FAQ – Wisconsin Real Estate Services

 

WHAT SHOULD I DO TO PREPARE MY HOUSE TO BE SOLD?

First impressions are lasting and very important. If you have odd jobs you have been meaning to do (fresh paint, minor fix-ups, general tidiness, etc .), try to achieve these before listing your property. You will want your prospective buyers to get a good first impression.
 

HOW DO I DETERMINE THE ASKING PRICE FOR MY PROPERTY?

You may have your property appraised by a professional. You may also compare your property to other comparable properties that have been sold in the past several months. Your real estate agent can assist you, but the seller should determine the asking price. Remember, if your asking price is too high, you may be scaring away potential buyers and delaying the sale of your home.
 

IF I AM PURCHASING A HOME, SHOULD I MAKE AN OFFER WELL BELOW THE ASKING PRICE?

Offering less than the asking price is acceptable, but does not mean that the seller will agree to your offer. The seller may make a counter-offer, which may or may not be acceptable to you. Several counter-offers may be made before agreeable terms are reached. In some cases, agreeable terms are not achieved. If the initial offer is unreasonably low, the seller may feel offended and become unwilling to negotiate.
 

WHAT IS THE DIFFERENCE BETWEEN MARKET VALUE AND APPRAISED?

Appraised value is the value determined by a professional appraiser. Market value is determined by the most probable price the property will bring on the market. Assessed value is the value your property taxes are based on. The assessed value is a percentage of the estimated market value.
 

WHAT CONTINGENCIES SHOULD BE PUT INTO A LISTING OR OFFER?

A financing contingency should be included if the sale is dependent upon the buyer obtaining financing. A buyer may request several different types of contingencies, including, but not limited to, home inspection, water sample/well inspection, septic inspection, sale of buyers home, etc. Any stipulation that affects the closing of the transaction should be listed as a contingency on the offer to purchase.

 

WHO PAYS THE CLOSING COSTS?

>The seller pays for several closing costs. These charges include, but are not limited to, title commitment, attorney fees for drafting forms, transfer fee, recording fee, real estate agent commission and mortgage payoff. All loan and bank fees pertaining to the buyer’s loan are paid by the buyer, including the appraisal fee. This is the customary procedure unless other arrangements are made in the offer to purchase.