Quiz Time
By John McCarthy
Rowley Realty
Hope everyone is safe and enjoying the summer weather. I thought I would put together a hopefully fun little quiz. This quiz was formulated in lieu of actually writing an article as I have procrastinated all week and couldn’t think of anything else, so here goes:
- Q: Before you put your home on the market you should:
- Have a market analysis from a local agent who has sold homes in your area.
- Hire a licensed home inspector to go through your home and point out deficiencies that should be addressed.
- Clean and spruce up.
- All of the above.
- Q: Your initial deposit and second deposit should be:
a. $1,000 and 5% of purchase price respectively
b. as much as you can to impress the seller, it is a sellers’ market you know.
c. none of the above.
- Q: Your deck is rotted and you are ready to put your house on the market. You should:
a. tell the realtor to sell it “as is” since it’s a seller’s market.
b. fix it.
c. get an estimate from a licensed contractor.
- Q: The best way to find a home is through:
a. the internet
b. driving around the town you are looking in
c. your REALTOR®
d. all of the above.
- Q: How should you figure the listing price for your home?
- Ask your neighbors; they seem to know a lot about real estate.
- Figure out what you owe on it and multiply by 1.5
- Talk with a local REALTOR® who has success in your area.
- Q: If I get a “low ball” offer on my home what should I do?
- Tell the “buyer” to hit the road; you have been insulted by their offer.
- Tell them thank you we appreciate your offer but respectfully decline.
- Tell them, thank you, we are going to formulate a counter offer and get back to you.
- Talk with your REALTOR®.
- Q: When should you do your Title V inspection?
- When you have decided you are going to sell.
- When you get an offer on the home.
- I can do it anytime, I am sure it will pass.
- Q: Who lived at 4222 Clinton Way?
- The Griswalds.
- The Waltons.
- The Brady Bunch.
- Q: What is the best song about a home?
- Burning Down the House; Talking Heads.
- Our House by Crosby; Stills, Nash and Young.
- Homeward Bound; Simon & Garfunkel.
- Take Me Home, Country Roads; John Denver
- Q: What is considered to be one of the best long term investments?
- Stocks
- Baseball Cards.
- A home.
ANSWERS:
- D. Although you aren’t required by law to have a home inspector come into your home and perform an inspection, pointing out potential issues it is a good idea. It allows you to fix issues prior to a sale that could potentially turn off a buyer.
- A. Typically the initial escrow deposit is $1,000 and at the signing of the P&S 5% of the asking price, minus your initial $1,000 deposit. These deposits are placed in an escrow account, and if certain contingencies are not met should be fully refundable. All that said, you should consult with your REALTOR®, as all situations can be different.
- B&C. Fixing the problem is always best but if you can’t afford to or don’t have time you should get an estimate for repairs.
- D. There is no set formula for finding a home. I have sold them via a sign in front of the house, newspaper, MLS, an open house, friend of a friend, friend of an enemy, etc.
- C. Speak with an experienced REALTOR®. He or she should know, and more importantly can show you via comparable sales, where your house should be priced.
- B & C but mostly D. It depends on the offer and the circumstances, not only of your buyer but you the seller. Talk with your REALTOR®, you may find that the person making that low ball offer really wants your house, they may just be trying to get it at a reduced price.
- A. If you have decided to sell, it is in your best interest to do your Title V inspection before you put the home on the market. You may find that there is a fixable issue with it that if you wait would hold up a sale.
- D. I watched too much TV as a kid.
- B, C or D. Anything but A.
- C. History has shown us that homeownership is your best long term investment.
