Hi there! My name is Brian Johnson and I’m a real estate broker in Spokane, working with Windermere Valley Liberty Lake. I frequently get asked great questions about real estate, both in the comments section of my videos and in private messages. I decided to take some time to answer seven of the most common seller questions that I receive.

First things first, if you have any questions about real estate, don’t hesitate to reach out to me. My contact information is readily available and I’m always happy to help. If you have more general questions about selling your house and aren’t quite ready to contact an agent, I’ve created a detailed seller’s guide that you can download for free. Just follow the link in the description or find the pin comment below. The guide walks you through all of the steps involved in selling a house, and includes helpful checklists for things like preparing your home for sale and staging ideas.

Now, on to the questions! One question I often get asked is about what happens to a mortgage when a house is sold. When you sell your house, the money goes into escrow, usually with a title company or escrow agent. The escrow agent uses that money to pay off the mortgage, and once it’s paid off, the mortgage is considered satisfied and recorded as such. The mortgage is then considered “dead,” as the note has been paid off and the paperwork is complete.

Another question I often hear is whether it’s possible to roll negative equity from a mortgage into a new mortgage, similar to how it’s done with car loans. The answer to that is no. If you sell your property and the sales price is less than the amount you owe on the mortgage, you’ll need to pay off that mortgage at closing. This means bringing extra funds to closing to cover the difference. In today’s market, especially in Spokane, a large percentage of people are “equity rich,” meaning they have more than 50% equity in their homes. As a result, it’s not as common to see people wondering if they can roll negative equity into a new mortgage. However, as the market shifts and people start wanting to sell their properties to deal with inflation, we may start seeing this question more frequently.

Another common question is whether it’s possible to time the market when selling or buying a house. The answer to that is no. It’s not possible to accurately predict the market, and the only way to know if the market has hit the bottom or the top is after it has started to rise or fall. So, by definition, you can’t time the market. The best you can do is to try to be as informed as possible and make the best decision for your situation.

I also get asked whether it’s better to sell a house before or after making repairs, and the answer to that depends on the specific repairs and your financial situation. If the repairs are minor and won’t cost too much, it might make sense to take care of them before putting the house on the market. However, if the repairs are extensive and will be costly, it might make more sense to sell the house as is and let the buyer handle the repairs. Ultimately, the decision will depend on your individual circumstances.

Pricing a house correctly is also a common concern for sellers. It’s important to price your house appropriately, as overpricing it can lead to a longer selling time and potentially lower offers. On the other hand, underpricing it can result in a quicker sale, but you might not get as much for your house as it’s worth. A real estate agent can be a valuable resource when it comes to pricing your house, as they have access to data and market knowledge that can help you determine the best price for your property.

If you are the listing agent and you have a client who owns a house that you have listed, it is possible that you may still be paid even if the client finds their own buyer. There are two types of listing contracts that you can sign. In one type of contract, you are the only agent that can sell the property, but the client can still find their own buyer outside of you and if they do, you do not receive a commission. This type of contract is rare. The most common type of listing contract is one in which you are the exclusive agent for the property, and if it sells, you will be paid a commission. However, it is possible to include provisions in the contract stating that the client has the right to sell the property to certain people, such as their brother-in-law or neighbor, without paying a commission to the agent. It is important to discuss the specifics of the contract with your agent to ensure that you understand your obligations and the terms of the agreement.

I hope this post has been helpful in answering some of your questions about selling a house. If you have any additional questions, don’t hesitate to reach out to me. And if you’re thinking about selling your house, don’t forget to download my seller’s guide for more information and helpful tips. Thanks for reading!

Here is my guide tp selling your home:  https://bit.ly/3CfuWp5
Here is my guide to buying a home:   https://bit.ly/3GvmGUe
Here’s the link to my YouTube channel:   http://bit.ly/3jPicPH

When it comes to selling your home, it’s important to remember that disclosure is a crucial part of the process. By disclosing certain information to potential buyers, you can increase trust and transparency and help prevent any legal or disputes in the future. In this blog post, we’ll be discussing the required legal disclosures as well as some optional disclosures that you may want to consider.

First and foremost, if your home was built before 1978, you are required to disclose any information about lead-based paint. This includes providing a lead-based paint disclosure form and any available records or reports on the presence of lead-based paint. Lead-based paint can be harmful to humans, especially children, so it’s important for potential buyers to be aware of its presence in the home.

Additionally, you must also disclose any information about the home’s location in a flood zone. This includes providing flood zone maps and any flood insurance information. Flood zones are designated areas that have a higher risk of flooding, and it’s important for potential buyers to be aware of this risk when purchasing a house.

You must also disclose any environmental hazards or contaminations that are known to exist on the property. This could include things like asbestos, radon, or underground storage tanks. These hazards can pose a risk to the health and safety of the occupants, and it’s important for potential buyers to be aware of their presence in the home.

It’s important to remember that these required legal disclosures are necessary to protect both the seller and the buyer. By being upfront and transparent about any potential risks or issues with the property, you can help prevent any legal issues or disputes that could arise in the future.

You must also disclose any material defects that are present in the home. Material defects are any issues with the home that may significantly impact the value or habitability of the property. As a seller, it’s important to disclose any material defects that you are aware of to potential buyers. Examples of material defects would include structural issues such as a cracked foundation or termite damage, major mechanical issues such as a faulty heating or air conditioning system, and health and safety issues such as mold or electrical hazards.

While the presence of a material defect is not necessarily disqualify a home from being sold, it’s important for potential buyers to be aware of these issues so that they can make an informed decision about the property. By disclosing material defects up front, you can increase trust and transparency with the potential buyers and help prevent any legal issues or disputes that would arise in the future.

In conclusion, it’s important to remember that disclosure is a crucial part of the process when selling your home. By disclosing required legal information and any optional material defects, you can increase trust and transparency with potential buyers and help prevent any legal issues or disputes in the future.

Welcome to my blog on why choosing the right offer isn’t always the highest offer when selling a house. Are you in the process of selling your home and have received multiple offers? Have you received an offer that is significantly higher than the others? It may seem like a no-brainer to go with the highest offer, but is it always the best choice? In this video, I’ll be discussing some important factors to consider when selling your house, even if the highest offer seems tempting.

So, if you’re thinking about selling your house or you’re in the process of doing so, stick around and learn more. We’ll be covering topics such as the importance of the buyer’s financing, the terms of the offer, the buyer motivation, and your own goals and priorities. By the end of this video, you’ll have a better understanding of how to evaluate offers and make a decision that is best for your unique situation.

My name is Brian Johnson and I’m a real estate broker right here in Spokane with Windemere Valley Liberty Lake. If you have any questions about real estate, whether you want to sell your house, buy a house, or start a real estate investment portfolio, feel free to reach out to me. My contact information is right here.

Now, let’s get into the main topic: evaluating offers on your house. There are several factors to consider when evaluating offers, and it’s important to weigh each one carefully before making a decision.

1. The importance of the buyer’s financing cannot be overstated. Not all offers are created equal, even if they are for the same price. If a buyer is obtaining a mortgage or has a mortgage contingency in their offer, there is a risk that the financing may not go through. This can cause delays or even lead to the deal falling apart completely. On the other hand, a buyer who is paying cash or has already been pre-approved for a mortgage may be a more reliable option. One thing to consider is the size of the down payment. A buyer who puts down a larger down payment, such as 20%, may be seen as a more financially stable and reliable buyer. On the other hand, a buyer who puts down a smaller down payment, such as 3.5% for an FHA loan, may be seen as a higher risk. This is because a smaller down payment means that the buyer has less invested in the property, which can increase the risk of default. It’s important to do your due diligence and ask for proof of financing, such as a pre-approval letter from the lender. This can give you peace of mind and help ensure that the sale goes smoothly. Remember, the financing of the buyer can impact the sale of your house, so it’s important to consider this factor when evaluating offers. Don’t just go with the highest offer if it comes with financing risks.
2. The amount of earnest money is an important factor to consider when evaluating offers on your house. Earnest money is a deposit made by the buyer to show that they are serious about purchasing the property. It is typically held in escrow until closing, at which point it is applied towards the purchase price of the house. The amount of earnest money can be a good indicator of the buyer’s level of commitment and financial stability. A buyer who puts down a large amount of earnest money may be seen as more serious and financially secure. On the other hand, a buyer who puts down a small amount of earnest money may be seen as less committed or financially risky. In addition to being a sign of the buyer’s commitment, the amount of earnest money can also serve as a negotiating tool. If you receive multiple offers on your house, you may be able to use the amount of earnest money as a way to differentiate between the offers. For example, you may choose to go with an offer that has a lower price but a larger amount of earnest money, as this may indicate a higher level of commitment from the buyer.
3. The terms of the offer should also be taken into consideration when evaluating offers on your house. The terms of the offer include the closing date, contingencies, and other conditions that must be met before the sale can be completed. A buyer who is willing to close on a shorter timeline may be more appealing, as this can help speed up the process and reduce the risk of delays. Contingencies, such as a financing contingency or a home inspection contingency, can also impact the terms of the offer. It’s important to carefully review the terms of the offer and consider how they may impact the sale of your house.
4. The motivation of the buyer is another factor to consider when evaluating offers on your house. Understanding the buyer’s motivations can help you make a more informed decision about which offer to accept. For example, if a buyer is in a hurry to move and is willing to pay a premium price to do so, this may be a more attractive offer. On the other hand, if a buyer is simply looking for a good deal and is willing to negotiate on price, this may not be as appealing.
5. Finally, it’s important to consider your own goals and priorities when evaluating offers on your house. What is most important to you in the sale of your home? Is it the price, the terms of the offer, the buyer’s motivation, or something else? Consider what is most important to you and weigh each offer accordingly.

In conclusion, there are several factors to consider when evaluating offers on your house. It’s important to do your due diligence and carefully consider each offer before making a decision. Don’t just go with the highest offer if it comes with financing risks or other potential drawbacks. Instead, take the time to evaluate the buyer’s financing, the amount of earnest money, the terms of the offer, the buyer’s motivation, and your own goals and priorities to make a decision that is best for your unique situation.

Are you ready to cash in on the hot real estate market and sell your home fast? If so, I’ve got the inside scoop on how to make it happen. No more endless showings and rejections. Just follow my seven easy steps and you’ll be packing up and saying goodbye to your old digs in no time.

So put on your sellers hat and get ready to make some serious cash, because it’s time to sell your home fast in this seller’s market. My name is Brian Johnson and I’m a real estate broker right here in Spokane with Windermere Valley Liberty Lake. If you have any questions about real estate, don’t be shy about reaching out to me. You can call, text, or shoot me a message using the contact information below. I work with clients all the time and we get along great, so don’t hesitate to reach out if you have any questions. You can also leave them in the comments below and I’ll be able to help answer them.

Now, let’s get started on those seven easy steps to sell your home fast in this seller’s market.

Step 1: Price it appropriately. In a seller’s market, homes tend to sell quickly and for top dollar. So, to take advantage of this, it’s important to price your home accurately. But before you get too excited and list your house for a million bucks, take a deep breath and talk with a real estate agent to determine the fair market value of your home and set a competitive price. Trust me, you don’t want to price yourself out of the market and end up with a house that’s been sitting on the market for months. So, price it right and then start marketing it to potential buyers.

Step 2: Stage the home. Staging your home can make it really appealing to buyers and help it stand out from the competition. But before you start staging, it’s important to get rid of all the clutter and personal items that can make it hard for buyers to envision themselves living in your space. A collection of ceramic cats and clown paintings probably won’t do the trick – they might just scare people off. So, declutter as much as you can and consider hiring a professional stager or using some simple staging techniques like decluttering and depersonalizing the space. Trust me, a staged home is much more likely to sell fast and for more money in a seller’s market.

Step 3: Make necessary repairs and updates. Fixing any broken items or making small updates can help your home show a lot better and increase its appeal to buyers. But before you go crazy and start tearing down walls, take a moment to assess what really needs to be done. No one wants to buy a home that’s falling apart, but you also don’t want to go overboard and spend a fortune on unnecessary updates or updates that you won’t make your money back on. Consider making repairs to things like leaky faucets, peeling paint, and outdated fixtures. Or, if you can spend a little bit more money, think about updating the kitchen and bathrooms. And if you’re not sure what needs to be done, just ask a real estate agent for their opinion. Trust me, a well-maintained home is much more likely to sell fast in a seller’s market.

Step 4: Enhance the curb appeal. The exterior of your home is the first thing a buyer sees, so it’s important to make a really good impression. Enhance the curb appeal by making sure the lawn is well-manicured, the bushes are trimmed, and the exterior of the home is clean and in good repair. A little bit of paint and some new landscaping can go a long way in improving the look of your home and making it more appealing to buyers.

Step 5: Make the home easy to show. If you want to sell your home fast, you need to make it easy for potential buyers to view it. That means being flexible with showing times and making sure the home is always clean and ready for visitors. If you have pets, consider making arrangements for them to be out of the house during showings. And if you’re not home, consider using a lockbox so that agents can show the home to buyers without having to coordinate with you.

Step 6: Market the home effectively. In a seller’s market, it’s important to get the word out about your home as much as possible. That means using a variety of marketing techniques to reach potential buyers. This can include listing the home on real estate websites, using social media to promote it, and working with a real estate agent to create a marketing plan. The more people you can get to see your home, the better your chances of selling it fast.

Step 7: Negotiate effectively. When it comes time to negotiate an offer, it’s important to be realistic and fair. You don’t want to price yourself out of the market, but you also don’t want to sell your home for less than it’s worth. Work with your real estate agent to determine a fair price and be prepared to negotiate with potential buyers to get the best deal possible.

By following these seven easy steps, you can sell your home fast in this seller’s market and get the best price possible. So, put on your sellers hat and get ready to make some serious cash. Good luck!