Sellers Frequently Asked Questions

Here are the most frequently asked questions about selling your home

Yes, you have a very good chance of selling your house. The housing market in Northern Virginia is still very strong, with low inventory and high demand. In fact, the National Association of Realtors (NAR) predicts that home sales will continue to grow in 2023, with an annual increase of 6.5%.

In Virginia, sellers must sign a Virginia Residential Disclosure form. The sellers are required to disclose any hidden material defects or flaws to buyers.

That’s a strategy that is more likely to result in a lower price. Here’s why. The house will be more active the first week on the market is on the market. If a house is An overpriced home, has to compete with properties at that higher price level, which are almost certainly larger or have newer/more luxurious features.

So the overpriced home is unlikely to attract an offer. Worse 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.

A home inspection is usually paid for by the buyer. In Northern Virginia the average cost of a home inspection is between $500 to $700

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.

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 buyers’ selling their home.

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