest will take care of itself. In the heady days of a seller’s market there were many situations where houses sold so quickly and for more money than listed. In my view it is because they were expertly presented with any potential challenges eliminated thru remediation before the listing came to market, adding value to the bottom line. It is vital to remember that you are entering into a binding contract over a large asset, and it can be an emotional experience.
The merit of having a strong advisor at the helm is multi faceted but never more important than when you run into a snag either during or after the transaction is completed.
As a seller you are obligated to disclose to your agent and any buyer things that you know to be true about your home that would impede a “reasonable” buyer from proceeding with a transaction. Withholding such information and knowingly not disclosing such information may be considered to be fraudulent and the seller liable.
When listing your home, a trusted advisor will review with you the things that you have done as part of the regular maintenance or indeed improvement of your home over the years as well as identify potential objections such as a crack in your foundation or water penetration. This is factored into the price and the overall presentation to the market. You want to be accurate about what you are selling.
A house is really a living organism and requires regular attention and care. When away from your home for long periods of time either in the winter going to warmer zones or the summer heading to the lake there may be things going on that you have not noticed, and they only come up at the time of an inspection.
What happens then? Sales have been known to come apart over an inspection when the advisors are not able to arrive at reasonable solutions for both parties.
Realtors who are well established will likely have reputable, reliable trades people on speed dial to help mitigate situations as they arrive. I have had the occasion to reach out urgently for an expert opinion about not only solutions but the actual cost of a solution that can empower a seller and assist in the negotiating process. However, these problems are best identified before going to the market as doing so may saved unnecessary grief and debating when trying to find middle ground.
Occasionally when going through a property I may identify what may potentially become an objection in a sale and we propose solutions to either mitigate the challenge or at least have an understanding of what it will likely cost and have an accurate estimate from a reputable firm that is willing to remedy it with a reasonable sunset. This is disclosed upfront, and the buyer has a clear understanding of the scope of work and cost and may be willing to assume the property and manage the objection on their own time.
Being well informed and knowing exactly what it is that you are selling as well as being honest and forth coming is the very best way to get the most amount of money for your home. It is better to learn about any potential red flags and remedy them before listing. When a buyer is blind sided by a problem they were not expecting if still willing to proceed, it is likely at the expense of the seller.
A strong realtor is there to advise you about retaining your value and it is best to heed their advice as they have been down that path on many occasions. The job is to sell for the most amount of money, in the least amount of time, in the current market, with the fewest challenges. You are paying for the counsel. I encourage you to take it.
